We're taking open banking payments mainstream
Our $130m fundraise will help us supercharge the mainstream adoption of open banking payments.
Consumers today expect to transact seamlessly. You can hail a taxi, trade stocks and even buy a car using your mobile phone, in a few clicks. Yet the payments experience is often fragmented and frustrating.People find themselves endlessly typing in the 16 digits of their debit cards, trusting unknown websites to store their card details, deferring to credit cards for bigger purchases, and getting stuck in clumsy authentication loops. Let's face it: card payments online are broken. They were designed for the physical world. As a result, the UX is bad, transactions are costly and there is a high risk of fraud. Mobile wallets like Apple Pay and Google Pay paper over some of those cracks, improving the experience for consumers, but they add more cost and complexity for merchants. But change is happening, driven by two key trends. Firstly, countries all over the world are embracing open banking – governments are driving change through regulation, enabling businesses to safely use a bank account to access data and make payments on behalf of a customer. Secondly, mobile phones make verifying identity as easy as glancing at a screen or using a thumbprint. As these trends converge, businesses can offer open banking payments which are secure, simple and instant. All you need is a bank account.