London-based payments fintech KodyPay has just raised an additional US$3.25m from some top industry luminaries.
Reaching into their pockets were KodyPay’s Chairman, Hank Uberoi (former executive Chairman/CEO, Earthport), Paul Rippon (co-founder, Monzo Bank), Adam Knight (Chairman, CoinFloor and BeZero Carbon) and Alok Sama (former President and CFO, SoftBank Group International).
The oversubscribed financing round involved all the major shareholders and the new high profile investors, bringing the total raised to US$6 million in under 12 months.
Through a single iOS/Android app, KodyPay gives retail and hospitality businesses the ability to accept any payment methods in-person (including leading e-wallets, buy-now-pay-laters and open banking) and offers contact-free checkout experiences, such as order at table and self-checkout.
Businesses can sign-up online in a matter of minutes and access KodyPay using a smartphone, or tablet, to benefit from low transaction costs instead of using an expensive point-of-sale terminal. With KodyPay, businesses can increase their revenues by making the consumer experience smoother and faster, helping customers avoid queuing.
In addition to working with Visa, MasterCard and IBM, KodyPay has already signed up other large multinational partners, including Checkout.com, Elavon, Laybuy, Nuapay and the University of York.
Co-founder and CEO Yoyo Chang said: “After another oversubscribed financing round, I am looking forward to inviting new businesses to the KodyPay community. From its inception, KodyPay has always been about reducing costs and increasing consumer payment choices by being super convenient for businesses to accept payments. We are very fortunate to have the support of all our existing partners and investors as we scale.”
KodyPay was created in the summer of 2018 by a small group of final-year high school students, including 21-year-old co-founders Yoyo Chang (CEO) and Jack Howell (CDO).