Manchester-based open banking payment fintech, Boodil picks £525K in a pre-seed funding round

Open banking payments and consumer engagement app called Boodil, launched in Manchester, revealed that it has raised £525K in pre-seed funding.

The investment comes from angels and business leaders, including Louis and Reg Rix (Co-founders of CarFinance 247 & 247Money), Anthony Morrow (Founder of OpenMoney), Gary Corbett (Former owner of the Mere Golf Resort), 3B4 Investments, and Ben Luscombe (Founder of Henley’s Clothing).

With the money, the UK fintech company will be able to scale out its open banking payments and consumer interaction app more quickly. Boodil also has hiring plans for two members of the technical team over the next two months, and for a third in marketing and finance over the following six months.

One of the numerous UK businesses that transformed the payments industry this year is Boodil.

Harry Luscombe (CEO), Dally Singh (CTO), Sam Owens (COO), and Shane Williams (CCO) created Boodil as an alternative payment method that enables consumers to check out securely with their banking app. They had previously worked at a card payment service provider in Manchester.

Singh is of Indian heritage, and Luscombe, Williams, and Owens are all from the North West.

The UK business asserts that instantaneous fund settlement lowers the risk of fraud and chargebacks while saving enterprises a significant amount of money. Customers that choose Boodil as their preferred payment option while making purchases receive points from the platform.

Customers can enter numerous prize drawings to win prizes including vacations, gift cards, electronic items, and more in addition to being able to later redeem rewards.

According to the startup, several merchants in a range of industries, including retail, automotive, and booking apps, have already expressed an early interest.

In response to the early acceptance of their one-click cardless payment system, Louis Rix, a participant in the fundraising round, says, “I feel Boodil have spotted a gap in the market with their proposition. Having used Open Banking for 247Money, Reg and I have expertise with it, and we think Boodil can significantly disrupt the open banking payments business.

Image Credit: Boodil