Telephone payment provider Paytia has completed a £1.2m pre-series A seed investment round.

Founded in 2016 in Southampton, Paytia’s technology allows businesses to take payment card details from customers safely and compliantly over the phone, known as ‘card not present’ (“CNP”) payments.

The round was led by Bloc Ventures (Bloc), the venture capital company focused on early stage European deep technology investment.

The firm will use the proceeds from this funding round to increase its operational capability, invest in its team in order to scale the business and deliver the roadmap of additional features and services.

Curtis Nash, CEO of Paytia, commented: “Our technology has the ability to radically lower the high cost of entry that is prevalent in the telephone payment segment, and with Bloc’s financial and strategic support we are confident that we can build on the strong momentum we have generated over the last four years.”

Paytia joins the Bloc Ventures deep tech portfolio, which includes telecommunications technology providers Accelercomm and Zeetta Networks, high performance computing cloud provider YellowDog, quantum-based encryption technology business Crypta Labs and smart financial control platform provider Yordex.

Commenting on the investment, David Leftley, co-Founder and CTO of Bloc Ventures, added: “The team has significant commercial and technical experience in the payments space, including a previous successful start-up exit. By offering a cloud-based, multi-tenanted global solution, Paytia is disrupting an industry that has high growth potential and we are incredibly excited about its future plans.”