London-based Open Banking and request to pay fintech Ordo has raised £10 million in a Series A funding round led by Equinox Systems, as it prepares to launch a variable recurring payments (VRP) offering.
Other high-net-worth individuals and angel investors, who have previously invested in Ordo, also participated in this fundraising.
Ordo, which was co-founded in 2018 by the former management team behind Faster Payments, enables businesses to request payments for single and recurring bills, via call centres, email, text – or any other messaging platform a business uses – e-commerce and at point of sale, by orchestrating Open Banking over the Faster Payments rails, in real time.
This month, Ordo will launch its VRP-enabled services for sweeping, for lenders.
Craig Tillotson, CEO of Ordo, said: “It is testament to our robust platform and business approach that we have been able to continually and steadily raise the funds we’ve needed to sustainably grow, and I have a great team to thank for that.”
He added that in both the 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,” Tillotson said.
“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.”
Ordo also revealed it has integrated and is partnering with multiple distributors and platforms, including Pay360 by Capita, to ensure that local councils in the UK have access to Open Banking technology.
Through its partnership with Pay360 by Capita, its distribution channels also now include Contis and Certua.
Alex Common, chief product officer at Pay360 by Capita, said: “Partnering with Ordo has enabled us to position ourselves at the forefront of the evolving payment landscape for the public sector. Since the partnership began, Pay360 has accelerated its service offering through our ‘smart’ digital payment requests services.
“This partnership has not only helped solve core sector challenges, but has also supported our clients to offer their citizens frictionless payment experiences through Ordo’s innovative Open Banking payment solutions.”