Paris-based SlimPay, which built a following among European consumers using its service to make online purchases directly from their bank accounts, is broadening its reach to the U.S.
SlimPay is opening a U.S. office in San Francisco and extending its services to U.S. merchants that want to sell digital and other goods to Europeans on the same rails, the company is announcing this week.
Targeting merchants with mostly subscription-based services, SlimPay said it offers a smoother experience for merchants by receiving recurring payments directly from banks versus payment cards, thus eliminating the issues associated with card expirations and replacements.
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SlimPay, founded in 2009 following the opening of Europe’s SEPA cross-border payment network, works with a European acquirer to enroll consumers, and merchants receive funds in batches directly to their bank account, a SlimPay spokesperson said. The service will work similarly for U.S. merchants and there is no U.S. acquirer currently involved.
SlimPay enables payments only one way—from European consumers to U.S. merchants—but it works with merchants of all sizes, and several companies using its service have a global footprint, including TripAdvisor and music-streaming service Deezer, SlimPay said.
With its U.S. expansion, SlimPay anticipates growth from U.S.-based merchants that lease equipment and services and sell a wide variety of goods subject to recurring transactions, including video and music streaming, online news, ride-hailing services and even hard goods, such as gourmet food, coffee and cosmetics, the spokesperson said.
Companies showing initial interest include U.S. e-commerce enterprises and startups with an international focus, said Jérȏme Traisnel, SlimPay’s co-founder and CEO.
SlimPay received $16.6 million in funding over the last year from U.S. investors including Prime Ventures and Zuora, the company said.
