In a significant boost for the Open Banking landscape, British payment platform fumopay announced the successful conclusion of its first-ever seed funding round today.
A staunch proponent of Open Banking, fumopay has made waves as a transformative Pay by Bank platform.
Securing backing from three distinguished private investors, known for their exploits in the FinTech sector, the funding round sends a promising signal for the future trajectory of both fumopay and the wider industry. The round equips fumopay with the financial resources required to further unfold its launch plan, deeply rooted in promoting financial social impact.
Emerging in 2021, fumopay has been unwavering in its mission to better the financial lives of Small and Medium Enterprises (SMEs). By leveraging its innovative multi-channel payment solution, fumopay aids businesses in enhancing their cash flow and reducing operational costs, fostering an environment of growth and financial stability.
The newly acquired funds will be channelled into accelerating fumopay’s sales and communication strategies. This will bolster the firm’s organic growth, demonstrating its continued commitment to enrich the payment landscape.
Developed in-house, fumopay’s platform offers a common user experience that supports a wide range of payment scenarios. The platform can be adopted as a payment option for e-commerce businesses, facilitating swift and secure online transactions. Its customisable QR code feature expedites in-store payments, while the white-label capability extends its reach to organisations desiring to incorporate payment processes into their services.
fumopay’s founder and CEO, Kevin Ludford, stressed the importance of the recent funding round, noting the added value brought by their new investors, seasoned payment and FinTech experts, to their business.
Previously, fumopay announced a partnership with XERO to better serve the SME community. This strategic alliance allows for instant invoice settlements and efficient payment reconciliations, saving businesses from tedious monthly remittance processes.
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