KodyPay, a payments company, has raised an additional $5 million in Q3 2022. The financing round involved major shareholders “alongside new strategic investors bringing the total funding raised to US$10 million.”
KodyPay claims that it “brings the ease and optionality of online payments to brick & mortar businesses.” Using an all-in-one iOS/Android app for tablets or physical card machines, KodyPay has “created a one-stop, fully integrated payment solution.”
The company’s payment technology “allows businesses to accept both physical card payments & online ordering at once.” All while benefiting from data typically “generated by an online transaction, bringing the benefits of e-commerce to in-person payments.”
Businesses can also “accept an expanding range of non-card payment types with KodyPay.” These will “comprise e-wallets, buy-now-pay-later, open banking and cryptocurrency, with automated payment reconciliation across all payment service providers.”
As part of KodyPay’s infrastructure, businesses can “use custom checkout options. Fast casual dining venues can offer contact-free checkout using built-in products such as KodyPay’s no-app QR code ordering.” Businesses can then “increase revenue by letting consumers avoid the need to be served by staff.”
Businesses can “sign up online in minutes to benefit from low transaction fees, saving up to 60% on processing costs.” Those operating in hospitality “have seen up to a 20% increase in staff tips. In addition, sales data and customer analytics gained from using KodyPay can help businesses to grow and increase profitability.”
With a successful trial in October 2021 and a public beta launch in July 2022, KodyPay “has seen significant growth.”
It now “has gross payment volumes (GPV) exceeding £100M on an annualised basis after increasing at an average of 90% month over month.” The company “has more than 500 venues signed up in the UK and expects strong growth in the coming year.”
KodyPay has “used funds to scale its headcount across the UK and invest in its strategic partnerships to release new product features.” These will soon “include embedded finance, enhanced data analytics or loyalty to provide businesses with more value and increase growth.”
In the past year, KodyPay has “expanded its employee base and leadership team, with Joao Martins (Founding CTO at Series B/C Yapily) and Pierre Baigts (VP of Product at Series B Tiller – exited to SumUp) joining as CTO & CPO, respectively.”
Founder, President & CEO, Yoyo Chang said:
“Our ultimate aim is to bring the ease and optionality of online payments to brick & mortar businesses. This oversubscribed funding round validates the KodyPay team’s outstanding efforts as we continue to deliver on our mission. We are now better positioned than ever to truly become the future of payments and build the solutions businesses deserve.”