Kikapay, a pioneering startup in the UK’s open banking landscape, has become another fintech casualty amid shifting economic conditions.
Founded in 2018, Kikapay leveraged open banking to facilitate immediate single payments and fixed recurring payments by linking customers directly to their bank accounts. The largely bootstrapped company has raised £580,000 since its inception, with its last funding round occurring in February 2021 for an undisclosed amount.
In a farewell message on LinkedIn, co-founder Philip Godden expressed his well wishes to those continuing to navigate the open banking space, stating, “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 closure comes on the heels of the recent winding up of business app Paysme, which also cited the challenging macroeconomic environment as a factor in its struggles.