Payments company KodyPay has raised £4.3 million in pre-Series A funding.
KodyPay aims to bring online payments to bricks & mortar businesses via an iOS/Android app for tablets or physical card machines. It allows businesses to accept both physical card payments & online ordering at once.
Businesses can also use custom checkout options: for example, fast casual dining venues can offer contact-free checkout using its no-app QR code ordering.
E-wallets, buy-now-pay-later, open banking and cryptocurrency are to follow, with automated payment reconciliation across all payment service providers.
Founded by Yoyo Chang as a student at the University of York, it is now based in London.
The financing round involved existing shareholders alongside new strategic investors, bringing the total funding raised to $10m.
The company held a trial in October 2021 followed by a public beta launch in July 2022. It now has gross payment volumes (GPV) exceeding £100m on an annualised basis after increasing at an average of 90% month over month.
The company has more than 500 venues signed up in the UK and expects strong growth in the coming year. Joao Martins, founding CTO at Yapily, and Pierre Baigts, VP of product at Tiller – which exited to SumUp – have joined as CTO & CPO respectively.
“Our ultimate aim is to bring the ease and optionality of online payments to brick & mortar businesses,” said president & CEO Yoyo Chang.
“This oversubscribed funding round validates the KodyPay team’s outstanding efforts as we continue to deliver on our mission.
“We are now better positioned than ever to truly become the future of payments and build the solutions businesses deserve.”
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