UK open banking and request to pay fintech Ordo has raised £10 million in a Series A funding round led by Equinox Systems.
Founded in 2018 by the former management team of the Faster Payments scheme, Ordo enables businesses to request payments for single and recurring bills - via call centres, email, text or any other messaging platform a business uses - by orchestrating open banking over the Faster Payments rails.
The investment is fuelling expansion across a range of sectors including credit and lending, wealth management, government, utilities, property and FX.
Alongside its open banking single payments solutions, Ordo is now launching its comprehensive Variable Recurring Payments-enabled services for lenders and beyond.
Craig Tillotson, Ordo, says: "As I look to the future, both near and medium term, the case for Request to Pay and Open Banking capability has never been stronger. Ordo allows businesses to boost cash flow with instant receipt of cleared funds, and save direct and indirect costs without detriment to their customer.
"Open Banking is an absolute must for businesses wanting to help their cash strapped or simply more cautious customers, and trim the costs needed to match decreased consumer spending."