UK PayTech KodyPay raises $5m in Pre-Series A financing
By Gloria Methri
UK-based payments platform KodyPay has raised an additional $5 million in Q3 2022 to accelerate its expansion. The financing round was led by key shareholders alongside new strategic investors bringing the total funds to $10 million.
KodyPay offers a fully integrated payment solution to brick-and-mortar businesses through its all-in-one iOS/Android app or physical card machines.
The payment technology allows businesses to accept both physical card payments and online ordering at once. Users get benefits from the data that is generated by an online transaction. Businesses can also accept an expanding range of non-card payment types such as e-wallets, buy-now-pay-later, open banking, and cryptocurrency.
“Our ultimate aim is to bring the ease and optionality of online payments to brick & mortar businesses,” said KodyPay Founder, President & CEO, Yoyo Chang. “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.”
With a trial in October 2021 and a public beta launch in July 2022, KodyPay has seen gross payment volumes (GPV) exceeding £100 million on an annual basis after increasing at an average of 90% month over month. The company has over 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.
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