BIBIT Secures Third-Round Funding of $8 Million; Despite tough market, investors confirm confidence in bright prospects of Europe's leading Internet payment service provider

Business Wire, April 18, 2001

Business Editors

SAN FRANCISCO--(BUSINESS WIRE)--April 18, 2001

BIBIT, Europe's leading provider of Internet payment services, today announced the successful close of its Series C funding round of $8 million. New investors Residentie Investments account for $4 million, while the current investors, including Paribas Deelnemingen, Continuum Group Limited and Twinning, invested in the balance. This successful third-round funding clearly reflects Bibit's strong position in the national and international Internet payments markets, and demonstrates strong confidence in the company's growth perspectives by existing and new investors. The latest round of funding will be used for sales and marketing, as well as continued global expansion.

"The additional funding is a great validation of Bibit's vision and the direction the company is heading," said Joost Schuijff, CEO of Bibit. "As we continue to grow globally, the breadth of Bibit's international payment methods will also continue to expand, making it easier for merchants to reach new customers, and more secure for consumers to make purchases online."

BIBIT offers U.S. businesses an end-to-end Internet payment solution that seamlessly and transparently integrates multi-currency and international payment methods into a single solution, streamlining European online payment between the customer, online merchant and financial institution. BIBIT supports more than 50 of the most common international payment methods, including credit, debit and smart cards, WAP payments and bank transfers, allowing merchants to extend their reach across borders and penetrate new customers pools.

"Despite the tightening of the venture capital market in the first months of this year, Residentie Investments has not hesitated to invest in Bibit," said Paul Schroder, Managing Director of Residentie Investments. "Bibit anticipates an unstoppable change in the market of payment systems, and has shown a strong and proven revenue model."

"In spite of difficult market circumstances, Bibit has executed on its vision while demonstrating a scalable and profitable business model," said Hans Wackwitz, Managing Director of Paribas. "We have watched Bibit's progress closely from the beginning and have every confidence that Bibit will proceed energetically in expanding its prominent market position."

BIBIT integrates best of breed components into an end-to-end solution that streamlines and simplifies the complexities of financial transaction processing. Through its network of leading financial institutions Bibit has created systems that are fully multi-currency and multi-lingual. Offering the most complete payment solutions together with full order reconciliation, Bibit simplifies the process of doing business across Europe's fragmented market.

Since its inception in 1997, over 1,000 companies have turned to Bibit to integrate a broad range of international payment methods into their e-commerce or call center solutions. Recent new international clients include Interflora Fleurop Switzerland, Ocean24, Eurotax/Schwacke and ChateauOnline. In March, Bibit reached a substantial agreement with KPN Telecommerce, in which clients of KPN's NetTransact service are connected to Bibit's Internet payment service.

Bibit announced in early February its entry into the U.S. market, providing U.S. businesses access to the European e-commerce market, which is estimated to reach $67.2 billion in 2001, and grow to $1.5 trillion by 2005--comprising about 25% of the global e-commerce market.

About Bibit

Bibit Internet Payments (Bibit) is Europe's leading Internet Payment Service Provider, supporting online businesses through offices in Germany, France, the United Kingdom, the Netherlands and the United States. Its digital payment service seamlessly integrates into e-commerce solutions, supporting nearly 50 payment methods, including conventional credit cards as well as a variety of on and off line methods. Bibit's extensive customer list includes DaimlerChrysler, The Financial Times, Canon, Xerox, and Interflora. For more information, please visit the company's Web site at www.bibit.com.

About Paribas Deelnemingen

Paribas Deelnemingen is part of Paribas Affaires Industrielles (PAI), the private equity arm of the BNP Paribas Group. PAI operates BNP-Paribas' direct investments (estimated value equal to 8.0 billion Euros as of December, 2000). In addition PAI manages private equity funds in which BNP-Paribas, acting as sponsor, is associated with other major institutional investors. These funds focus on leveraged acquisitions. PAI operates with teams in Paris, Amsterdam (Paribas Deelnemingen), Brussels, Milan and Madrid. Within PAI, Paribas Deelnemingen is responsible for investments in The Netherlands. Paribas Deelnemingen currently holds around 20 direct investments representing a total investment (at cost) of around 150 million Euros. The investments range from participations and buy-outs to venture capital. Major investments are Versatel, Swets & Zeitlinger, Bibit, InterXion, and Vegro.