KodyPay, which hopes to make payment acceptance easier to implement, has scored $3.25m in an oversubscribed funding round.
The investment was supplied by the FinTechâ€™s major shareholders as well as new backers.
This roundâ€™s backers include KodyPay chairman Hank Uberoi, Monzo co-founder Paul Rippon, CoinFloor chairman Adam Knight, former SoftBank Group International president and CFO Alok Sama and IBM partner Cognition Foundry. There were other unnamed, seasoned industry executives to also invest capital.
With the fresh funds, KodyPay plans to release new product features in the coming months and deepen its presence across the UK.
The UK-based company claims its technology is helping to reduce transaction costs by 51%.
Its iOS and Android app provides retail and hospitality businesses with the ability to accept any payment method in-person. This includes e-wallets, buy now pay later and open banking. In addition to this, the service supports contact-free checkout experiences, such as order at table and self-checkout.
A business can sign-up online within minutes and use a smartphone or tablet as a cheaper point-of-sale terminal.
The FinTech company has partnerships with Visa, MasterCard, IBM, Checkout.com, Elavon, Laybuy, Nuapay and the University of York.
KodyPay co-founder and CEO Yoyo Chang said, “After another oversubscribed financing round, I am looking forward to inviting new businesses to the KodyPay community. From its inception, KodyPay has always been about reducing costs and increasing consumer payment choices by being super convenient for businesses to accept payments. We are very fortunate to have the support of all our existing partners and investors as we scale.”
With the close of the round, the company has raised a total of $6m in funding in just 12 months. KodyPay previously raised Â£1.8m in September 2020, with capital coming from Cognition Foundry and Hank Uberoi.
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