Clear2Pay raises additional €2 million from Iris Capital

Leading European telco and media venture capitalist joins Clear2Pay’s existing investors.

Brussels, November 7, 2006 – Clear2Pay, the international software vendor of next generation payment solutions for financial institutions, today announced an additional capital increase of €2 million by Iris Capital, a pan-European venture and development capital company specializing in media, communications and information technology. In addition Iris Capital purchased existing equity for the value of €1 million, bringing their investment to a total of € 3 million.


Jurgen Ingels, co-founder and CFO of Clear2Pay states: “During our last funding round, in which AGF and GIMV eventually took the lead, we already met with Iris Capital. Their interest in our company remained strong, driven by the trend of convergence between telecommunications (mobile) and payments technology. We feel that Iris Capital with their excellent and longstanding track record in the telecommunications industry offers us substantial added value in building bridges with the global financial services industry, in which we operate.”

Erkan Kilicaslan, Partner at Iris Capital adds: “We are very impressed by Cleary2Pay and by the execution capabilities of the management team, which has demonstrated a tremendous traction in building the company. Moreover it has shaped a global vision and technology framework on which the industry now agrees as the ‘’direction of choice’. At Iris Capital we have a long history in the telecommunications space and finally we see this sector coming together with banking/payments processing. Clear2Pay is in the middle of these new developments with a vision we share. We invest in the right people in the right market and Michel Akkermans and Jurgen Ingels are two exceptional entrepreneurs in a combination one rarely finds. Bearing all of the above in mind, we are convinced that we will build a market winner”.


About Iris Capital

Iris Capital is a pan-European venture and development capital company specializing in media, communications and information technology. Since its inception in the mid-eighties, the Paris-based Iris Capital team has managed investments in more than 200 companies located in 20 countries, and has generated more than 150 full exits. Iris Capital targets opportunities in high-growth technology or services companies across various investment stages, and provides active support to its portfolio companies related to its specialization and its experience. Iris Capital has invested in companies such as Wavecom, Kiala, SES, Wstore, Datamars and Erenis, among others. For additional information, see www.iriscapital.com.


About Clear2Pay

Clear2Pay is an innovative payments technology company focused on delivering globally applicable solutions for secure, timely and streamlined payments processing. Clear2Pay's Open Payments Framework (OPF) enables financial institutions to improve internal payments processing efficiencies whilst at the same time provide their clients with better payment services that are faster, with richer payments related information. Clear2Pay's solutions within the Open Payments Framework (SOA) offer financial institutions the ability to process payments through a centralised payments engine that utilises a library of re-useable business services across all payment types. The bank can thus combine new services models with existing infrastructures, thereby protecting previous investments whilst gradually moving to a more modern efficient payments environment. Clients include financial institutions such as ING, SEB Kort, VISA, MasterCard, ABN AMRO, Nordea, DnB NOR, Abbey National, Fortis Bank, NAB, Krung Thai Bank, ANZ and Commonwealth Bank. Clear2Pay operates out of Belgium (HQ), the Netherlands, Germany, Poland, Spain, United Kingdom, United States, China, Australia and Singapore and currently employs over 220 staff. More information is available on www.clear2pay.com.


For more information:

Clear2Pay NV/SA
Conny Dorrestijn - VP Marketing and Communications
E:
P: +32 15 79 52 00
M: +31 651 067201