Madrid’s Devengo raises €2 million as EU Instant Payments Regulation accelerates A2A innovation

Madrid-based FinTech Devengo has secured €2 million in a pre-Series A funding round, combining debt and equity, to bolster its account-to-account (A2A) payment infrastructure. This investment arrives amidst a surge of European activity in payment infrastructure ventures, reflecting the growing importance of instant payment solutions within the digital economy. Devengo's focus on direct Iberpay connectivity and API-first design aims to capitalize on the EU's push for modernized payment systems. The funding round saw participation from lead investors Bankinter, Demium, and Banco Sabadell, along with continued support from existing partners like TheVentureCity and Wayra. Devengo's solution enables instant, programmable transactions across the SEPA zone. The company’s direct technical connection with the Iberpay clearing house removes dependency on traditional banking intermediaries, allowing for greater efficiency and control over payment operations. This investment underscores the trend of European FinTech companies modernizing payment infrastructure to facilitate instant, programmable transactions. Devengo's solution targets businesses aiming to optimize payment processes, reduce costs, and enhance their value proposition. The development also highlights the emergence of Spain as a rising player within a sector previously dominated by Northern European FinTech firms. With the EU Instant Payments Regulation gaining momentum, Devengo is positioned to capitalize on the shift towards real-time euro transfers. The company's expansion plans will likely be accelerated by this new capital. As a result, they may become a key player in modernizing European payment infrastructure.