France-based Leetchi, a group payment application along the lines of US-based WePay, has raised a series B funding round of $5.5 million led by Idinvest. The round also includes Leetchi’s previous investors, 360 Capital Partners. The French company now aims to open in the UK and Germany and launch a new B2C service. Along with France, Leetchi will then be aiming at a combined Internet population of over 160 million users. Not quite as large as WePay’s North American market but getting there…
Founded in November 2009 with seed funds came from Kima Ventures and 360 Capital Partners, Leetchi is currently the French leader in social payments. The company claims it has experienced a 25% growth month on month with a 10x increase in the amount of money handled via the platform between 2010 and 2011. Leetchi’s API is also now being used by Ulule, skimm and octoo among others.
Founder Céline Lazorthes launched the company on in 2009 after a 40-person group trip that Lazorthes organized, where she realized a need for a reimbursement system between friends. Users then have the additional option to make a purchase or donation with Leetchi’s partner sites, including FNAC.com, Delamaison.fr and Acteurspourlasolidarite.com, without any additional costs – or to receive a transfer of the full amount of money collected with Leetchi taking a commission of 4%.