Osu, an invoicing and payment app for the self-employed, has partnered with Open Banking infrastructure provider Yapily to eliminate the payment fees that self-employed professionals often face.
London-based Osu said that by building its payment request flow on top of Yapily’s API infrastructure, rather than integrating with a card-based payment service provider, Osu will remove the high fees, settlement delays and error-prone bank transfers that can occur.
Noam Nevo, CEO and co-founder of Osu, said: “Many of our customers are one-man bands or micro-businesses without dedicated finance or admin teams. Our app allows the self-employed to receive payments without fees or settlement delays so that they can carry on with their day-to-day with no worry of losing out on vital funds.
“Yapily’s infrastructure enables this to happen, so it was a no-brainer to partner with them.”
Stefano Vaccino, CEO of Yapily, noted that the past year has been “exceptionally challenging” for those who are self-employed, and that tools alleviating their financial stresses are “critical” for their recovery.
“Open Banking removes hidden payment fees and allows these professionals to focus their time and effort on doing what they love,” he said.
“Our partnership with Osu very much aligns with our mission of driving financial inclusion. We’re looking forward to how this partnership develops into other innovative solutions that will, no doubt, prove invaluable to business owners.”
A recent seeding round raised more than £2 million for Osu, which launched in 2020, and it now intends to increase its customer base to 10,000 active users by the end of 2021.
Nevo added: “We’re planning on introducing a host of new business management features this year, and with support from Yapily, we believe our offering will continue to make life easier for the self-employed as they look to rebuild from a challenging year.”