Last Updated on: 24th January 2024, 05:48 pm
Emerging from stealth mode, Spot, a new app facilitating hassle-free payments without the need for sort-codes and account numbers, has officially launched. The app enables users to link their bank accounts and issue payment links through widely-used messaging platforms like WhatsApp, thereby eliminating the exchange of bank details and avoiding potentially uncomfortable conversations.
Spot has recently completed a £500k pre-seed funding round, achieving an impressive valuation of about £4M. This investment was secured from notable angel investors based in the UK and USA, who are affiliated with globally renowned financial institutions and banks.
The app, co-founded by Charlie Pentol-Levy and Declan Ridding, is designed to simplify transactions through three easy steps:
- Connect Your Bank Account: Effortlessly link your bank account to the Spot app using Open Banking.
- Send a Spot Link: Easily create a Spot link in the app to share payment requests via your chosen messaging app.
- Get Paid Directly into Linked Bank Account: The links can be paid by anyone (no need for them to have the Spot app), with funds going straight into the connected bank account.
Spot is now downloadable in the UK, with its initial promotional activities focusing on university campus launches. Subject to its success, the company plans to broaden its reach to other European nations.