The Irish fintech, which was founded last year by former Mastercard employees, has developed a no-code payment operations platform.
Dublin-based payment operations company WhenThen has raised $6m seed funding in a round co-led by venture capital firms Cavalry and Stride.
The company, which was founded last year by Kirk Donohoe, Eamon Doyle and Dave Brown, allows businesses to create any type of payment flow and retain control of when and how they collect, process and issue payments – all through a no-code interface.
Donohoe, who is CEO, explained the premise behind the company: “When you can’t execute on your core business goals because your engineering team is distracted building and maintaining payment flows and integrating new payment gateways and other business platforms into them, a platform that allows you to do it all in one place, in minutes not months, really is a no-brainer.”
WhenThen supports a range of payment providers including Stripe, Adyen and Checkout.com, and payment methods such as Klarna, Affirm, PayPal, BitPay and more.
Donohoe was previously vice-president of product innovation at Mastercard Labs in Dublin and his co-founders also worked at the payments giant. The team has many years’ experience in the fintech industry, having worked on Mastercard solutions such as Mastercard InControl, Simplify and QKr!
They also previously founded Solvers, a fintech and payment product consultancy agency that partnered with brands such as Airbnb, American Express, British Airways, Mastercard and Bank of Montreal. In his role as CEO of Solvers, Donohue spoke at Silicon Republic’s Inspirefest 2019 event.
The rise of payment ops
“We see traditional businesses embracing e-comm, and e-comm merchants now operating multiple business models such as trade supply, marketplace, subscription and more,” Donohoe said.
“There is no platform that makes it easy for such businesses to create and operate multiple payment flows to support multiple business models in one place – that’s where we step in.”
WhenThen’s new backers are also bullish on the growth of payment operations platforms.
Fred Destin, founder of London-based Stride VC, said choosing the right payment ops platform will become “as important as choosing the right e-commerce platform” for merchants.
Claude Ritter, managing partner at European early-stage venture capital firm Cavalry, added: “Basic payment orchestration platforms have been around for some time, focusing mostly on maximising payment acceptance by optimising routing. WhenThen provides the first end-to-end payment flow platform to equip businesses with the opportunity to control every stage of the payment flow from payment intent to payout.”