Fintech firm Lopay is pleased to announce that it has secured £6 million in seed funding from three VC firms as well as a string of angel investors.
The investment from BACKED VC, Portage and The Venture Collective (TVC) comes after more than 20,000 small businesses across all sectors signed up to Lopay.
Together they’ve used their innovative technology “to take nearly 10 million customer payments, and they expect to process a further £500 million in card payments in the next 12 months, saving their customers as much as £2.6 million in fees.”
Lopay founder Richard Carter commented:
“Lopay’s mission to make it cheaper and quicker for small businesses to receive card payments has resonated with thousands of SMEs and sole traders, who are being squeezed simultaneously by high inflation and fragile customer demand. Since launch we’ve focused on building robust financial architecture and hiring a talented, committed team. 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.”
As noted by the London-based firm’s management, Lopay’s payment app is designed in a manner that rewards small businesses with more control, more flexibility and more of the money they earn.
With Lopay you choose when you get paid, and keep “more of the money you earn.”
- More control: See everything you need in the Lopay app – manage team access, view reports, check stock levels, and much more.
- More flexibility: Choose how you get paid – via a free card reader, payment links, Tap on Phone, or subscriptions. Choose when you get paid – instantly, the next day, or weekly.
- More of your money: With rates from 0.79% – that’s less than half the price of SumUp and Zettle – Lopay helps you keep more of the money you earn.