Secures fresh finance for Open Banking payments service SSV SmartPay
SSV SmartPay Secures £5 Million Funding to Revolutionise QR Code Payments
SSV SmartPay, a fintech startup, has successfully raised £5 million in its latest funding round, a move that will propel the company towards its goal of disrupting the payments landscape with its innovative Open Banking technology for QR code payments. The funding round saw participation from a prominent banking and fintech investor.
Ankur Ghosh, the CEO of SSV SmartPay, expressed his excitement about the funding, stating that it underscores the market's recognition of the company's potential to shake up the payments industry. He went on to mention that the funding will accelerate SSV SmartPay's vision of capitalising on Open Banking to provide seamless and efficient payment solutions.
The growth strategy for SSV SmartPay post-funding focuses on accelerating the development and implementation of its Open Banking technology for QR code payments. This move aims to challenge traditional fintech players by offering a modern, efficient alternative focused on user-friendly payment methods and quicker settlement processes enabled by open banking infrastructure.
A key element of the strategy is scaling the Open Banking-powered QR code payment platform to facilitate instant payments directly from consumer bank accounts without the need for card intermediaries. The funding will also be used to build a faster, more integrated, and composable banking experience that appeals to both merchants and consumers.
SSV SmartPay also plans to form strategic partnerships, as demonstrated by recent collaborations with brands and influencers, to grow its market presence and user adoption. The company will target sectors such as retail and real estate tech where the technology can significantly reduce transaction friction and costs.
With the new funding, SSV SmartPay aims to reduce costs by 70% for merchants and strengthen its balance sheet. The fintech's valuation is now more than £30 million. The platform offers faster settlements, and SSV SmartPay will use the funding to enhance its product capabilities, particularly in open banking and related proptech sectors.
This development positions SSV SmartPay to compete with entrenched fintech giants by offering a modern, efficient alternative focused on user-friendly payment methods and quicker settlement processes enabled by open banking infrastructure.
References:
- TechCrunch
- The Paypers
- Financial IT
- Payments Cards and Mobile
- Pymnts
- The funding will enable SSV SmartPay to capitalize on Open Banking technology in developing a more integrated, composable banking experience that caters to both merchants and consumers in the fintech sector.
- The innovative QR code payment solution powered by Open Banking, a key part of SSV SmartPay's strategy, aims to facilitate instant payments directly from consumer bank accounts, providing a modern, efficient alternative to traditional payment methods.
- In order to challenge traditional fintech players and increase its market presence, SSV SmartPay plans to form strategic partnerships with brands and influencers, especially in sectors such as retail and real estate tech.
- SSV SmartPay's growth strategy post-funding is not just limited to accelerating the development of its Open Banking technology but also includes reducing costs by 70% for merchants and enhancing its product capabilities, particularly in open banking and related proptech sectors.
- With the successful £5 million funding round, SSV SmartPay is poised to compete with established fintech giants by offering user-friendly payment methods, quicker settlement processes, and a valuation exceeding £30 million – all enabled by its technological advantage.
