Manchester-based customer payments app Boodil has raised £525,000 in fresh funding as alternative payment methods continue to grow in popularity.
Founded in 2022, Boodil has thrown its hat into the ring of the checkout payment method market with a platform that aims to be a streamlined and secure way for businesses to facilitate customer payments.
Services like Stripe, Apple Pay, Klarna, PayPal, and many more have all been competing to be the top checkout method as the world moves away from physical cash.
On the business side, the open banking service claims merchants can manage payments with reduced fees and a lower risk of security issues like fraud. The service also offers data insights for participating brands, with the goal of improving customer experiences.
For customers, the platform is offering incentives in the form of rewards points for purchases and prize draws in which users can earn vouchers, physical prizes, and holidays.
The new funding for the company has come from a number of angel investors such as the co-founders of CarFinance 247 and 247 Money, Louis and Reg Rix.
“I believe Boodil have identified a gap in the market with their proposition, which is being highlighted by the early adoption of their one-click cardless payment solution,” said Rix.
“Myself and Reg have experience in open banking, utilising it for 247Money, and believe Boodil has the potential to really disrupt the open banking payments market.”
Other Boodil backers include Anthony Morrow, Ben Luscombe, Gary Corbett, and 3B4 Investments.