Paysme plans to use the fresh funding to expand its SME-focused fintech platform.
London-based fintech company Paysme is today (9 August) launching a £1m funding round on private capital platform Globacap.
The company, which provides digital financial services to SMEs, has generated about £1.6m in total revenue to date and it hopes to accelerate growth to profitability over the next year by raising equity funding in preparation for scaling.
Paysme describes itself as a “super app” as it delivers mobile payments, e-commerce, digital banking, accounting, lending and insurance services in one business-to-business app.
It currently provides financial services to more than 3,000 small businesses across the UK and Ireland, and works with payment providers and processors such as Barclays, Railsbank, Toqio, Bambora and Cybersource.
The company was founded in 2018 by Derek Stewart and has now several apps in its portfolio, such as Cap:app for taxis, Marketti for market traders and Fanslive for sports clubs.
“The Paysme platform hosts everything a small business needs to run its business in the digital economy in an integrated, easy and cost-effective way, with one point of personal contact from a team with a deep understanding of their industry,” Stewart said.
“It eliminates the need to use a multitude of different unconnected suppliers for mobile payments, e-commerce, digital banking and administrative tools, saving SMEs time, money and stress, and solving sector fragmentation and relationship marketing.”
Stewart added that he felt Paysme’s services are particularly vital in the post-pandemic economy.
“Our mission is to bring the high street and local communities back to life by giving them easy access to embedded digital financial services and reinvesting capital back into small independent operators through a customer ownership business model,” he said.