Ordo, an open banking and request-to-pay FinTech, has secured £10m in a Series A funding round led by Equinox Systems.
Founded in 2018, Ordo allows users to receive real-time payments for a single flat fee of 20p, no matter the amount.
The company also offers 24/7 instant payments. Users are only required to register and link their online banking and no recurring payments or monthly fees.
Ordo allows businesses to request payments for single and recurring bills – via call centres, email, text or any other messaging platform a business uses – by composing open banking over the faster payments rails.
Finextra highlighted that the investment is fuelling expansion across a range of sectors including credit and lending, wealth management, government, utilities, property and foreign exchange.
Ordo CEO Craig Tillotson said, “As I look to the future, both near and medium term, the case for Request to Pay and Open Banking capability has never been stronger. Ordo allows businesses to boost cash flow with instant receipt of cleared funds, and save direct and indirect costs without detriment to their customer.
“Open Banking is an absolute must for businesses wanting to help their cash strapped or simply more cautious customers, and trim the costs needed to match decreased consumer spending.”
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