KodyPay Partners With Adyen to Offer Embedded Finance Starting With Hospitality Sector
Adyen (ADYEN:AMS), the global financial technology platform of choice for leading businesses, has today announced that it has partnered with KodyPay, the fully integrated ordering and payment platform for businesses. Adyen’s financial technology will support the growth of hospitality businesses by powering seamless payments, data analytics and frictionless finance.
KodyPay is an aggregated ordering and payments system built to create a better experience for customers beginning with restaurants, cafes and takeaways. Inspired by the point-of-sale frustrations experienced from school canteens, the platform brings together fragmented payments that can be difficult to manage, aggregating multiple tools for ease of the end-user.
This partnership builds upon existing work between the two firms following the trial of a QR code system launched in October 2021. Thanks to the match of commercial strategy and technical development, this has flourished into an extended integration.This has since enabled KodyPay to exceed US$100M annualised gross payment volume in only 5 months. A particular area of focus for Adyen and KodyPay’s next chapter includes improving access to financing for small businesses, with Adyen’s newly-launched embedded financial products.
Following today’s announcement, hospitality businesses using the KodyPay platform will now be able to:
- Manage financing and apply for loans. Launched in October this year, Adyen’s embedded financial products enable platforms to offer financing to their customers in minutes, based on historic payment data. In the current economic climate it is essential that hospitality businesses have access to additional support, and Adyen’s solution will give KodyPay’s customers an overview of how much they can borrow as well as a clearer view of their account information.
- Adapt payment methods to local needs and expectations. KodyPay has a diverse range of businesses on its platform, and it will now be able to give its customer base access to technology that enables consumers to pay for products using their preferred payment methods. Adyen’s partnership will also enable the businesses on KodyPay’s platform to easily accept international currencies and payment methods commonly used in different markets, supporting business growth.
- Access enhanced data analytics and customer insights. Data available from Adyen’s financial technology platform will help businesses using KodyPay to optimise their checkout experience and continuously make improvements to their services.
Adyen was also the preferred partner of choice for KodyPay because of its international reach and lived experience of growing at pace.
“To share the same values and vision with a business partner is of the highest importance to us at KodyPay, it’s essential for building a brand and a solution that propel us forwards and onto our ambitious growth journey,” said Yoyo Chang, Founder and CEO at KodyPay.
“What’s more, it is a difficult time for our customers especially those within the hospitality industry as they are put under the extraordinary pressure of the current cost-of-living squeeze. As a trusted platform for many businesses, we want to support the hospitality industry to thrive with technology-enabled solutions that improve customer retention, loyalty and empower smart business decisions. We look forward to seeing the impact Adyen has on the platform and what our customers are able to achieve with these new capabilities.”
“This partnership represents a culmination of a shared vision and mission between Adyen and KodyPay. When we launched Embedded Financial Products one of our driving forces was to be able to support SMEs with their business plans by offering innovative financial technology solutions via our marketplace and platform customers, said Colin Neil, MD at Adyen UK.
“Our extended partnership means KodyPay’s customers will not only be able to access our embedded finance solutions, but also benefit from enhanced data and analytics that comes with our financial technology platform.”
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