Start up for open banking payments Atoa raises USD 6.5 million

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Atoa Payments, a UK-based start up that uses open banking to provide merchants with an alternative to debit card payments, has raised USD 6.5 million in seed funding led by Peter Thiel’s Valar Ventures.

The funding comes after a USD 2.2 million pre-seed led by Leo Capital and Passion Capital in November. By inviting businesses to download the Atoa app and link their merchant bank accounts, the start up is attempting to circumvent the card industry giants. Merchants can start accepting payments via SMS, Pay-by-Link, or QR code after five minutes of setup.

According to Atoa, its system guarantees instant payment rather than the typical one to two days for debit cards and reduces the cost of accepting payments by up to 70%.

Read More: Open banking payments startup Atoa raises $6.5m

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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