Many SMEs lack access to a modern payment infrastructure or are rejected by traditional financial services providers who are very rigid in the types of solutions they can offer their clients. Targeting this underserved segment of newly formed businesses, UK-based cross-border payment platform for SMEs, Kapaga has wrapped up a £1.5 million in funding round.
The investment was led by Target Global with participation from angel investors in the fintech space, including Chris Adelsbach, Andreas Mihalovits, and Mark Ransford.
With the new money in its kitty, Kapaga is looking to expand across Europe. This will allow the startup to build out its platform as it looks to introduce mass global payments and virtual cards in the coming months.
Launched in 2021 by Katya Dorofejeva, the platform is opening business accounts and providing multi-currency payment services to small and medium-sized companies in the U.K.
Kapaga CEO Katya Dorofejeva said: “Our value lies in our ability to remove hurdles when it comes to opening business bank accounts and offering payment services at a fraction of the cost versus high street banks and legacy providers.”
According to the CEO, the company boards and activates customers in under 48 hours, all of which is available through one application and one dashboard to stay in control of your payments.
Ricardo Schaefer, partner at Target Global added: “Kapaga is a tool that represents a true step change in the direction the global payments industry is moving in. It delivers a democratised solution across all SMEs, allowing them to grow and scale their businesses globally in a seamless way.”
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