Financial services platform SSV SmartPay manages to secure fresh capital investment
In a significant move for the UK's fintech sector, SSV SmartPay, a leading payments solutions provider, has secured £5 million in funding. Ankur Ghosh, the CEO of SSV SmartPay, expressed his excitement about the investment, stating that it underscores the market's recognition of SSV SmartPay's potential to disrupt the payments landscape.
SSV SmartPay's growth strategy for its Open Banking QR code payments platform is focused on simplifying payments by enabling fast, secure transactions that bypass traditional card networks. This approach helps merchants minimise transaction costs and avoid intermediaries tied to traditional card schemes, such as Visa and Mastercard, which typically impose higher processing fees.
The impact on merchant costs is substantial. By using Open Banking QR payments, merchants pay lower fees compared to card networks, which often charge substantial interchange and scheme fees. Additionally, SSV SmartPay’s platform offers an easy-to-use payment method that improves customer experience through rapid QR code scanning and bank-based authorisation, eliminating card-related friction.
Ankur Ghosh, CEO of SSV Smart Pay, stated that the funding will accelerate the company's vision of capitalising on Open Banking to provide seamless and efficient payment solutions. The funds will be used to expand SSV SmartPay's merchant network, strengthen its balance sheet, and enhance its product capabilities.
SSV SmartPay will also use the funding to promote growth via content marketing and industry participation. This includes user-generated content videos that emphasise ease of use and security, and exposure at events like the Open Banking Expo, correlated with recent funding successes.
With a valuation now exceeding £30 million, SSV SmartPay aims to reduce costs by 70% for merchants while providing faster settlements for them. The platform utilises QR code payments generated through Open Banking technology, offering a cost-effective, secure alternative to traditional card payments. This approach could potentially disrupt traditional payment networks by shifting transaction volume to open banking rails.
The funding round included participation from a prominent banking and fintech investor, further validating SSV SmartPay's innovative approach to the payments industry. With this investment, SSV SmartPay is poised to revolutionise the payments landscape, making transactions faster, more secure, and more cost-effective for merchants.
- SSV SmartPay's growth strategy for its Open Banking QR code payments platform aims to simplify payments, minimize transaction costs for merchants, and reduce intermediary involvement tied to traditional card schemes.
- By using Open Banking QR payments, merchants pay lower fees compared to card networks, which often charge substantial interchange and scheme fees.
- Ankur Ghosh, CEO of SSV Smart Pay, stated that the funding will accelerate the company's vision of capitalizing on Open Banking to provide seamless and efficient payment solutions.
- SSV SmartPay will use the funding to expand its merchant network, strengthen its balance sheet, and enhance its product capabilities, while promoting growth via content marketing and industry participation.
- The funding round included participation from a prominent banking and fintech investor, validating SSV SmartPay's innovative approach to the payments industry.
- With this investment, SSV SmartPay is poised to revolutionize the payments landscape, making transactions faster, more secure, and more cost-effective for merchants.
