Open Banking payments platform SSV SmartPay has raised £5 million in its latest funding round, taking the fintech’s valuation to more than £30 million.
The round included participation from a prominent banking and fintech investor.
Ankur Ghosh, CEO, SSV SmartPay
SSV SmartPay will use the funding to expand its merchant network, enhance product capabilities and strengthen its balance sheet, as part of its growth strategy.
SSV Smart Pay uses QR code payments generated through Open Banking technology to enable low-cost transactions, allowing merchants and consumers to bypass traditional card networks.
The platform offers faster settlements and aims to reduce costs by 70% for merchants.
“We are thrilled by the overwhelming support from our investors, which underscores the market’s recognition of our potential to disrupt the payments landscape,” said Ankur Ghosh, chief executive officer of SSV Smart Pay.
“This funding allows us to accelerate our vision of capitalizing on Open Banking to provide seamless and efficient payment solutions.”
