New Payments App, Spot, Launches from Stealth with Pre-Seed Investment

Spot, an app that allows you to get paid without sort-codes and account numbers, has launched as it emerges from stealth mode. The app allows users to connect their bank accounts and send out payment links via popular messaging apps such as WhatsApp, removing the need to swap bank account details and preventing awkward conversations. Spot recently concluded a £500k pre-seed funding round, resulting in a valuation of approximately £4M. The investment comes from prominent angel investors in the UK and USA, representing globally recognised financial institutions and banks. Co-founded by Charlie Pentol-Levy and Declan Ridding, the app aims to streamline transactions in three simple steps:

• Connect Your Bank Account: Seamlessly link your bank account to the Spot app via Open Banking.
• Send a Spot Link: Generate a Spot link within the app, making it easy to share payment requests through your preferred messaging app.
• Get Paid Directly into Linked Bank Account: Links can be paid by anyone (they don’t need the Spot app), and the funds land directly into the linked bank account.

Spot is now available for download in the UK, with initial marketing efforts centred around launches at university campuses. If successful, the company is looking to expand into other European countries.