Lopay Raises £6M in Seed Funding


Lopay, a London, UK-based instant payment startup, raised £6M in Seed funding.

Backers included BackedVC, Portage, The Venture Collective and a series of angel investors.

The company intends to use the funds to expand operations and its business reach.

Founded in January 2022 by Richard Carter, Lopay is a payment app that enables small businesses to take card payments from their customers, which also have the option to receive cleared funds into their bank account the instant a transaction is made.

Since launch, more than 20,000 small businesses across all sectors have signed up. Together they’ve used Lopay to take nearly 10 million customer payments. Lopay estimates that its competitive pricing has saved merchants more than £1m in card fees since launch. The company expects to process a further £500m in card payments in the next 12 months, saving its customers as much as £2.6m in fees.