Open banking is powering technological innovations that help SMEs reduce the impact of late payment of invoices.
Based out of London, Coupay is one such startup that leverages open banking and user insights to help small businesses get from sales to cash faster.
Raised £200K
The company recently secured £200K funding in a pre-seed round from early-stage VC SFC Capital and leading tech founders and angels, including serial entrepreneur Will Wynne of Smart Pension, Arena Flowers, and Trulience.
The proceeds will go towards expanding the team, developing the product, and fuel its marketing efforts to help hundreds of thousands of small businesses raise smart invoices and get their cash in faster.
Aims to help SMEs
Founded by Ravi Jakhodia and Karuna Govind, Coupay’s mission is to help small businesses get from sales to cash faster.
The UK fintech startup delivers a low-cost, hugely scalable invoicing and payments platform through which businesses can send ‘Smart Invoices’ that allow their customers to pay them by bank transfer in just a few quick taps on their phones.
Coupay uses bank-level encryption and is FCA regulated to keep the money safe.
“In the aftermath of Covid, many amongst us are choosing the self-employed route, which is making the UK economy more vibrant and innovative. Current invoicing tools are not designed for these micro-businesses, plus existing payment products take a significant chunk of their invoice value. We are here to change this thanks to Open Banking and our innovative self-service platform” explains Ravi Jakhodia, the Fintech start-up’s CEO.
“SFC was delighted to have led Coupays’ latest funding round. The team is working on a fantastic product aimed at a sizeable market that is currently inadequately served by tech solutions and is ripe for disruption. In a few years from now, manual bank transfers will be a thing of the past and we are excited that Coupay can drive this adoption of Smart Payments in the SME space” said Edward Stevenson, Investment Executive at SFC Capital.
“At Smart Pension, we support over 80,000 active SMEs and we do a lot of user research into their wants and needs; I am really impressed with the sharp focus Coupay has on smart invoicing and open banking payments to make life easier for busy individuals. As their platform grows, I can see multiple opportunities for Coupay to offer more to the self-employed and beyond” said Will.
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