Spot

Spot Payments Limited is a UK-based financial technology company operating in the peer-to-peer (P2P) payments market. Incorporated on November 24, 2021, the firm was co-founded by Charlie Pentol-Levy and Declan Ridding. The company aims to simplify monetary transactions between individuals by eliminating the need to exchange sort codes and account numbers.

Spot's core service is a mobile application that leverages Open Banking technology to facilitate direct bank-to-bank transfers. Users connect their UK bank account to the app, after which they can generate a unique payment link. This link can be shared through any messaging platform, such as WhatsApp or iMessage. A key feature is that the recipient does not need to have the Spot app installed to complete the payment; they only require a UK bank account. Funds are transferred instantly and directly into the user's linked bank account, bypassing the need for an in-app wallet or balance.

The company's business model for its consumer application is free for personal use. In early 2024, Spot announced the completion of a £500,000 pre-seed funding round, which gave the company a valuation of approximately £4 million. This capital was raised from angel investors in the UK and the US. The initial go-to-market strategy has focused on university campuses, with plans to expand into other European countries. Spot is also developing a 'Spot for Business' service, which will charge a transaction fee of 0.3% and offer features designed to help small businesses, such as receiving tips and promoting social media channels.

Keywords: peer-to-peer payments, P2P payments, Open Banking, fintech, payment links, mobile payments, instant payments, account-to-account payments, A2A, Spot Payments, Charlie Pentol-Levy, Declan Ridding, UK fintech, financial technology, money transfer app, digital payments, bill splitting, social payments