London-based fintech firm yetipay, which provides payment processing and card machines for businesses, has secured £3.5 million through debt and equity financing.
- Founded in 2017 by Oliver Pugh, yetipay develops and operates an all-in-one payments platform that provides fast, low-cost card machines and payment processing primarily for hospitality, retail, and service sectors.
- The platform simplifies transactions by enabling businesses to accept payments quickly and reliably while managing refunds and tracking through mobile and online tools.
- Yetipay reports that it has achieved sevenfold revenue growth and now processes nearly half a billion pounds in transactions annually, serving a mix of independent and enterprise customers across the UK, Italy, and Spain.
Details of the deal
- The funding round includes a debt facility of up to £1.75 million from re:cap, a Berlin-based fintech behind the Capital Operating System, which provides innovative non-dilutive funding through a €125 million credit facility backed by HSBC Innovation Banking and Avellinia Capital.
“We’re thrilled to back yetipay as our first customer in the UK. Their ability to generate significant traction with a lean, focused team, while delivering a very sticky product to a clearly defined market, makes them an exceptional partner and an exciting company to work with," claims Christian Luecke, Chief Commercial Officer at re:cap.
- Alongside this, the company raised £1.7 million in equity from a group of angel investors, including Paul Statham, Mark Blandford, Ben Whitaker, Lloyd Amsdon, Christian Riener, and Simon Squibb.
- The firm plans to use the funding to develop new features for its payments platform and enter additional markets, including the US, Australia, and New Zealand. This follows its existing operations in the UK, Italy, and Spain.
“We are in a David vs Goliath battle with our larger competitors, where their massive OPEX commitments present a significant opportunity for our nimble, innovative and customer-centric approach. We’ve stayed lean, raised capital in a sustainable non-dilutive way, and delivered products that offer real benefits; there’s more to come in 2025," Founder of yetipay, Oliver Pugh, commented.
