What’s new in the UK’s FinTech world? They say bad news travels fast, but we make sure the good news reaches you even faster. This week we have our eye on exciting launches and successful funding rounds among local businesses. Read more to find out about the great achievements of tomato pay, coinpass.com, Codat, StepEx, and Dozens!
Weekly FinTech news digest: 29 June—05 July 2021
Tomato pay launches a new QR code-based app to help SMEs
A great way to remove the headache of finances
Good news for SMEs looking for an easy, low-cost way to handle their payments. Tomato pay, a new payment and invoicing app based on QR-codes, just launched on the UK market. As Nicholas Heller, the CEO of tomato pay says, the app was created to support small businesses and ensure that more payments would reach their accounts, instead of their payment providers. This is why the app is free-to-download and offers the lowest operational rates. It charges just one penny for transactions up to £10, 10 pence for transactions up to £100, and a percentage rate of 0.1% for all the payments over £100. The app is also free of chargebacks and card minimum fees and allows easy refunds and confirmation of all transactions for both the customer and the business.
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Coinpass launches its brand new crypto trading platform
A beautiful crypto trading experience
UK-based cryptocurrency exchange coinpass has announced that starting on the 1st of July, their brand new platform coinpass Trade is officially open. It allows crypto traders and investors in the UK and Europe to trade crypto with an FCA temporary crypto-asset business register exchange rate. The main perks of the platform are top-level security, high liquidity, a wide choice of tradable tokens, and exceptional service and support. “Our goal was to design a crypto trading experience for our users that was easy to use, beautiful to interact with, and provided access to the most important data when investing in crypto,” says Jeff Hancock, the co-founder and CEO of coinpass.
Read more about investments-oriented apps development
Codat secured $40 million in Series B funding
Shortly after tripling in annual growth and doubling headcount
It probably would not be an exaggeration to say that Codat is developing at a really impressive rate. Being on the market only since 2017, the company has already tripled in annual growth, doubled the headcount, and recently closed the Series B funding, securing $40 million. Codat’s plan for the newly collected funds is to use it for expanding its US presence, adding new data products for payroll and commerce to its API, and to accelerate hiring as the company continues to grow.
Codat’s API-based platform simplifies the process of sharing information between small businesses and their service providers. It can be leveraged for loan applications, accounting, expense management and insurance products. John Curtius, partner at Tiger Global — the US investment firm that led the latest round of funding — said, “Codat’s customers consistently told us that Codat’s value proposition is incredibly compelling – a faster and better solution at a fraction of the cost as compared to a do-it-yourself approach.”
Read more about investments-oriented apps development
StepEx pre-initial funding with the result of £1.1m
Student finance FinTech for an easier future
StepEx, a UK FinTech startup that offers students an attractive alternative to the traditional system of financing postgraduate studies, finished pre-initial funding with the result of £1.1m. The lead investor is the venture studio BBVA Anthemis Venture Partnership. Using AI, StepEx estimates a student’s future income to prepare a financial support plan that provides the young adults with easier access to high-level postgraduate education. StepEx’s Future Earnings Agreements, in contrary to student loans, don’t burden students with an upfront university fee. Instead, after they graduate, for a fixed period they’re paying their university a percentage of their salary — but only if they earn above the minimum wage. “The best courses are too expensive for the vast majority of potential students. (…) Debt is a poor solution to this problem, with lending terms based on past income,” says Daniel George, the founder and CEO of StepEx.
Read more about alternative financing solutions
Dozens partners with Flux, launching in-app digital receipts
Item-level receipts available directly in Dozens’ banking app
Following Barclays, Monzo, and Starling Bank, financial institution Dozens teams up with Flux to provide its customers with access to digital receipts directly in their banking app. As stated in the press release, the launch of in-app receipts in the transaction feed should help customers track their spendings, give them more control over their money and reduce chargeback queries. “When you think about returns or refunds, and in time possibly even insurance, this is an amazing solution – lost receipts will be a thing of the past,” says Dozens’ CEO and founder, Aritra Chakravarty.
According to The Paypers platform, there are further plans for these two innovative FinTechs to provide Dozens’ customers with targeted offers through Flux’s infrastructure.
Read more about FinTech mobile app development
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