With the capital injection, Barion is launching product development and intensive international expansion as a first step in the Central and Eastern European region.
Six million euro of venture capital is invested from one of the largest residential financial service providers in Central and Eastern Europe, the Czech Republic-based Home Credit Group, into the Hungarian Barion Payment Zrt. of the domestic online and mobile payment services, with more than 700 thousand customers and billions of Hungarian forints of annual turnovers.
“In just two years we become a market leader in terms of the number of consumers and merchant partners and we are confident that the current investment can repeat the same performance in other countries. First of all, we are going to expand into neighboring countries, where we already received valid operating license,” said Tamás Bíró, founder of Barion.
Barion’s fintech (financial technology) is a domestic success story. Within two years they have achieved exponential growth in terms of consumers and numbers of trading partners, which attracted the interest of foreign venture capital investors.
In the past two years, Barion has been received about HUF 150 million backing from Hungarian business angels in two steps. Among others, Pecsenye Roland, (conducting the largest Hungarian fintech company transfer in 2014, where the London based Misys bough up the Hungarian IND Group for an estimated HUF 18 billion in January), and Hunban member Daniel Nemes (founder of Telnet, the first Hungarian internet service) has invested in the company. It helped to lay the foundations for the recent foreign capital injection.