KodyPay raises £1.8m in a bid to transform payments industry

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| The European | 12 October 2020

The new start-up raised a significant amount for its cause

KodyPay is a new mobile point-of-sale app and payment aggregator. Its technology allows users to pay for goods in-store without queuing, making shopping a prompt and effortless process, revolutionising the way we shop safely in a post-Covid society. Its contact-free process can achieve significant savings for both businesses and customers. By removing bulk hardware such as tills and printers, transaction fees can be reduced. Best of all, customers save time without the need to queue. With KodyPay, customers can choose to use e-wallets, pay-later providers, or simply use card payments. 

KodyPay was co-founded by CEO Yoyo Chang when he was just 20 years old. Chang first made a foray into the payments industry in 2018 by investing £120,000 to start up KodyPay. Chang is currently working alongside co-founder Jack Howell whilst studying at the University of York.

Leading the financing was Cognition Foundry and Hank Uberoi, alongside a group of high-profile private investors. These include former members of senior management from Legal & General, Verifone and HP. Post financing, KodyPay welcomes Hank Uberoi, who joins the board as Chairman. Commenting on his new role, Uberoi said: “I am very impressed with Yoyo and the KodyPay team and what they are building; this will be an exciting journey!”

By working with IBM partners TES Enterprise Solutions and Cognition Foundry, the platform will be running on the IBM Z Systems. The company has also entered into a partnership with Cybersource, a Visa Solution. With their support, KodyPay has built a wholly modular payment stack. This will allow merchants to work with their preferred payment method efficiently. ν

Further information 

kodypay.com

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