Fintech startup KodyPay raises £1.8m to transform payments industry

London based fintech startup KodyPay, raised £1.8 million to transform the payments industry, allowing users to pay for goods in-store without queueing thereby making shopping a prompt and effortless process.

As an Omni-commerce driven platform, KodyPay revolutionises safe shopping 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.

At only 20 years old, CEO Yoyo Chang co-founded KodyPay in the final year of High School. Hoping to build a career in investment banking, Chang had started to invest in the stock market at the age of 13. With returns of over 80% in Q4 2016, he led his school team to first place in a national investment competition. However, in 2018, Chang first made a foray into the payments industry by self-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 and General, Verifone and HP.

Post financing, KodyPay welcomes Hank Uberoi, who joins the Board as Chairman. Previously, Uberoi was a partner at Goldman Sachs and the COO at Citadel Investment Group LLC. Most recently, he was the CEO/Executive Chairman/Director at various points in the growth of cross-border payments firm Earthport. 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.

Thrilled with our strides in the payment industry, Yoyo Chang said: "Our partnership with Cybersource, a Visa Solution, will allow us to create a positive shift in a very traditional industry. We aim to help merchants to reduce their own carbon footprint. This environmentally conscious message will be particularly appealing to the younger generation as we pave the way for our future."

kodypay.com