A fast-growing payments FinTech working with Visa, MasterCard and IBM has raised an additional £2.4 million.
The oversubscribed financing round into KodyPay involved all the major shareholders and new high-profile investors, bringing the total raised to $6m in under 12 months.
New and existing investors include KodyPay’s Chairman, Hank Uberoi (Former Executive Chairman/CEO, Earthport PLC), Paul Rippon (Co-Founder, Monzo Bank), Adam Knight (Chairman, CoinFloor and BeZero Carbon), Alok Sama (Former President & CFO, SoftBank Group International) and IBM partner Cognition Foundry, along with other seasoned industry executives.
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 & 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.
The firm has already signed up other large multinational partners including Checkout.com, Elavon, Laybuy, Nuapay and the University of York to accelerate growth.
KodyPay has deployed IBM’s Confidential Computing technology to protect customer data with the highest level of certification achievable for commercial cryptographic devices.
KodyPay is now using the funds raised to bring its services to venues across the UK, release new product features and save businesses money. Following successful implementation with Nisa (Co-op) stores located at the University of York, KodyPay has seen significant growth around York city, signing on clients.
The company is now growing its workforce to expand its offering to other cities.
“After another oversubscribed financing round, I am looking forward to inviting new businesses to the KodyPay community,” said 21-year-old co-founder and CEO Yoyo Chang.
“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.”