Boodil, a Manchester-based startup in the account-to-account payments space, has raised £525,000 in pre seed funding.
Boodil sits on the checkout of merchants as an alternative payment solution, allowing users to checkout with their own banking app. Customers are incentivised to utilise Boodil as their preferred payment method by earning points for their purchases, which they can later redeem for rewards along with the option to enter various prize draws, inclusive of holidays, vouchers, electronic goods and more.
The investment round for the cardless payment method, launching in Q4 2022, was led by a number of business angels, including Louis and Reg Rix, Anthony Morrow, Gary Corbett, 3B4 Investments and Ben Luscombe.
The firm says is has sparked initial interest amongst a number of merchants in various industries spanning, retail, automotive, and booking apps.