Boodil, Manchester-founded open banking payments and consumer engagement app announced that it has raised £525K in pre-seed funding.
The investment comes from angels and business leaders, including
- Louis and Reg Rix (Co-founders of CarFinance 247 & 247Money)
- Anthony Morrow (Founder of OpenMoney)
- Gary Corbett (Former owner of the Mere Golf Resort)
- 3B4 Investments
- Ben Luscombe (Founder of Henley’s Clothing)
The UK fintech will use the funds to accelerate the scaling of its open banking payments and consumer engagement app. Boodil also plans to hire two people within the technical team in the next two months and another in marketing and finance in the next six months.
Boodil is one of the many companies in the UK that changed the landscape of payments this year.
A diverse founders’ fintech
Previously worked at a card payment service provider in Manchester, Harry Luscombe (CEO), Dally Singh (CTO), Sam Owens (COO), and Shane Williams (CCO) founded Boodil as an alternative payment solution that allows users to check out safely with their banking app.
Singh is of Indian descent, Luscombe and Williams are from the North West, and Owens is from North Wales.
The UK company claims to save businesses significant fees and reduces the risk of fraud and chargebacks while settling their funds instantly. The platform also provides a point for those customers who use Boodil as their preferred payment method during their purchases.
Customers can later redeem rewards along with the option to enter various prize draws, including holidays, vouchers, electronic goods, and more.
The company claims to have already sparked initial interest amongst several merchants in various industries spanning retail, automotive, and booking apps.
Louis Rix, who has participated in the funding round, comments, “I believe Boodil have identified a gap in the market with their proposition, which is being highlighted by the early adoption of their one click cardless payment solution. I and Reg have experience in Open Banking, utilising it for 247Money, and believe Boodil has the potential to really disrupt the open banking payments market.”