London-Based Startup Lopay Raises £6M in Seed Funding
Lopay, a London, UK-based instant payment startup, has successfully raised £6M in Seed funding. The funding round saw participation from prominent backers including BackedVC, Portage, The Venture Collective, and a series of angel investors. With this new injection of capital, Lopay plans to expand its operations and strengthen its business reach in the market.
Founded in January 2022 by Richard Carter, Lopay has developed a payment app that specifically caters to small businesses.
This innovative app allows these businesses to accept card payments from their customers while providing the option to receive cleared funds instantly into their bank accounts. The convenience and efficiency of Lopay's platform have already attracted the attention of over 20,000 small businesses across various sectors. Together, these businesses have processed nearly 10 million customer payments through Lopay.
Furthermore, Lopay takes pride in its competitive pricing structure, which has resulted in significant savings for its merchant partners. Since its launch, the company estimates that its pricing has saved merchants more than £1m in card fees. Looking ahead, Lopay anticipates processing an additional £500m in card payments over the next 12 months, potentially saving its customers up to £2.6m in fees. These figures highlight the growing popularity and value proposition of Lopay's payment solution in the market.
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