Danish SME-focused paytech Flatpay has achieved unicorn status following a $170 million funding round that values the company at $1.7 billion.
The Series C round was led by new investor AVP, alongside participation from Smash Capital and existing backers Hedosophia, Dawn Capital, and Seed Capital.
Since its founding in 2022, Flatpay has scaled to serve over 60,000 customers across six European regions: Denmark, Finland, France, Italy, the UK, and Germany, which represents its largest market. The company provides payment terminals, point-of-sale solutions, and e-commerce payment services to SME merchants.
The company, which is still not profitable, previously raised $48 million in Series B funding led by Dawn Capital in April 2024, achieving a valuation of approximately $115 million at that time.
Announcing the news on LinkedIn, CEO and founder Sander Janca-Jensen states, “Flatpay is officially the next (and fastest) unicorn out of Denmark.” He highlights the firm’s position as one of the few non-AI-focused businesses in the space to achieve unicorn status, although Flatpay does integrate the technology for some real-time features and, according to a TechCrunch report, is experimenting with voice AI agents.
Janca-Jensen notes that the significant rise in valuation follows strong financial performance over the past year. Flatpay’s annual recurring revenue grew 400% year-over-year, jumping from $35 million to $140 million. “We are well on track to reach more than 500 million USD in ARR by the end of next year as we continue to scale aggressively across Europe,” the CEO adds.
The fresh capital will primarily fund expansion throughout existing markets and entry into potentially two new markets in 2026, Janca-Jensen revealed to TechCrunch. While the founder has not disclosed specific target markets, open positions for sales and business development roles in Amsterdam advertised on the company’s website suggest the Netherlands may be under consideration.
Flatpay also plans to substantially grow its workforce, aiming to scale its current 1,500-person team tenfold by 2029. Furthermore, the paytech intends to broaden its services to include banking products like cards and accounts, though timelines for such developments have not been shared.
Source: https://www.fintechfutures.com/
