UK fintech funding round-up: Yoti, Ramp, SteadyPay & Ocula
This week’s handy Friday funding round-up includes four UK-based fintech start-ups – Yoti, Ramp, SteadyPay & Ocula Technologies.
Digital identity firm Yoti has received a £10 million investment from Lloyds Banking Group.
Yoti raises £10m
Yoti offers digital identity solutions for people and businesses including a free digital ID app which allows people to verify their identity through their phones, without needing to show documents or share excessive amounts of personal data.
The investment from Lloyds Banking Group will support Yoti’s development of a new reusable digital identity proposition that will complement Yoti’s existing solutions.
Set to launch later this year, Yoti says its new solution will give users “a more private, secure and convenient way” to prove their identity.
User and revenue forecasting start-up Ramp has secured $5 million in a seed round led by AlbionVC and Eurazeo.
Triple Point Ventures participated in the round, along with a number of angel investors.
Ramp offers Software-as-as-Service (SaaS) analytics for finance teams at B2C companies, by running scenarios and forecasts “in minutes – versus weeks or months”. The firm analytics can also help predict customer behaviour, future revenue and the annual growth of a firm “at the press of a button”.
The company says it will use the funds to support the onboarding of new clients and allow it to scale.
UK-based lending platform for people with unstable incomes, SteadyPay, has raised $3 million in a seed round from N1, Ascension, The Future Fund, and others.
SteadyPay raises $3m
Steadypay makes use of artificial intelligence (AI) to analyse open user data and predict their creditworthiness.
According to its forecasts, the fintech start-up then tops up the bank account of a “trusted and reliable platform user” if their earnings fall below the average monthly income.
The algorithm calculates how much money can be loaned to a particular client.
Operating as a subscription model, Steadypay charges users £7 per week for the service.
AI firm Ocula Technologies has received a new, undisclosed investment from Lloyds Banking Group and their Fintech Investment Team, at a post-money valuation of £10 million.
Founded in 2021, Ocula operates a decision intelligence platform to generate insights for its clients.
To date, Ocula claims its insight modules are helping retailers, brands, and sports teams in the UK and North America optimise their e-commerce experience and compete more effectively on pricing.
With the funding, the Belfast-based firm plans to boost its product development and onboard clients for its services.
