Bluecode to raise €11.2M from three family offices from Europe.

Bluecode, a Lachen, Switzerland-headquartered developer of a mobile payment solution, announced completing a growth capital investment of €11.2 million ($12.9M).

The money was raised from three industry-related family offices from Europe whose name was not disclosed.

Bluecode was founded in 2017 by Robin Sahai and led by CEO Christian Pirkner, developed a solution for banks and retailers that is positioned as an alternative to the European growing dependency on non-European payment services, which in retail and e-commerce are mostly processed by American systems.

The company hade developed an independent and Europe-wide system for cashless payments via Android, iPhone and Apple Watch. Payments using Bluecode, work with all existing bank giro accounts in Austria and Germany. At the checkout, the customer uses a barcode within the Bluecode app, which is only valid for a single transaction. After its scanned on the smartphone, the payment is instantly finalized, and the amount is debited directly from the bank account. In recent months, more than 100 banks and financial institutions have joined Bluecode’s European payment network. These banks enable anonymous real-time authorization at the bank account and thus protect all customer data as well as payment transaction revenues.

Bluecode also announced striking a partnership with Alipay, the world’s largest payment platform by Alibaba, the Chinese internet giant, that It enables more than 700 million Asian to make mobile payments at retailers in Europe via the Bluecode European payment network.