Paybase provides end-to-end solutions for payments, compliance and risk through a single application programming interface.
The platform is aimed at ecommerce marketplaces, gig/sharing economy platforms, crowdfunding platforms, charities and fundraisers which require more than just a simple payment gateway.
Anna Tsyupko, CEO of Paybase (pictured above), said: “We would like to thank Innovate UK for the grant, which will go towards developing the business and perfecting our technology.
“The electronic money (emoney) space is competitive, but we’re offering something different that will have a real impact on the SME sector.
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“Due to the complexity, legacy of systems and multiple partners required to create such infrastructure, however, the emoney space is expensive, inaccessible and inflexible.
“Innovation is key and the Paybase Platform will allow start-ups to access emoney infrastructure without pouring huge amounts of resource into building their own, or relying on outdated legacy providers.
“This will permit partners to focus on their core offering, concentrate on listening to their customers and building the best products possible.”
Paybase has been operating since 2013 and developed the platform after building the peer-to-peer payments app Payfriendz.
The Paybase platform is due to be launched later this year.
Innovate UK has helped more than 7,600 organisations in the last 10-years, added more than £11.5bn to the UK economy and created 55,000 jobs.
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