Oliver POS, a startup in digital payments headquartered in Newfoundland, Canada, has raised a 3.2M CAD seed round from European investors, as it takes aim at the surge in merchant technology digitalization amidst the global COVID-19 pandemic.
According to Startup Genome, the median seed investment in Atlantic Canada is 674K USD. Oliver POS’ significant investment round positions the company as one of the best-funded technology startups at its stage in the region.
“Atlantic Canada’s fintech industry has seen significant growth in the last years”, says Alicia Roisman Ismach, fintech expert and Entrepreneur-in-Residence at Venn Innovation. “In 2019, Newfoundlandbased Verafin, a global leader in financial crime management systems for banks, closed 515M CAD in financing – the largest venture capital investment in Canada. With the newly announced seed round, Oliver POS is setting a new standard for early stage fintech startups in our region.”
Founded in 2018 by Mathias Nielsen, after experiencing the limitations of POS solutions as a store owner firsthand, Oliver POS is already serving clients in over 70 countries and working in partnerships with top global processors.
“The Covid-19 crisis has accelerated the need for retail digitalization beyond the original scope of ecommerce”, Mathias says, “for SMEs, multichannel frictionless payments are not only about convenience but survival.”
Oliver POS intends to use the funds to further develop its technology and continue its fast growth with new services and partnerships.