Dutch payments fintech startup Fero has raised $3 million in a seed funding round from US hedge fund Coatue. The Amsterdam-based startup, founded in 2022, aims to improve the customer verification process at checkouts and decrease the level of abandoned purchases. Payment authentication, where customer identities are verified, has become much more crucial for businesses since the rollout of Europe's PSD2 Open banking regulations. Fero wants to reduce the level of friction customers face during this authentication process, the startup's cofounder and CEO Craig Savage said. The company went through the tech startup incubation program Antler before raising this $3 million seed funding round led by Coatue, alongside Volta Ventures and Antler.

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Persons: Fero, Craig Savage, Savage, Coatue Organizations: Volta Ventures Locations: The Amsterdam, Madrid, Amsterdam