London-based payment solution MishiPay has closed a £1.6m seed round led by Nauta Capital.
Founded in 2015, the company gives consumers the ability to go to a store and pay for a product by just scanning its barcode on their phone. The solution ensures security against theft with RFID (radio-frequency identification), which means sensors sound the alarm if a shopper leaves without paying.
The company is also currently backed by European retail and consumer investor True. Alongside this the platform is partnered with a range of companies including Cisco, Avery Dennison, Nedap, and Zebra, among others.
This funding line helps the company to further its growth, with the company set to launch projects with retailers across Europe including Media Markt Saturn.
Nauta Capital general partner Carles Ferrer said, “In a Retail market where consumers are constantly demanding better experiences and retailers are struggling with costs while needing to unlock the potential of Omnichannel, MishiPay has huge potential impact.”
Some of the other FinTech companies in Nauta’s portfolio include software developer BaseKit, marketing solution for e-commerce retailers PromoteIQ and workplace and workflow optimisation solution rifiniti.
The mobile payment sub-sector of the payments and remittances vertical was dominated by the Asian market last year, with it representing around 96 per cent of total funding.
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