Open banking and request to pay fintech Ordo raises £10m

Based in 2018 by the previous administration crew of the Quicker Funds scheme, Ordo permits companies to request funds for single and recurring payments – by way of name centres, electronic mail, textual content or every other messaging platform a enterprise makes use of – by orchestrating open banking over the Quicker Funds rails.

The funding is fuelling growth throughout a spread of sectors together with credit score and lending, wealth administration, authorities, utilities, property and FX.

Alongside its open banking single funds options, Ordo is now launching its complete Variable Recurring Funds-enabled providers for lenders and past.

Craig Tillotson, Ordo, says: “As I look to the longer term, each close to and medium time period, the case for Request to Pay and Open Banking functionality has by no means been stronger. Ordo permits companies to spice up money stream with immediate receipt of cleared funds, and save direct and oblique prices with out detriment to their buyer.

“Open Banking is an absolute should for companies wanting to assist their money strapped or just extra cautious prospects, and trim the prices wanted to match decreased shopper spending.”