Dublin-based fintech led by ex-Mastercard staff raises $6m

WhenThen, a Dublin-based fintech founded by former Mastercard employees, has raised $6 million (€5.09 million) in seed funding.

European venture capital firms Cavalry and Stride.VC have co-led the investment for the company, which was founded only six months ago.

The company is led by Kirk Donohoe, who previously served as vice-president for product innovation at Mastercard in Dublin. His other co-founders are Eamon Doyle and Dave Brown, who also formerly worked at what is the second-largest payments company globally.

WhenThen has developed a ‘no-code’ platform that streamlines payment processes.

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The founders said that after years creating payment flows to support the revenue models of the world’s biggest merchants and banks, they have set out to make themselves redundant by building an easy-to-use platform that allows any developer or savvy business user to create payments flows in minutes.

“With a collective 30 years of experience in ecommerce and fintech, we’ve intimate knowledge in the value of liberating transactional data so merchants and digital platforms can leverage the status, stages and possible events of transactions to instruct complex payment flows and automate their payment ops,” said Mr Donohoe, the start-up’s chief executive, in a blog post.

“After the past six months of building the world’s first, no-code payments ops platform, we’re more confident than ever that, through democratising payments engineering know-how, we can empower any type and any size of merchant with the same payments capabilities of the world’s top sellers,” he added.

Mastercard has a big presence in Dublin where it has had an operation since late 2008 after acquiring Orbiscom in a $100 million deal. The company has expanded rapidly in recent years, growing its Mastercard Labs businesses, which focuses on new innovations.

Last year the company announced it intended to proceed with plans to create 1,500 jobs locally over the next three to five years despite the impact of the Covid crisis. It intends to build up its expertise in areas that include blockchain, cybersecurity and artificial intelligence.