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Another one bites the dust: Kikapay goes under

Kikapay, an early startup in the UK's open banking scene, has become the latest fintech to fall victim to changing economic conditions.

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Another one bites the dust: Kikapay goes under

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Founded in 2018, Kikapay used open banking to connect a business’s customers to their bank to initiate immediate single payments as well as fixed recurring payments.

The largely bootstrapped operation has raised 580K since inception. It's last funding round was for an undisclosed amount in February 2021.

In a farewell message on LinkedIn, Kikapay co-founder Philip Godden, says: "Good luck to all those who are battling ahead with Open Banking in the UK and beyond. I still believe it is the future of payments - but there is still a long way to go!"

Kikapay's demise follows the winding up last weeek of business app Paysme, which also cited the tough macro-economic climate.

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Comments: (1)

Ketharaman Swaminathan

Ketharaman Swaminathan Founder and CEO at GTM360 Marketing Solutions

As I highlighted in Open Banking: EU v. USA, "there has been a slew of A2A payment apps in EU / UK during the last 10 years e.g. PayByBank, PayM, PingIt, Zapp in UK, iDEAL in the Netherland, and EBA myBank in EU. They were all built without Open Banking. The ones that succeeded did so without Open Banking. I'm guessing that the ones that failed will continue to fail even with Open Banking."

While "changing economic conditions" is the Politically Correct Fall Guy for every failure now, I wonder why KikaPay, founded in 2018, didn't flourish during the booming economic times for tech of 2020-2022.

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