Dive Brief:

• SlimPay, a French tech startup, has raised €15 million ($16.6 million) to expand its payment-processing business in Europe. 
• The SlimPay solution helps consumers arrange recurring debit transactions with their banks—a popular way to pay in Europe—without filing hard-copy paperwork.
• SEPA direct debits avoid the pitfalls of credit card payments, since bank accounts don’t carry an expiration date or require re-entry of information. 

Dive Insight:

SlimPay, which streamlines recurring payments in France and other European countries, is set to expand its staffing, documentation, and APIs with €15 million ($16.6 million) in new financing. The company helps companies and consumers get authorizations for repeating SEPA bank debits, which is a popular way to pay recurring bills in Europe.

Retailers with subscription or continuity programs may be interested in partnering with SlimPay or a similar provider, since bank accounts don’t carry expiration dates like credit cards. The company’s digital signatures and signup process make it less of a hassle to arrange payments. SlimPay processed €2.4 billion ($2.6 billion) in payments during 2014, and has processed €1.2 billion ($1.4 billion) so far this year.