London-based invoicing and payment app Osu entered into a partnership with open banking infrastructure provider Yapily to eliminate payment fees for self-employed professionals and entrepreneurs.
In a bid to remove the traditional pain points affecting the self-employed when it comes to payments such as high fees, settlement delays and error-prone bank transfers, the partnership will enable self-employed professionals to receive payments without fees or delays.
Of the four and a half million self-employed professionals in the UK, many rely on time-consuming payment processes riddled with frustrating issues to manage their day-to-day finances.
At a time when the self-employed are already taking a hit due to the pandemic, the collaboration aims to eliminate the cost of getting paid and automating tasks such as sending invoices, accepting payments and chasing customers is critical to managing their cash flow.
Through the partnership, Osu will build its payment request flow on top of Yapily’s API infrastructure, rather than integrating with a card-based payment service provider.
Osu, which provides freelancers and self-employed access payment tools through its app, has helped over 1,000 self-employed professionals grow their operations by assisting them to accept hundreds of thousands of pounds worth of payments. With a recent seeding round raising more than £2m, Osu now plans to increase its customer base to 10,000 active users by the end of 2021.
Yapily, which was founded by Stefano Vaccino in 2017, allows businesses to share financial data and access their payment infrastructure with the aim to boost open finance for everyone. It services industry leaders such as American Express, Intuit Quickbooks, Moneyfarm and BUX.
Commenting on the new association, Osu CEO Noam Nevo said that “it was a no-brainer to partner with [Yapily].”
Nevo added, “Our aim has always been to help the self-employed and empower them when it comes to managing payments – which in the current climate is more important than ever. Many of our customers are one-man bands or micro-businesses without dedicated finance or admin teams.
“We’re planning on introducing a host of new business management features this year and with support from Yapily, we believe our offering will continue to make life easier for the self-employed as they look to rebuild from a challenging year.”
Sharing the same sentiment, Vaccino added, “This partnership is an exciting development for Open Banking and demonstrates the benefits our infrastructure can bring to the changing – and growing – landscape of the self-employed.
“The past year has been exceptionally challenging for the self-employed, so providing them with the right tools to alleviate financial stresses is critical for supporting their recovery. Open banking removes hidden payment fees and allows these professionals to focus their time and effort on doing what they love.
“Our partnership with Osu very much aligns with our mission of driving financial inclusion. We’re looking forward to how this partnership develops into other innovative solutions that will, no doubt, prove invaluable to business owners.”
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