Boodil, a Manchester-founded open banking payments and consumer engagement app that makes it more rewarding, simpler and safer for consumers to pay online, has raised £525,000 in pre-seed funding.
The cardless payment method, launching in Q4 2022 aims to transform the way consumers spend and engage with brands whilst being rewarded for their purchases. By utilising open banking payment technology, making it safer and more seamless for customers to pay, the company has gained some early traction with clients. The pre-seed raise, with investment from angels and high profile business leaders including Louis and Reg Rix (co-founders of Manchester-based businesses, CarFinance 247 & 247Money), Anthony Morrow (Founder of OpenMoney), Gary Corbett (former owner of the Mere Golf Resort), 3B4 Investments and Ben Luscombe (founder of Henley’s Clothing), has helped to lay the foundations to develop the proposition and hit the market this year.
Boodil sits on the checkout of merchants as an alternative payment solution, allowing users to checkout seamlessly and safely with their own banking app. This not only saves businesses significant fees but also reduces the risk of fraud and chargebacks whilst settling their funds instantly. Customers are incentivised to use Boodil as their preferred payment method by earning points for their purchases, which they can later redeem for rewards along with the option to enter various prize draws for holidays, vouchers, electronic goods and more.
Investor Louis Rix said: “I believe Boodil have identified a gap in the market with their proposition, which is being highlighted by the early adoption of their one click cardless payment solution. Myself and Reg have experience in Open Banking, utilising it for 247Money and believe Boodil has the potential to really disrupt the open banking payments market.”
Boodil has sparked initial interest amongst a number of merchants in various industries spanning, retail, automotive, and booking apps. The four founders – Sam Owens, Harry Luscombe, Dally Singh and Shane Williams – all have experience in the technology and payments space having grown a number of startups across Manchester’s tech ecosystem and hope to replicate the success with Boodil.