5 innovative FinTechs disrupting the UK Payment ecosystem

By Megha Bhattacharya

FinTech companies are driving real change for consumers and businesses alike. The unbundling of financial services allows FinTech start-ups and scaleups to provide more efficient and streamlined offerings, and to disrupt traditional banking, payment, and lending services.

Check out these 5 PayTech companies in the UK –

1. Paymentsense

London headquartered Paymentsense offers face-to-face and virtual payment solutions to around 70,000 small businesses in the UK and Ireland. Its software also allows users to create and analyse sales reports to help businesses generate overviews and insights of their performance.

The company recently launched BiteBack, a new online toolkit that enables businesses to process takeaway orders quickly and easily. The solution hosts restaurants’ menus digitally, allowing consumers to order their meal online, collect it and pay at pickup.

Paymentsense offers several virtual payment methods through its online payment gateway, which acts as an online version of a physical payment machine.

2. SumUp

London-based SumUp has developed a payment processing system that allows sellers to process payments using smart devices. Payments can be processed either through a payment link sent to the customer’s mobile device or through an attachable card reader.

European FinTech SumUp announced a partnership with Google for enabling merchants using Google My Business to add support links to Gift Cards directly to their Business Profile on Google, amidst COVID-19. The new solution allows customers & supporters to buy Gift Cards through SumUp while searching for local businesses on Google in the UK, the US, Brazil, France, Germany, Italy, Ireland, Austria, and Switzerland.

SumUp announced the launch of its online payment tool for helping businesses to cope up with social distancing measures.

3. Checkout.com

Headquartered in London, Checkout.com offers enterprise businesses with global payment processing capabilities and direct access to domestic acquiring across payment methods and geographies. It processes around 150 currencies and provides access to all international cards and popular local payment methods to merchants through its integrated platform.

The company recently announced a $150 million Series B funding round. This funding round has tripled the value of the business to $5.5 billion. The funding round was led by Coatue along with the participation of existing investors, including Insight Partners, DST Global, Blossom Capital, and Singapore’s Sovereign Wealth Fund, GIC.

Checkout.com’s unified payments platform helps to manage every stage of the payment process. It offers businesses faster payment processing, with Checkout.com combining several separate payment technologies into its one platform, thus resulting in significantly faster processing speeds.

4. GoCardless

GoCardless has developed a platform that allows companies to make and receive recurring payments through direct debit. Businesses can make payments directly into the bank accounts of customers in over 30 countries worldwide.

FinTech GoCardless recently announced that sustainable mobility solutions provider, Bridgestone has selected the FinTech’s solutions to power payment for its tyre subscription service MOBOX. MOBOX is an all-inclusive monthly inclusive service that offers new tyres alongside other vehicle-related services.

Business banking platform Tide has joined forces with GoCardless to help small businesses get paid faster through Direct Debit, aiming to offer support during the Covid-19 crisis. By being able to set up Direct Debits, smaller businesses can become more liquid and efficient. Tide recently found that over 60 per cent of small businesses regularly have invoices paid late, creating cash flow issues and putting the businesses in danger of collapse.

5. Banked

Banked offers an account-to-account payment software that allows consumers, businesses and banks to process payments in real-time at a reduced rate. The firm states that it charges 0.1% to process payments and enables merchants and customers to receive money from the transactions immediately. The FinTech’s software also aims to protect consumers and businesses by not sharing customer bank details during transactions.

The company has launched out of beta with a new seed funding round worth £2.35 million, which has raised the total funding to £5.35 million. The company aims to develop commercial relationships and use the funds for supporting its launch across Europe.

Banked has teamed up with British Airways Executive Club in a bid to allow customers to collect Avios by selecting Banked during online checkout. Avios is the rewards currency for the British Airways Executive Club and can be used similar to cash as the rewards may be used on flights, upgrades, hotels, car hires, and more.

READ MORE: Payments & Cards Systems and Suppliers Report 2020 by IBS Intelligence