A UK-based payment startup Kodypay received a further $5 million in Q3 2022. The company has received $10 million in finance overall, albeit the identity of the most recent investors remains unknown.
Hank Uberoi, Chairman of KodyPay, former executive chairman and CEO of Earthport PLC, Paul Rippon, co-founder of Monzo Bank, Adam Knight, chairman of CoinFloor and BeZero Carbon, Alok Sama, former president and chief financial officer of SoftBank Group International, IBM partner Cognition Foundry, and other seasoned business leaders are among the new and existing investors.
In a news statement issued by the business, founder, president, and CEO Yoyo Chang stated, “Our ultimate goal is to provide the simplicity and flexibility of internet payments to brick and mortar businesses. This oversubscribed investment round recognizes the fantastic work of the KodyPay team as we carry out our objective. We are now in a better position than ever to fully shape future payments and create the services that businesses demand.
Kodypay intends to dominate the payments industry and is developing technologies that would let companies simultaneously accept physical card payments and online orders. All the while gaining access to data generally produced by an online transaction, bringing e-commerce advantages to cash payments.
Leading e-wallets, “buy now, pay later,” “open banking,” and cryptocurrencies will be included in this list, along with automated payment reconciliation between all payment service providers.
Businesses may use customized checkout options thanks to KodyPay’s infrastructure, which already works with Visa, MasterCard, and IBM. Using built-in solutions like KodyPay’s no-app QR code ordering, fast casual eating establishments may offer contact-free checkout.
By enabling customers to join online quickly and take advantage of low transaction fees, firms can improve revenue by reducing the need for human interaction and processing costs by up to 60%. The amount of gratuities given to employees in the hospitality industry has increased by up to 20%.
The KodyPay app has experienced tremendous growth since its public beta debut in July 2022 and successful testing in October 2021. Gross payment volumes (GPV) have risen by an average of 90% month over month and currently exceed £100M annually. Additionally, the business has more than 500 venues committed in the UK, and it anticipates significant growth in the upcoming year.
The business has invested in strategic partnerships and increased headcount across the UK to release new product features. These will soon include loyalty, improved data analytics, and embedded finance to give businesses more value and spur growth.
Brick & mortar companies may now accept online payments with the help of KodyPay. KodyPay has developed a one-stop, completely integrated payment system using an all-in-one iOS/Android software for tablets or actual card machines.
Kodypay has gone a long way and is still working hard to change the future of finance from a basic idea of an app that would allow retailers to accept payments directly from customers’ mobile phones, cutting transaction fees and removing the need for card readers and other hardware.
Image Credit: KodyPay