Yetipay raises GBP £3.5 million to boost growth in payments

UK payments company yetipay has secured GBP £3.5 million in funding to support its expansion and the introduction of new products for the hospitality and retail sectors.

The London-based firm, founded in 2017, reported annual revenues rising sevenfold to GBP £4.7 million and is processing close to GBP £450 million in transactions each year.

Funding breakdown

yetipay's latest funding round comprises an agreed debt facility of up to GBP £1.75 million with Berlin-based fintech company re:cap and a further GBP £1.7 million in equity from a group of high-profile angel investors. The company is the first in the UK to benefit from re:cap's EUR €125 million credit facility, which is provided by HSBC Innovation Banking and Avellinia Capital.

The group of angel investors includes Paul Statham, Mark Blandford, Ben Whitaker, Lloyd Amsdon, Christian Riener and Simon Squibb, all bringing experience from across the technology and finance industries.

"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. 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," said Oliver Pugh, Founder of yetipay. 

This round brings total funding raised by yetipay to GBP £6.6 million, underpinning its growth as it seeks to compete with larger payment industry firms. The company counts customers such as Brewdog, Pho, Grasso Soho, Kütchenhaus and Zenith.

Support from re:cap

Christian Luecke, Chief Commercial Officer at re:cap, commented on the partnership, stating:

"We're thrilled to back yetipay as our first customer in the UK. 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."

Operational growth

yetipay's platform provides tools designed to simplify payment processes for businesses and their customers. The platform aims to save time and costs for businesses while offering functionalities typically associated with larger payment providers. The company's approach includes continual development and the addition of new features in line with its product roadmap.

The company operates from a 26-person headquarters in Soho, London, and provides payment services across the UK, Italy, and Spain, with plans for future expansion into the United States, Australia, and New Zealand.

yetipay maintains its focus on scaling its platform and transaction volume while retaining a lean operating model. Its stated aim is to use the newly raised funds to further technology development and support its growing customer base in the independent and enterprise segments of hospitality and retail.

The company's reported annual recurring revenue of GBP £4.7 million and its handling of GBP £450 million in annual transactions reflect a significant year-on-year increase as it prepares for further product releases and market expansion in the coming months.