Fumopay secures seed investment from private fintech backers to accelerate growth
The company has closed its first funding round with backing from three experienced fintech investors.
Fumopay operates a Pay by Bank payment platform leveraging open banking principles to facilitate account-to-account transactions. The multi-channel solution provides small and medium-sized enterprises with tools to improve cash flow and reduce operational costs.
Fumopay has successfully closed its first seed-funding round from three private fintech investors. The capital will be deployed to support the platform launch, drive financial social impact, and accelerate the sales and communications strategy. This milestone follows the company inception in 2021 and aligns with its broader objective of helping smaller enterprises streamline cash flow and lower processing costs. The fresh backing brings experienced sector expertise to assist the firm as open banking adoption continues to evolve.
From the founder
"It’s been an exciting journey to reach this important milestone. We’ve learned so much along the way as the Open Banking sector continues to evolve. We have a very clear focus and direction on the next stage of growth and with the combined experience of our new payment sector investors, we look forward to expanding and scaling our proposition."
Kevin Ludford
Founder and CEO at fumopay
Investor perspective
"The exciting thing for any business is when they have the ability to enable large scale disruptive change to global multi trillion dollar markets. There are few occasions that these types of investment opportunities occur, fumopay is one of them."
Matthew Bruton
Investor, Matthew Bruton
Use of funds
- 01Continue product development
- 02Invest in sales and marketing