KodyPay, a London UK-based payment acceptance startup, raised US$3.25m in funding.
New and existing investors included:
- 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),
- IBM partner Cognition Foundry, and
- other seasoned industry executives.
The company, which has raised US$6m in total in under 12 months, intends to use the funds to bring its services to venues across the UK and release new product features.
Founded in the summer of 2018 by a small group of final-year high school students including 21-year-old co-founders Yoyo Chang (CEO) and Jack Howell (CDO), KodyPay provides payment acceptance working with Visa, MasterCard and IBM. Through a single iOS/Android app, the company 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 & 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.
In addition to working with Visa, MasterCard and IBM, KodyPay has already signed up other large multinational partners, including Checkout.com, Elavon, Laybuy, Nuapay and the University of York, to accelerate growth.