UK’s Open Banking Fintech FaizPay Secures £526K+ via Seedrs from 79 Investors

FaizPay, a company offering a truly multi-channel fast and fair payments service that’s built on Open Banking rails, has secured 87% or £526,958 of its fundraising target of £600,001 from 79 investors (at the time of writing) via a securities offering on Seedrs. As of July 4, 2021, there are 34 days left in the company’s sale.

With business offices in London, FaizPay focuses on the Finance & Payments sectors (Digital Mixed B2B/B2C). Incorporated in December 2019, the company reports a £4.5M pre-money valuation, and it’s offering 11.75% equity along with EIS and tax relief.

Here are the main business highlights shared by the company:

  • Integrated with Open Banking incl the 9 biggest UK banks
  • Native API integrations with Monzo, Revolut & Starling
  • We are authorized & regulated by the FCA (#934835)
  • Testing the solutions with the first few clients

The Fintech firm also aims to takes advantage of the European PSD2 regulation and its UK implementation of Open Banking. This should “force banks to open up their APIs and allows innovative fintech companies to create a better user experience for consumers and increase competition for incumbent players.”

The company added:

“FaizPay aims to provide an affordable and cost-effective alternative to card payments in-store and online. We do this by facilitating account-to-account payments from a consumer to a merchant via the Open Banking framework and bespoke direct APIs with financial institutions, when available. Our online tool provides seamless integration with retailer’s e-commerce including plug-ins and SDKs for WordPress, Android and iOS.”

FaizPay’s management further noted that they pair up payments with special discounts. Merchants are able to provide first-time and regular discounts that “automatically apply to transactions.” Discounts are meant to incentivize users “to opt for paying with Open Banking payments powered by FaizPay and save merchants up to 85% on card processing fees.”

FaizPay also mentioned that it aims to generate revenue via payment processing fees, and discounts plus offers fees.

FaizPay charges a payment processing fee “of 0.3% transaction value,” the company noted while adding that for any eligible payments that are associated with a current discount or offer, “there is a marketing fee of 5%.”

During the next 6 months, FaizPay intends to begin offering one of the “first-ever” physical Open Banking payments terminals. For the first 12 to 18 months the terminal will be “sold at cost price” and after that period, there will be “a margin of 5% on it,” the announcement revealed.

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