London-based fintech startup Paybase has reportedly secured a £700,00 grant from Innovate UK as it prepares to launch its new payments platform.
The company stated that it provides an end-to-end solution for Payments, Compliance, and Risk – all rolled into one unified API. Paybase explained that its platform is perfect for marketplaces such as sharing economy or crowdfunding sites as well as apps and products that have complex payments requirements. Anna Tsyupko, CEO of Paybase, shared:
“Our mission is to democratize access to payments infrastructure by removing the prohibitive cost and knowledge barriers so that our partners can focus on their core business.”
According to UKTN, Tsyupko commented on the Innovate UK announcement:
“We would like to thank Innovate UK for the grant which will go towards developing the business and perfecting our technology. The electronic money space is competitive but we’re offering something different that will have a real impact on the SME sector. Electronic money infrastructure allows for the easy opening of eMoney accounts – lightweight financial instruments – in-app or directly on your website.”
Tsyupko went on to add:
“This makes it perfect for escrow-like accounts, peer-to-peer-transactions and attached physical prepaid cards to name but a few applications. Essentially, it meets payment requirements that cannot simply be accommodated by a payment gateway and is the cornerstone of a lot of today’s FinTech innovation. Due to the complexity, legacy of systems and multiple partners required to create such infrastructure, however, the eMoney space is expensive, inaccessible and inflexible.”
Paybase is notably scheduled to go live later this year.