Paris based auto-payments startup PayCar has raised €1.3m in Series Seed funding led by BNP Paribas. Founded in March 2015, PayCar has created a secure payment solution for settling purchases for second-hand vehicles.
The identities of both the purchaser and the seller are checked out ahead of any transaction. The purchaser credits their PayCar account, which is then immediately transferred to the seller on the appointed day, with just a few taps on a smartphone screen. In the future, PayCar hopes to enable customers to make use of a digital bank cheque issued by the retail bank, take out vehicle insurance through BNP Paribas Cardif and obtain a consumer loan from BNP Paribas Personal Finance. The group’s minority stake in PayCar is intended both to finance the company’s growth plans and support its development, as BNP Paribas brings to the process its expertise and knowledge of the target market.