York fintech founded by teens secures £2.35M funding

KodyPay Image credits: KodyPay

Currently, paying in-store involves common problems including long queues and limited payment choices. This is where York-based KodyPay comes to play. Founded in 2018, by a group of teens, the fintech works with the mission to make payment acceptance easy. Now, this fast-growing fintech in the UK has bagged $3.25 million (nearly £2.35 million) funding, thereby bringing to total funding raised by the company to $6 million (nearly £4.3 million).

The oversubscribed funding round involved all the major shareholders and new high profile investors, 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.

KodyPay will use the funds to bring its services to venues across the UK, release new product features and help businesses save money. Following successful implementation with Nisa (Co-op) stores located at the University of York, the company witnessed significant growth around York. The company is now growing its workforce to expand its offering to other cities.

Commenting on the fundraising, 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.”

Quicker, more convenient transactions!

Founded in 2018 by Yoyo Chang and Jack Howell in York, KodyPay fully integrates the payment ecosystem. The mobile point of sale platform and payment aggregator lets businesses to easily carry out electronic transactions and accept multiple different payment methods. This way, customers get more control over their payment choice, making their transactions quicker and more convenient. The payment options include e-wallets, buy-now-pay-later providers, open banking, and card payments.

Also, the company removes the need for bulk hardware such as receipt printers, thereby reducing the cost for businesses. Currently, KodyPay’s platform connects thousands of customers with outlets across the UK and is expanding further.

KodyPay works with Visa, MasterCard and IBM, and has signed up with other large multinational partners including Checkout.com, Elavon, Laybuy, Nuapay and the University of York, to accelerate growth.