Lopay secures £6m in seed funding from Backed, Portage, and The Venture Collective to scale its payment app.
The seed round was co-led by Portage and Backed to support international expansion and product development.
Lopay provides a payment application and card reader enabling small businesses to process customer transactions instantly with lower fees than traditional providers.
Lopay has secured £6m in seed funding to support its international expansion and product development initiatives. The round was backed by Backed, Portage, and The Venture Collective, alongside several angel investors. The company provides low fee payment processing and instant settlement options for small businesses, having experienced rapid growth since its launch.
The fresh capital will enable the firm to scale operations further following strong adoption among merchants across various sectors. With tens of thousands of businesses already utilising the platform, the fresh injection of funds provides the necessary foundation for the next stage of growth.
From the founder
"Lopay’s mission has resonated with thousands of small businesses and sole traders who are being squeezed simultaneously by high inflation and fragile customer demand."
Richard Carter
Founder at Lopay
Investor perspective
"Lopay is breaking new ground in the archaic mobile POS payment industry, saving thousands of small businesses time and money as they navigate the post-pandemic business landscape."
Juliette Souliman
Principal, Portage
Use of funds
- 01Expand into international markets
- 02Continue product development
