Open banking payments fintech Ordo raises £10m Series A
Ordo is expecting the dial to be moved on open banking payments.
While open banking has moved further into the mainstream in 2022, VC funding to fintech startups has trended back down towards pre-pandemic levels in the past six months or so following a huge surge last year.
The introduction of VRPs for ‘sweeping', a form of payment similar to direct debts for businesses and consumers to make recurring payments of varying amounts in the summer period, heralded much needed lower-cost competition to card networks, adherents of open banking say.
Ordo, a fintech company aiming to scale these open banking payments, has now raised a £10m Series A round of funding.
Investors in the all-equity round include, which was led by Equinox Systems, included several high net-worth individuals and angel investors.
Founded in 2018 by the former management team of Faster PaymentsScheme, Ordo offers open banking payments to businesses.
For example, it partnered with Pay360, part of Capita, the listed business processing outsourcer, to offer account to account payments for the public sector.
“Ordo allows businesses to boost cash flow with instant receipt of cleared funds, and save direct and indirect costs without detriment to their customer. 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,” said Craig Tillotson, CEO of Ordo.
As well as offering single open banking payments, Ordo is now launching VRP (Variable Recurring Payments) for lenders and other services via an API or integrations with QuickBooks, Sage, and Xero.