Anna Tsyuko, CEO of Paybase
London-based start-up Paybase has received a grant of almost £700,000 from Innovate UK to help launch its new eMoney platform.
Paybase is a London-based fintech company providing an end-to-end solution for payments, compliance and risk - all rolled into one unified API.
The company has been operating since 2013 and is fully licensed as an Electronic Money Institution by the Financial Conduct Authority.
The platform was developed after the team went through the process of building a simple peer-to-peer payments app - Payfriendz.
It became apparent that many payments partners are still set up to support the old-fashioned payments world - not the new, innovative fintech companies that are quickly emerging.
The grant will be used to help officially launch the Paybase platform later this year.
Anna Tsyupko, CEO of Paybase, said: “We would like to thank Innovate UK for the grant which will go towards developing the business and perfecting our technology.
“The electronic money (eMoney) space is competitive but we’re offering something different that will have a real impact on the SME sector.
“Electronic money infrastructure allows for the easy opening of eMoney accounts – lightweight financial instruments – in-app or directly on your website.
“This makes it perfect for escrow-like accounts, peer-to-peer-transactions and attached physical prepaid cards to name but a few applications.
“Essentially, it meets payment requirements that cannot simply be accommodated by a payment gateway and is the cornerstone of a lot of today’s fintech innovation.
“Due to the complexity, legacy of systems and multiple partners required to create such infrastructure, however, the eMoney space is expensive, inaccessible and inflexible.
“Innovation is key and the Paybase Platform will allow start-ups to access eMoney infrastructure without pouring huge amounts of resource into building their own, or relying on outdated legacy providers.
“This will permit partners to focus on their core offering, concentrate on listening to their customers and building the best products possible.”
Innovate UK is the government’s dedicated innovation agency which aims to drive growth by working with companies to de-risk, enable and support innovation.
In the last 10 years, Innovate UK has helped more than 7,600 organisations, with projects estimated to have added more than £11.5bn to the UK economy and created 55,000 jobs.