Fumopay secures Seed investment
Pay by Bank payment platform, fumopay, closes its first funding round as payment experts join, and invest in their growth, positively indicating the bright future of Open Banking
United Kingdom – 5th June 2023 – fumopay announces today that it has successfully closed its first seed-funding round from three highly accomplished FinTech private investors. This round of financing enables the brand to further develop its launch plan, rooted in financial social impact. The brand intends to accelerate its sales and communications strategy to elevate its organic growth since its inception in 2021. With a keen eye on helping SMEs improve their cash flow and reduce operational costs, the fumopay multi-channel payment solution brings immediate benefits to this sector.
fumopay Founder and CEO, Kevin Ludford says “The most important aspect of this raise is that we’ve been joined by highly experienced payment & FinTech investors with proven track records. They are aligned with our growth ambition and equally, bring a wealth of experience and added value to our business.”
One of the three esteemed investors, Matthew Bruton, says “The exciting thing for any business is when they have the ability to enable large scale disruptive change to global multi trillion dollar markets. There are few occasions that these types of investment opportunities occur, fumopay is one of them.”
Product and services:
fumopay was developed in-house as an API payment platform to support multiple payment use cases via a common user experience. It can be added as a payment option for ecommerce businesses allowing their consumers quick and frictionless online settlement without requiring them to divulge any sensitive data, eliminating the fraud related to sharing card details.
For in-store payments, fumopay has a customisable QR code feature – or API for EPOS integration – speeding up payments for both parties and again, eliminating the laborious and risky barriers of sharing card data. For in-app purchases or remote-based payments, the fumopay platform is also designed to be white-labelled to support organisations that simply want to add payment processes to their services.
Matthew Bruton goes on to say, “fumopay is uniquely positioned to deliver change in the merchant payments space and become the market leader. The raise will enable the team and the technology to start rapidly scaling the services to merchants and enterprise clients across the country and beyond. We’ve seen payments in the UK go through a first wave of change, digitisation of the existing services. Now the second phase is just beginning with bank-to-bank instant payments, completely transforming the way we pay.”
With their recent XERO partnership announcement , fumopay is constantly looking at how it further supports the SME community by providing them with a platform that enables them to receive instant invoice settlements and allowing them seamless and quick payment reconciliations, taking out the need for laborious monthly remittance.
Reflecting on the journey to date, Kevin says “It’s been an exciting journey to reach this important milestone. We’ve learned so much along the way as the Open Banking sector continues to evolve. We have a very clear focus and direction on the next stage of growth and with the combined experience of our new payment sector investors, we look forward to expanding and scaling our proposition.”
About fumopay:
fumopay – founded by Kevin Ludford and Abrie Greeff – is an open banking payment API platform that facilitates account-to-account transactions, using the principles of Open Banking. fumopay provides a faster, cheaper, and safer alternative to traditional card and digital payments for businesses.
Designed to expedite payments in real-time for low cost, no matter the channel, fumopay alleviates the strain of delayed remuneration and expensive processing, which often only serve to exacerbate the deficits, widen the gaps and negatively impact overall financial well-being.
Fumopay Ltd is authorised and regulated in the United Kingdom as an Authorised Payment Institution by the Financial Conduct Authority under Firm Reference Number 925689
Brand Contact:
Kevin Ludford – CEO
(0)1908 470876
www.fumopay.com
@fumopay
Media Contact:
Kim Molloy
Brand and Marketing
www.fumopay.com
fumopay Ltd is an approved Open Banking development partner (registered at www.openbanking.org.uk)
