Fumopay closes its seed funding round

On Monday, Fumopay announced that it has successfully closed its first seed funding round. The funds are from three major FinTech private investors and will be used to further develop the firm’s launch plan. Overall, the advancement of its sales and communication strategy is at the core of its organic growth goals.

Fumopay’s seed round

Fumopay’s launch plan is largely linked to financial social impact. In line with this, the company is set to aid SMEs increase their cash flow while reducing operational costs via its multi-channel payment solutions.

Fumopay’s CEO, Kevin Ludford noted, “The most important aspect of this raise is that we’ve been joined by highly experienced payment and FinTech investors with proven track records. They are aligned with our growth ambition and equally, bring a wealth of experience and added value to our business”.

Fumopay as a company has two distinct platforms; fumo and fumopay. While both entities are founded on open banking principles, fumopay is an account-to-account payment platform. With the replacement of card payments and elimination of third-party services, it facilitates direct payments to a bank account. On the other hand, fumo is a social payment app that enables its users to lend or borrow funds and share costs with others.

Notably, Fumopay is already on the right track to accomplishing its organic growth goals. A few months ago, the firm partnered with XERO. Both entities are keen on supporting SMEs. The collaboration lines up with Fumopay’s move to facilitate fast and seamless payment reconciliation as well as instant invoice settlements.