Paytia, a telephone payment compliance service, has closed its pre-Series A funding round on £1.2m, which was led by Bloc Ventures.
With the capital injection, Paytia will increase its operational capability, increase the size of its team and build new products which will complement its existing offering.
Founded in 2016, the FinTech leverages technology to ensure customers are protected and remain in control of their card data throughout any customer not present payment transactions. The cloud-native platform provides businesses with scalable means to take card not present payments from customers and meet compliance with PCI-DSS standards, without breaching regulations.
Instead of getting the card holder to read out their card details, they simply enter the payment card numbers on the phone’s keypad and Paytia will collect and process them.
Bloc Ventures co-Founder and CTO David Leftley said, “Paytia is precisely the sort of innovative and exciting deep tech business we enjoy partnering with. The team has significant commercial and technical experience in the payments space, including a previous successful start-up exit.
“By offering a cloud-based, multi-tenanted global solution, Paytia is disrupting an industry that has high growth potential and we are incredibly excited about its future plans.”
According to data from Statista, last year total losses in the UK from card not present fraud reached £4.7bn, making it the second largest year for losses. 2018 witnessed the highest losses caused by this fraud, totalling £5bn.
Paytia CEO Curtis Nash said, “Our technology has the ability to radically lower the high cost of entry that is prevalent in the telephone payment segment, and with Bloc’s financial and strategic support we are confident that we can build on the strong momentum we have generated over the last four years.”