London-based TABBit, a fintech platform that allows people to manage group expenses and individual payments, announced on Thursday 29 February that it had secured £320,000 (about €373,000) in a new funding round.
The funding round is led by European super angel fund Angel Invest.
Fintech industry veterans including Dr. Andrew Buckley (formerly GM of Mastercard Prepaid Fintech) and James Sherwin-Smith (formerly GM of Mastercard Real-Time Payments) joined the round.
With its latest capital injection, the UK company plans to expand its capabilities and reach to further simplify and enhance the payments experience for customers across the UK and beyond.
Boy-Anthony Kuhne, CEO of TABBit, says: “During my time at Mastercard, I have repeatedly experienced the challenges posed by the UK’s fragmented banking environment. “When we knew there was no easy solution available, we set out to create our own solution to solve the problems UK consumers face when requesting payments from friends who are currently banked with other providers.”
TABBit: A revolution in group payment requests
Led by Boy-Anthony Kuhne, TABBit allows groups and individuals to manage their expenses and request refunds from friends and family without having to download a separate application.
Through direct integration with UK banks powered by secure open banking APIs, the company’s technology allows users to share requests and make payments through their existing consumer banking apps.
TABBit simplifies the payment process by allowing users to easily request funds. Users must enter the desired amount and purpose, and a shareable link will be generated that can be distributed across various platforms including WhatsApp, Messenger, Instagram, SMS, and email.
Once the recipient clicks on the link, they will be taken to their banking app to make the payment and TABBit will automatically fill in all the necessary details for verification.
TABBit ensures secure transactions through open banking integration with your bank without asking for sensitive information such as passwords or security codes.
investor
Angel Invest focuses on empowering startups with the potential to make a lasting impact on their industries.
“We are always looking for groundbreaking technologies that disrupt traditional markets,” says Angel Invest. TABBit’s innovative approach to simplifying financial transactions makes it a perfect addition to our portfolio. “We want to support them on their journey to reshape the financial landscape.”