Payments FinTech Wi5 raises £8m seed funding
Written by Hannah McGrath
Payments startup Wi5 has raised £8 million in a seed round to drive growth of its platform. The investment was led by West Hill Capital.
The London-based FinTech, which counts telecoms provider Telefonica amongst its backers, said it would use the money to expand its mobile engagement platform, which allows customers to place orders and payments on-site without the need to download an app.
The app-free payments technology is enabled by a retailer’s Wifi connection.
Initially focused around quick-service food and beverage orders, Wi5 has its sights set on a number of dining, leisure and entertainment sectors. The O2 Arena and AB InBev are existing clients.
Prask Sutton, Wi5’s founder and chief executive, said: “This investment allows us to provide the very best solutions to address our markets’ demands.”
He added that with the latest investment, the funds raised would support plans for international and domestic expansion via a hiring round and strengthening the portfolio of patents.