Indiegogo joins Adyen for local currency payments

Crowdfunding website Indiegogo has joined global payments company Adyen to let users give and receive contributions in local currencies

Crowdfunding website Indiegogo has partnered with global payments company Adyen to enable users to give and receive contributions in their local currencies.

Indiegogo helps start-ups raise funds without involving banks or venture capital firms. It has helped 100,000 new companies and services raise money in the five years since the site was launched.

According to Indiegogo, it collects and distributes millions of dollars in contributions through its platform each week. 

The joint venture with Adyen means payment cards such Maestro in the UK, Carte Bleu in France and Giropay in Germany can be used instead of having to sign up for services such as PayPal.

Adyen’s global payments platform will enable Indiegogo to collect campaign contributions in local currencies through Europe and Canada, and route transactions through its network of more than 80 global banks and processing partners to minimise foreign exchange and other transaction fees.

The partnership is expected to help fund raisers who miss out on the casual contributor who is unwilling to register with a service like Paypal, according to the Guardian.

Indiegogo launched its sterling and euro service in December and has already seen a 20% increase in activity.

Adyen plans to add new local payment methods for Indiegogo in other geographies in the coming months.

Adyen processes online, mobile and point-of-sale payments for nearly 3,000 international customers including Vodafone and fashion chain Mango. The company supports 218 local payment options.

Adyen says its customers see a 35% increase in conversion rates when they offer a local payment option.

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