Fumopay Secures Series A Funding to Expand Open Banking Payment Platform

London based FinTech startup Fumopay Ltd has completed a Series A funding round, raising an estimated £25k at a post-money valuation of £2.2m. The share allotment took place in April 2025, with official filings confirmed today.

Incorporated in October 2018, Fumopay provides an open banking API platform that facilitates multi-channel Pay by Bank payments, real-time credit decisioning, and automated collections. The company targets small and medium enterprises, retailers, utility providers, and financial institutions. By offering a direct account-to-account alternative to traditional card networks, Fumopay helps businesses streamline payment processing, improve cash flow, and reduce operational costs.

The platform includes a customisable QR code feature for in-store payments, which speeds up transactions and removes the need to share sensitive card data. For remote or in-app purchases, the Fumopay system can be white-labelled by organisations wanting to embed payment processes directly into their own services. The company also integrates its payment solutions with major accounting software platforms such as Xero and Quickbooks, specifically catering to e-commerce companies handling business-to-business transactions. According to its latest accounts, the company operates with a team of five employees.

The Series A round brings an estimated £25k in new capital, valuing the business at £2.2m post-money. This follows a previous seed funding round in June 2023, where the company secured backing from private FinTech investors including Matthew Bruton. While the current capital injection is relatively small for a Series A classification, it provides additional resources for the firm to continue developing its core API infrastructure and expanding its merchant services.

Fumopay operates in a highly active segment of the UK technology market. Despite total UK FinTech investment falling to £8bn in 2025, the country remains the leading destination for FinTech funding in Europe, attracting more capital than France, Germany, and the Nordics combined.

Open banking, the specific vertical Fumopay occupies, is experiencing significant mainstream adoption across the country. A March 2026 economic analysis conducted by EY and Open Banking Limited revealed that the UK open banking ecosystem now supports over 17.5 million active user connections. The infrastructure processed more than 36 million payments in January 2026 alone, representing a steady month-on-month growth rate. The EY report estimates that open banking could eventually unlock up to £43bn annually for the UK economy at full maturity. This economic boost is expected to be driven largely by productivity improvements, automated accounting, and reduced transaction costs for small and medium enterprises, aligning directly with the core problem Fumopay aims to solve for its merchant clients.