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Super app startup Paysme shuts up shop

Super app startup Paysme shuts up shop

Paysme, a fintech startup aiming to build a financial super app for small businesses in the UK, is winding down.

Founded in 2020 by former BNY Mellon banker Derek Stewart, the startup secured a £1 million investment via private capital platform Globacap in August 2021, followed by a £50,000 seed investment the following year.

Paysme aimed to ride the super app wave, delivering a combination of mobile payments, e-commerce, digital banking, accounting, lending, and insurance services in a single app.

Stewart shared news of the firm's demise on LinkedIn: "While our purpose, product & brand made a meaningful impact in 3 traditional small business communities including taxis, independent retail & sports clubs, the challenges we faced during & post COVID meant the business was not in a sufficiently strong financial position to grow to the next milestone."

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