Atoa Payments, a London, UK-based provider of payments solutions, raised $2.2M in Pre-Seed funding.
The round was led by Leo Capital and Passion Capital, with participation from Matt Robinson, and Moon Capital Ventures.
The company intends to use the funds to accelerate growth, expand operations and its business reach.
Co-Founded by Sid Narayanan, Cian O’Dowd and Arun Rajkumar, Atoa Payments provides solutions for small and mid-sized UK retail merchants to accept payments via SMS, Pay-by Link or by displaying a QR code on their app or physical QR stand next to their till. Businesses download the app and connect their merchant bank account in less than 5 minutes. Following the set up, any customer with a UK mobile banking app on their phone can securely pay a merchant who is using Atoa. The merchants then receive funds in their bank accounts instantly instead of having to wait 1-2 days as is the usual case with card machines and debit cards. Using Atoa involves no contracts (pay as you go), no hardware fees and no chargeback fraud risk (all payments are approved via bank app and have Strong Customer Authentication).