KodyPay, a UK-based new mobile point of sale app and payment aggregator, raised £1.8m in funding.
Leading the financing was Cognition Foundry and Hank Uberoi, alongside a group of high-profile private investors. These include former members of senior management from Legal and General, Verifone and HP.
Led by CEO Yoyo Chang co-founded,cKodyPay provides an omni-commerce driven platform platform that allows users to pay for goods in-store without queueing. By removing bulk hardware such as tills and printers, transaction fees can be reduced, customers can choose to use e-wallets, pay-later providers, or simply use card payments.
KodyPay is a new mobile point of sale platform and payment aggregator, enabling businesses to perform all the necessary actions to carry out a standard electronic transaction and accept a multitude of different payment methods using a web and app-based technology platform.
By working with IBM partners TES Enterprise Solutions and Cognition Foundry, the platform will be running on the IBM Z Systems. The company has also entered into a partnership with Cybersource, a Visa Solution. With their support, KodyPay has built a wholly modular payment stack. This will allow merchants to work with their preferred payment method efficiently.
Chang is currently working alongside co-founder Jack Howell whilst studying at the University of York.
Post financing, Hank Uberoi joined the Board as Chairman. Previously, Uberoi was a partner at Goldman Sachs and the COO at Citadel Investment Group LLC. Most recently, he was the CEO/Executive Chairman/Director at various points in the growth of cross-border payments firm Earthport.