Paytia, has raised £1.2 million in a “pre-series A seed” round led by Bloc Ventures. Paytia is a specialist firm that enables businesses to take payments over the phone in a compliant manner.
Founded in 2016 in Southampton, Paytia’s technology is said to ensure that customers are protected and remain in control of their card data throughout any “customer not present” (CNP) payment transactions.
Paytia states that the sector is currently dominated by “costly on-premise software solutions.” In contrast, Paytia’s cloud-native platform is said to offer businesses a scalable and affordable means to take card not present payments from customers in full compliance of PCI-DSS standards and without breaching increasingly onerous payment and identity regulations.
Paytia has benefited during COVID and a period of WFH and social distancing.
Curtis Nash, CEO of Paytia, said:
“We are delighted to be joining the Bloc Ventures portfolio. Bloc’s team has unparalleled expertise in deep technology, and we are convinced it is the right partner to support us on the next stage of this journey. Our technology has the ability to radically lower the high cost of entry that is prevalent in the telephone payment segment, and with Bloc’s financial and strategic support we are confident that we can build on the strong momentum we have generated over the last four years.”
David Leftley, co-founder and CTO of Bloc Ventures, said that Paytia is precisely the sort of innovative and deep tech business they enjoy partnering with.
“The team has significant commercial and technical experience in the payments space, including a previous successful start-up exit. By offering a cloud-based, multi-tenanted global solution, Paytia is disrupting an industry that has high growth potential and we are incredibly excited about its future plans.”
The Paytia solution described as being an example of simplicity of execution masking extreme complexity of design beneath the surface, encompassing deep knowledge of both telecommunications and payments standards. The company offers automated telephony service in 52 countries.