Valencia-based fintech startup Uelz Pay secures €800k in funding. Along with existing investors Angels Capital and TheVentureCity, Wayra, Telefónica’s open innovation initiative, is taking part in this new round of funding. Other investors include Core Angels, Ivan Peña’s Uhaldia investments investment vehicle, and several fintech business angels, like David Lozano WealthReader and Alex Saiz from Monei.
Maria Luke, CEO and Co-Founder of Uelz Pay said, “We are convinced that Wayra’s entry will help us to take the next step in the consolidation and growth of the company. The challenge of managing collections in companies with recurring revenues is not just a technical challenge, it affects the entire billing process of a company and solving it can be the difference between survival and death,”.
The leading entrepreneurial event in southern Europe, South Summit 2023, was won by the Valencian startup. Companies can automate any recurring payment flow (fixed recurrence, variable, per use, fractional), and as a result, collect money anywhere in the world, through the use of the programme, which automates collections across multiple payment gateways and methods (card, sepa, and bank transfers, among others).
Furthermore, Uelz Pay allows the business to choose the mode of payment and the frequency of collection. After that, the business can use APIs to integrate the Uelz system into its own platform or generate payment links so that invoices can be distributed via email, WhatsApp, and social media.
Additionally, it allows them to keep track of all payments made and to obtain metrics and sales data, all of which are necessary for the business to be able to make decisions. Every piece of information is securely saved, and the platform gives a recovery after every transaction error, thereby substantially reducing the standard rate.
Marta Antúnez, director of Wayra Barcelona said, “At Wayra we are very pleased to invest in a financial startup like Uelz Pay at a time when a key digital transformation is taking place in the banking sector, through new technological tools and purely digital business models such as fintechs,”.
About Uelz Pay
Uelz Pay was founded in 2022 with the intention of simplifying business payments while meeting the distinctive needs of every organisation. With their previous startup, María Luque and Xandra Etxabe, had to set up a lot payment mechanisms because they operated in multiple countries.
which forced them to pay costly fees, which drastically lowered their earnings. They therefore made the decision to develop Uelz Pay, a platform that would combine all payment methods.