KodyPay, which is helping to simplify in-person payment acceptance, has raised $5m in its pre-Series A funding round.
The capital was supplied by unnamed, new strategic investors and existing backers.
The PayTech company aims to bring the ease and optionality of online payments to brick-and-mortar businesses. Through its all-in-one mobile app for tablets and physical card machines, it provides a one-stop, fully integrated payment solution.
Clients can leverage the technology to accept physical card payments and online orders. It also accepts various non-card payments, these include buy now, pay later, e-wallets, open banking and cryptocurrency.
Other notable features of the platform are custom checkout options, QR code ordering and more.
It claims that clients can save up to 60% on processing costs and see up to a 20% increase to staff tips.
Following a trial in October 2021 and a public beta launch in July 2022, the company has recorded strong growth. It now boasts gross payment volumes in excess of £100m on an annualised basis, after increasing by an average of 90% month over month. It has over 500 venues signed up in the UK and is expecting strong growth next year.
With the fresh funds, the PayTech company hopes to scale its team across the UK and invest into its strategic partnerships to release new product features.
KodyPay founder, president and CEO Yoyo Chang said, “Our ultimate aim is to bring the ease and optionality of online payments to brick & mortar businesses. This oversubscribed funding round validates the KodyPay team’s outstanding efforts as we continue to deliver on our mission. We are now better positioned than ever to truly become the future of payments and build the solutions businesses deserve.â€
With the close of the round, the FinTech company has raised a total of $10m in funding.
The company previously raised $3.25m for its oversubscribed round in July 2021.
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