Paysme, a fintech startup focused on creating a financial super app for small businesses in the UK, is shutting down.
Founded in 2020 by former BNY Mellon banker Derek Stewart, the startup secured £1 million in investment through the private capital platform Globacap in August 2021, followed by a £50,000 seed investment the next year.
Paysme set out to capitalize on the super app trend, offering a range of services including mobile payments, e-commerce, digital banking, accounting, lending, and insurance within a single application.
Stewart announced the firm’s closure on LinkedIn, stating: “While our purpose, product & brand made a meaningful impact in three traditional small business communities including taxis, independent retail & sports clubs, the challenges we faced during & post COVID meant the business was not in a sufficiently strong financial position to grow to the next milestone.”