UK fintech KodyPay has doubled its funding with a $5m (£4.36m) pre-Series A investment for its mobile payments app for businesses.
Founded in York in 2018, KodyPay has developed point-of-sale software for businesses to accept online payments in physical locations, such as QR-based table orders at restaurants.
The company claims that in-person payments made via its software can give retailers useful customer data typically only “generated by an online transaction”.
KodyPay is compatible with a number of alternative payment types, including e-wallets, BNPL, and cryptocurrency.
“Our ultimate aim is to bring the ease and optionality of online payments to brick & mortar businesses,” said KodyPay founder, president, and CEO, Yoyo Chang.
“We are now better positioned than ever to truly become the future of payments and build the solutions businesses deserve.”
KodyPay launched its public beta in July 2022 and now has a client base of 500 venues.
Funding has gone towards boosting the company headcount as well as developing new product features including embedded finance, enhanced data analytics, and loyalty programmes.
The company’s last funding round came in July 2021, when it raised $3.3m (£2.88m).
Existing investors in the company include Monzo co-founder Paul Rippon, CoinFloor and BeZero Carbon founder Adam Knight, former president and CFO of SoftBank Group International Alok Sama and IBM partner Cognition Foundry.