Open banking payments and consumer engagement app Boodil has raised £525,000 in pre-seed funding ahead of a Q4 2022 launch.
The Manchester-founded startup aims to transform the way consumers spend and engage with brands whilst being rewarded for their purchases.
The raise includes investment from angels and high-profile business leaders including Louis and Reg Rix, co-founders of Manchester-based CarFinance 247 & 247Money; Anthony Morrow, founder of OpenMoney; Gary Corbett, former owner of the Mere Golf Resort; 3B4 Investments; and Ben Luscombe, founder of Henley’s Clothing.
Boodil sits on the checkout of merchants as an alternative payment solution, allowing users to checkout seamlessly and safely with their own banking app. This not only saves businesses significant fees but also reduces the risk of fraud and chargebacks whilst settling their funds instantly.
Customers are incentivised to utilise Boodil as their preferred payment method by earning points for their purchases, which they can later redeem for rewards along with the option to enter various prize draws, inclusive of holidays, vouchers and electronic goods.
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“I believe Boodil have identified a gap in the market with their proposition, which is being highlighted by the early adoption of their one-click cardless payment solution,” said Louis Rix.
“Myself and Reg have experience in open banking, utilising it for 247Money, and believe Boodil has the potential to really disrupt the open banking payments market.”
Boodil says it has sparked initial interest amongst a number of merchants in various industries spanning, retail, automotive and booking apps.