FinTech start-up Lopay has secured £6m from a recent funding round as it looks to supercharge the instant payments market.
Securing £6m in a keenly contested seed funding round, Lopay garnered investments from notable venture capital entities including BackedVC and Portage, alongside the Venture Collective and an ensemble of angel investors.
According to AltFi, Lopay, with its revolutionary approach to payment solutions, endeavours to assist small to medium enterprises (SMEs) by facilitating instant card payments at significantly lower costs than conventional corporate payment providers. Through its app and card reader, Lopay enables businesses to effortlessly take card payments and swiftly receive cleared funds, mitigating the habitual wait or excessive fees imposed by the predominant players in the payment industry.
With a sturdy platform, validated by a robust financial architecture and a team renowned for its talent and commitment, Lopay aims to utilise the £6m seed capital to propel its international expansion. Moreover, the funds will be judiciously deployed towards the development of innovative products intended to confer additional financial savings upon small businesses, perpetuating Lopay’s core mission of alleviating financial burdens on SMEs.
Lopay, not merely content with revolutionising payment procedures for SMEs, also boasts of conspicuously low fees, strategically positioned at less than one-third of those levied by PayPal and half of those by contemporaries like SumUp and Zettle. This commendable financial strategy has been pivotal to the company’s rapid ascent within the FinTech sphere.
Lopay CEO Richard Carter emphasised, “Lopay’s mission has resonated with thousands of small businesses and sole traders who are being squeezed simultaneously by high inflation and fragile customer demand.” He further explained, “With this solid platform for growth, we’re now ready to scale — and we’ll be using this major injection of seed capital to launch internationally and develop new products that save small businesses even more money.”
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