Payments startup yetipay has raised £3.5m after increasing revenue sevenfold in the past year.
Headquartered in David Bowie’s former Soho studio, the 26-person team has built an innovative payments platform that offers features typically found only in much larger players.
The London FinTech will continue to expand its all-in-one payments platform and introduce new products to its growing base of independent and enterprise hospitality and retail customers, including Brewdog, Pho, Grasso Soho, Kütchenhaus and Zenith.
It has agreed a debt facility up to £1.75m with re:cap, the Berlin-based FinTech behind the Capital Operating System (Capital OS) – becoming the first UK business to benefit from re:cap’s €125m credit facility provided by HSBC Innovation Banking and Avellinia Capital, launched last week.
yetipay has concurrently raised £1.7m equity from angel investors. The company’s high-profile backers include Paul Statham (Condeco, Thoma Bravo), Mark Blandford (Blandford Family Office), Ben Whitaker (Masabi), Lloyd Amsdon (Watchfinder), Christian Riener (PCP Capital) and Simon Squibb (HelpBnk).
“We focused on raising the minimum amount required and selecting investors that bring valuable deep payments industry experience, combined with innovative non-dilutive funding from re:cap,” said Oliver Pugh, founder of yetipay.
“We are in a David vs Goliath battle with our larger competitors, where their massive OPEX commitments present a significant opportunity for our nimble, innovative and customer-centric approach.
“We’ve stayed lean, raised capital in a sustainable non-dilutive way, and delivered products that offer real benefits – there’s more to come in 2025.”
yetipay has £4.7m in ARR and is currently processing £450m per year in transactions. The latest round brings yetipay’s total funding to £6.6m raised.
“We’re thrilled to back yetipay as our first customer in the UK,” says Christian Luecke, chief commercial officer at re:cap. “Their ability to generate significant traction with a lean, focused team – while delivering a very sticky product to a clearly defined market – makes them an exceptional partner and an exciting company to work with.”