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London-based FinTech startup Paybase has received a grant of almost £700,000 from innovation agency Innovate UK. 

Expected to launch later this year, Paybase has developed an ‘end-to-end solution for payments, compliance and risk’, which can be accessed through a unified API.

Anna Tsyupko, CEO of Paybase, commented on the news: “We would like to thank Innovate UK for the grant which will go towards developing the business and perfecting our technology.

“The electronic money (eMoney) space is competitive but we’re offering something different that will have a real impact on the SME sector. Electronic money infrastructure allows for the easy opening of eMoney accounts – lightweight financial instruments – in-app or directly on your website.

“This makes it perfect for escrow-like accounts, peer-to-peer-transactions and attached physical prepaid cards to name but a few applications. Essentially, it meets payment requirements that cannot simply be accommodated by a payment gateway and is the cornerstone of a lot of today’s FinTech innovation. Due to the complexity, legacy of systems and multiple partners required to create such infrastructure, however, the eMoney space is expensive, inaccessible and inflexible.”

Paybase’s platform was created after the team built Payfriendz, a peer-to-peer payments app.

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