The oversubscribed round will fund national expansion and new product features following trials in York.
"After another oversubscribed financing round, I am looking forward to inviting new businesses to the KodyPay community. From its inception, KodyPay has always been about reducing costs and increasing consumer payment choices by being super convenient for businesses to accept payments. We are very fortunate to have the support of all our existing partners and investors as we scale."
The Series A round was led by Octopus Ventures to support team expansion and product development.
"The subscription economy is rapidly transforming the way we access products and services – yet the smartphone, an individual’s most valuable device, is still locked behind a bundled, ownership-based model. This means most people are trapped in a buy-and-dispose cycle, with a steep financial and environmental costs."
The seed round was backed by Seaya Ventures, Speedinvest and SIX FinTech Ventures to support international expansion and team growth.
"After exiting the last business we kept getting pulled towards FinTech. With our backgrounds in SaaS and operating in the FinTech space, many opportunities came to us from banks, startups and big brands. We kept seeing the same problem, and no solution in the market. Regulation has changed and Banking-as-a-Service provided the plumbing for new solutions, but everyone was still building solutions from scratch. It felt like the same situation that has occurred again and again in the software industry before a new sector emerged, and we had an opportunity to be a first-mover to deliver a meaningful solution, with FinTech SaaS."
