London-based Lopay, an instant payment startup, announced recently that it has secured £6M (approximately €6.95M) in Seed round of funding from BackedVC, Portage, The Venture Collective, and a series of angel investors.
The UK company will use the funds to accelerate the expansion of operations and its business reach.
The funding comes after the company claimed to have signed up over 20,000 small businesses, processing almost 10 million payments.
Richard Carter, founder of Lopay says, “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,” adds Carter.
Lopay: Payment app for small businesses
Founded in January 2022 by Richard Carter, Lopay is a payment app that enables small businesses to take card payments from their customers cheaper than the costs charged by established payment providers such as SumUp, PayPal, among others.
Users can receive cleared funds in their bank account instantly upon transaction completion and have the option for immediate fund transfer.
The company is expected to process a further £500M in card payments in the next 12 months, saving customers as much as £2.6M in fees.
Juliette Souliman, a principal at Portage, says, “Lopay was breaking new ground in the archaic mobile POS payment industry, saving thousands of small businesses time and money as they navigate the post-pandemic business landscape”.
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