KodyPay secures £2.3m seed follow on investment from backers including Hank Uberoi
The oversubscribed round will fund national expansion and new product features following trials in York.
KodyPay provides a platform as a service offering that modernises commerce operations for large enterprises with physical sites. Its integrated financial infrastructure helps businesses cut costs and improve customer retention.
KodyPay has secured £2.3m in an oversubscribed seed follow on financing round to expand its operations across the UK. The capital comes from a group of high profile angel investors, senior industry figures and corporate backers including Hank Uberoi, Paul Rippon, Adam Knight, Alok Sama and Cognition Foundry. The company plans to use the proceeds to support national expansion and roll out new product features for merchants.
The latest injection brings KodyPay's total funding to $6m amassed over the past year. The payments platform enables venues in retail and hospitality to process various transaction types through standard mobile devices without investing in dedicated hardware. Early trials at university stores have demonstrated reduced transaction costs and faster checkout speeds for consumers.
From the founder
"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."
Yoyo Chang
Founder & CEO at KodyPay
Use of funds
- 01Grow the team
- 02Continue product development
- 03Expand into international markets