UK-based fintech MishiPay announced on Friday it has secured £1.65 million during its Seed funding round, which was led by London based pan-European venture capital Nauta Capital. Founded in 2015, the company has notably created a theft-proof mobile self-checkout technology that promises to eliminate the checkout line in store.
“Mishipay is a new retail payments start-up. We’ve invented a new technology which allows shoppers to pick up a product they wish to buy, scan the barcode with their phone, pay within the phone and simply walk out. Completely eliminating queuing from the point of sale. By using RFID and cloud computing we also ensure security against theft and seamless integration.”
While sharing details about the latest funding round, Mustafa Khanwala, the Co-Founder and CEO of Mishipay, stated:
“This round is a significant stepping stone for us. After having proven our technology in trials across 4 countries, we are now ready to work with major retailers to prove the clear value in rolling out our technology in their stores. The investment will help us realise our projects with the largest and most innovative retailers in Europe such as Media Markt Saturn, the largest consumer electronics retailer in Europe. Our vision is to make shopping on the high street just as seamless as shopping online, and we couldn’t have found a better investment partner than Nauta to help us bring this vision to life.”
Speaking about the investment, Carles Ferrer, London based General Partner at Nauta Capital, also commented:
“In a Retail market where consumers are constantly demanding better experiences and retailers are struggling with costs while needing to unlock the potential of Omnichannel, MishiPay has huge potential impact. The growth and success Mustafa and Tanvi have shown this far in such a short amount of time has impressed us and we believe our funding will help them multiply those results.”
MishiPay added the latest investment round enables it to continue its rapid growth, by providing High Street retailers with the best of the online checkout experience in the physical store using its patent-pending technology, allowing shoppers to simply scan the barcode of an item on their phone, pay on the phone and leave the store with their items, meaning never having to wait in a queue again.