Within just 18 months of its founding, Lopay, a fintech company based in London that specialises in quick payments, has been able to secure a sizeable £6 mn in seed funding. Notable investors including London-based VC firm BACKED, Portage, The Venture Collective, and a number of well-known angel investors contributed to the funding.
The funding is going to be put towards expanding the company’s operations as well as its scope of business.
Richard Carter, Founder of Lopay commented: “Lopay’s mission has resonated with thousands of small businesses and sole traders who are being squeezed simultaneously by high inflation and fragile customer demand. Lopay’s easy-to-use app and card reader give small businesses an instant way to save money on every sale they make. More than 20,000 firms have already found that switching to Lopay is a small step that makes a big difference to their bottom line, and that’s why several of the UK’s leading industry bodies have chosen to partner with us.”
This British startup wants to give consumers enhanced access to, control over, and flexibility with their money. In essence, according to the company, Lopay’s instant settlement and affordable fees are under a third of what PayPal and SumUp and Zettle charge, as per reported by techfundingnews.
Juliette Souliman, Principal at Portage, added: “We are proud to co-lead Lopay’s seed funding round alongside Backed VC as they continue to take on the industry’s biggest players. Lopay’s founder, Richard Carter, is a forward-thinking leader, and we are thrilled to support him and the team.”
Caitlin Herling, Investor at The Venture Collective, added: “Lopay’s mission to empower SMEs through low cost processing, settlement flexibility and rewards aligns deeply with our human empowerment thesis.
Launched in 2022 by Richard Carter, the man behind Payment Loyalty, an application for customer loyalty, and OrderPay, a well-known pay-at-table tech solution for the hospitality industry.