Payments startup yetipay has raised 拢3.5m after increasing revenue sevenfold in the past year.
Headquartered in David Bowie鈥檚 former Soho studio, the 26-person team has built an innovative payments platform that offers features typically found only in much larger players.
The London FinTech will continue to expand its all-in-one payments platform and introduce new products to its growing base of independent and enterprise hospitality and retail customers, including Brewdog, Pho, Grasso Soho, K眉tchenhaus and Zenith.
It has agreed a debt facility up to 拢1.75m with re:cap, the Berlin-based FinTech behind the Capital Operating System (Capital OS) 鈥� becoming the first UK business to benefit from re:cap鈥檚 鈧�125m credit facility provided by HSBC Innovation Banking and Avellinia Capital, launched last week.
yetipay has concurrently raised 拢1.7m equity from angel investors. The company鈥檚 high-profile backers include Paul Statham (Condeco, Thoma Bravo), Mark Blandford (Blandford Family Office), Ben Whitaker (Masabi), Lloyd Amsdon (Watchfinder), Christian Riener (PCP Capital) and Simon Squibb (HelpBnk).
鈥淲e focused on raising the minimum amount required and selecting investors that bring valuable deep payments industry experience, combined with innovative non-dilutive funding from re:cap,鈥� said Oliver Pugh, founder of yetipay.聽
鈥淲e are in a David vs Goliath battle with our larger competitors, where their massive OPEX commitments present a significant opportunity for our nimble, innovative and customer-centric approach.聽
鈥淲e鈥檝e stayed lean, raised capital in a sustainable non-dilutive way, and delivered products that offer real benefits 鈥� there鈥檚 more to come in 2025.鈥�
yetipay has 拢4.7m in ARR and is currently processing 拢450m per year in transactions. The latest round brings yetipay鈥檚 total funding to 拢6.6m raised.
鈥淲e鈥檙e thrilled to back yetipay as our first customer in the UK,鈥� says Christian Luecke, chief commercial officer at re:cap. 鈥淭heir ability to generate significant traction with a lean, focused team 鈥� while delivering a very sticky product to a clearly defined market 鈥� makes them an exceptional partner and an exciting company to work with.鈥�