Atoa Payments
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Atoa is an open banking payment company headquartered in London. It offers a instant and secure way for merchants and consumers to pay, bypassing card processing fees.
Named after the "account-to-account" payment process it uses, low-fee funds are released to businesses instantly using either QR codes or payment links.
History[edit]
Launched in June 2022 by serial entrepreneurs Sid Narayanan (CEO), Cian O’Dowd (COO) and Arun Rajkumar (CTO), the fintech offers small- to medium-sized retail businesses on the UK high street a faster and more secure alternative to card payments.
The team previously ran a business payments and expenses platform, KlearCard, based in Singapore.[1]
Atoa's first round of pre-seed funding in 2022 raised £1.9 million[2] and was led by Leo Capital and Passion Capital. Further support came from angel investors like GoCardless and Nested co-founder Matt Robinson, and Moon Capital Ventures and MarketFinance co-founder Anil Stocker.
In June 2023, Sky News reported that Atoa had completed their second round of funding at around £5m[3], led by Valar Ventures.
In November 2022, Forbes highlighted Atoa as leading the revolt on card fees for small businesses[4]
Products and services[edit]
Atoa offers two products: Atoa Business and Atoa Pay.
Atoa Business is a merchant app allowing businesses to accept payments using QR codes or links.
Atoa Pay is a consumer app that allows users to send money without sharing bank details.
Both services offer several benefits over traditional card payments, including faster payment processing time, lower fees and increased security.
References[edit]
- ↑ Bhushan, Kul (28 October 2021). "Singapore fintech firm Validus acquires expense management platform". TechInAsia.
- ↑ Shu, Catherine (24 November 2022). "Atoa helps UK merchants cut down on card processing fees". Techcrunch.
- ↑ Kleinman, Mark (8 June 2023). "Thiel-backed fund Valar seeds British payments start-up". Sky News.
- ↑ Prosser, David (24 November 2022). "Atoa Leads The Revolt on Card Fees for the UK's Small Businesses". Forbes.
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