KodyPay, a fast-growing payments Fintech working with Visa, MasterCard and IBM, has recently raised an additional US$3.25 million. The oversubscribed financing round involved all the major shareholders and new high profile investors, bringing the total raised to US$6 million in under 12 months. New and existing investors include KodyPay’s Chairman, Hank Uberoi (Former Executive Chairman/CEO, Earthport PLC), Paul Rippon (Co-Founder, Monzo Bank), Adam Knight (Chairman, CoinFloor and BeZero Carbon), Alok Sama (Former President & CFO, SoftBank Group International) and IBM partner Cognition Foundry, along with other seasoned industry executives.
Through a single iOS/Android app, KodyPay gives retail and hospitality businesses the ability to accept any payment methods in-person (including leading e-wallets, buy-now-pay-laters & open banking) and offers contact-free checkout experiences, such as order at table & self-checkout. Businesses can sign-up online in a matter of minutes, and access KodyPay using a smartphone or tablet to benefit from low transaction costs instead of using an expensive point-of-sale terminal. With KodyPay, businesses can increase their revenues by making the consumer experience smoother and faster, helping customers avoid queuing.
In addition to working with Visa, MasterCard and IBM, KodyPay has already signed up other large multinational partners, including Checkout.com, Elavon, Laybuy, Nuapay and the University of York, to accelerate growth. With a focus on reliability and security, KodyPay has deployed IBM’s Confidential Computing technology to protect customer data with the highest level of certification achievable for commercial cryptographic devices.
KodyPay is now using the funds raised to bring its services to venues across the UK, release new product features and save businesses money. Early statistics already show a 51% reduction in transaction costs without the need for any investment in specialised hardware. Following successful implementation with Nisa (Co-op) stores located at the University of York, KodyPay has seen significant growth around York city, signing on clients. The company is now growing its workforce to expand its offering to other cities.
Thrilled by the recent company developments, 21-year-old co-founder and CEO Yoyo Chang commented: “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.”
KodyPay is on a mission to make payment acceptance easy. Paying in-store today presents common problems, like long queues and limited choices regarding payment methods. KodyPay plans to fully integrate the payment ecosystem so that businesses can offer their customers more control over their payment choice, making their transactions quicker and more convenient. Payment options will include e-wallets, buy-now-pay-later providers, open banking and card payments. In addition, KodyPay removes the need for bulk hardware such as tills and receipt printers, reducing the cost for businesses to accept payments.
KodyPay was founded in the summer of 2018 by a small group of final-year high school students. 21-year-old co-founders Yoyo Chang (CEO) and Jack Howell (CDO) have raised US$6m to date at KodyPay, with the majority of financing from over the last 12 months alone. Today, KodyPay’s platform is growing to connect thousands of customers with outlets across the UK. The team is currently expanding and will continue its mission to deliver easy payment acceptance that will benefit consumers and businesses all over the world.