App will focus on underserved SMEs.
Fintech platform Paysme has launched a £1m ($1.3m) funding road to finance the development of a B2B app targeted SMEs in Europe.
Paysme has launched the equity funding road on private capital platform Globacap to hone services provided by partners Barclays, Railsbank, TOQIO, Bambora and Cybersource.
These partnerships will deliver several services such as mobile payments, accounting, lending and digital banking to a single app. This will also include management of both virtual and physical debit cards.
With one point of contact, the app is being designed to eliminate businesses having to access different services from various vendors. Paysme has described this as the first “super app” in Europe catering specifically to B2B customers.
Proceeds from the equity funding round will be used to enhance and expand services aimed at 1.3 million companies across the UK and Ireland.
Smaller businesses that require support to accelerate their digital transformation will be prioritized.
Paysme founder and CEO Derek Stewart said this support was in greater demand as a direct result of the pandemic.
“These companies are the beating heart of our high streets and have been decimated by the pandemic – with almost 30% of all small businesses closing for good,” said Stewart.
“Our mission is to bring the high street and local communities back to life by giving them easy access to embedded digital financial services and reinvesting capital back into small independent operators through a customer ownership business model.”
Paysme currently provides financial services to 3,000 business customers in the UK and Ireland.
The platform has already developed community apps for several other sectors. These include Fanslive, Marketti and Cab:app which have digitized sport event experiences, high street trader interactions and taxi booking respectively.