Spot, an innovative app that simplifies payment processes without the use of sort-codes and account numbers, has been officially introduced following its stealth phase. This app allows users to integrate their bank accounts and distribute payment links via popular messaging services like WhatsApp, thus circumventing the need to exchange banking information and preventing uncomfortable discussions.
Concluding a £500k pre-seed funding round, Spot has attained an estimated valuation of around £4M. The funding was acquired from distinguished angel investors from the UK and USA, representing well-known financial institutions and banks worldwide.
Co-created by Charlie Pentol-Levy and Declan Ridding, Spot is crafted to make transactions straightforward in just three steps:
- Connect Your Bank Account: Smoothly connect your bank account with the Spot app through Open Banking.
- Send a Spot Link: Generate a Spot link in the app for easy sharing of payment requests via your preferred messaging app.
- Get Paid Directly into Linked Bank Account: The links are payable by anyone (Spot app not required), and funds are directly deposited into the linked bank account.
Currently available for download in the UK, Spot’s initial marketing strategy is focused on university campus rollouts. Depending on its initial performance, the firm intends to extend its operations to additional European countries.