London-based fintech Yetipay has secured £3.5m in new funding as it looks to expand its all-in-one payments offering.
Founded in 2018, Yetipay provides payment processing services and point-of-sale terminals to firms, with clients including Brewdog, Pho and Soho-based restaurant Grasso.
The new funding includes £1.75m from Berlin-based fintech group re:cap, making it the first company to receive funding from the German firm’s recently announced €125m (£108m) credit facility backed by HSBC Innovation Banking and Avellinia.
Yetipay also raised £1.7m in an equity investment from angels including Thoma Bravo’s Paul Statham and Mark Blandford of the Blandford Family Office.
“We 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,” said Oliver Pugh, Founder of Yetipay.
Pugh said the company needed a strategic approach to raising funds to take on major incumbents such as SumUp and Worldpay.
“We 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. We’ve stayed lean, raised capital in a sustainable non-dilutive way, and delivered products that offer real benefits – there’s more to come in 2025,” Pugh said.
According to Yetipay, the new funding follows the company increases its annual revenue by seven times.
“We’re thrilled to back yetipay as our first customer in the UK,” says Christian Luecke, chief commercial officer at re:cap.
“Their ability to generate significant traction with a lean, focused team – while delivering a very sticky product to a clearly defined market – makes them an exceptional partner and an exciting company to work with.”
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