Mobile Payment Companies to Follow
Every year, new startups pull to the forefront of their industry through exciting innovation and industry-disrupting business models. We’ve rounded up the most exciting mobile payment startups of 2022 that startup-lovers, investors, and aspiring entrepreneurs should follow.
Disclaimer: With so many exciting startups launching and growing worldwide, we aren’t able to cover them all. Furthermore, the startups that are listed below are not officially ranked and are listed in no particular order.
Location: Lagos, Nigeria
Funding: $400 Million
If you’ve ever used or heard of the browser Opera, then you know where OPay comes from. The company was started in 2018 and is an amalgam of Opera and payment. The company is focused on Africa and has already become a major payment system in major cities like Nigeria, Ibadan, Kano, and Aba. Customers are able to pay for goods or services using the mobile application and since Opera is the second most used browser in Africa, it’s easy to see why they have a leg up on the competition.
Location: London, United Kingdom
Funding: $1.1 Million
Although headquartered in London, Eversend also operates out of France and Uganda. The financial app allows citizens to pay their bills, make money transfers, and send talk-time to beneficiaries. The app will also allow individuals to save their money as well as exchange it for different currencies. It’s a much cheaper alternative to most bank and wire transfers if you are sending money across country borders. Even if the recipient is not an Eversend user, you can still send money to mobile accounts like M-Pesa and Airtel Money.
Location: Chicago, Illinois
Funding: $5 Million
Paying with credit cards might be a convenient option, but the bigger problem is the processing fees. You may be hit by both the service provider and the credit card company, but AeroPay is looking to fix that problem altogether. AeroPay uses a system called Automatic Clearing House (ACH), which is the same system banks use to transfer money between each other. The app connects to your bank and is compatible with any retail store without taking out huge processing fees.
Location: Denver, Colorado
Funding: $3 Million
Focused primarily on insurance agents, GloveBox creates an easy way for agents to process direct billing and claims with insurance companies. The company also helps individuals store and save their policy documents and ID cards. The insurance industry makes it difficult to access personal information, but with GloveBox, that same information can always be accessed by individuals. The app does not intend to create a unified policyholder experience but to help existing companies save time and money.
Location: Waltham, Massachusetts
Funding: $7.9 Million
Founded in 2017, Jassby is transforming the way parents teach their kids financial skills and responsibilities. The company originally started as a free app to manage chores and allowances for kids but has focused on financial education and money responsibility. The app allows kids to set up a completely virtual debit card they can use for online purchases and Apple Pay purchases. The app does require a monthly fee to use.
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Location: Windsor, United Kingdom
Funding: $6 Million
KodyPay is a startup founded in 2018 that looks to replace the existing hardware system in-person stores use currently. The app can be downloaded by any store and processes payments completely digitally. With socially distant practices becoming more common, the need for contactless payments is becoming more valued. KodyPay doesn’t require any hardware for existing stores to purchase or learn but makes the payment easy to use through the app alone.
Funding: Not available
Indonesia is a country developing its digital presence, and more than 55 million small- to medium-sized businesses are using traditional methods of payment. The Paper.id app will allow this segment of the industry to use business tools and invoicing tools with payment integrations. This will increase the efficiency of business operations and allow the economy to have better access to its own money.
Location: San Francisco, California
Funding: $24.5 Million
The construction industry doesn’t always benefit from the technology boom that other sectors of the economy enjoy. That is about to change with startup Handle, which looks to help contractors and suppliers have a better method to deal with late payments and obtain access to capital. The software innovates antiquated methods in the industry and updates them with automated processes for repetitive payment tasks.
Funding: Not available
The problem with telecom carriers, resellers, and finance companies is dealing with equated monthly installment (EMI) default payments with leased devices. NuovoPay provides a solution by locking devices remotely through the app so that carriers can reduce their collection costs and EMI payments. Companies will be able to maintain payment logs and send reminders for automatic payments.
Location: Charlotte, North Carolina
Funding: Not available
With contactless payment methods on the rise, XcooBee looks to reduce all touchpoints around in-person transactions. Not only does XcooBee help merchants accept and handle payments seamlessly, but they also provide extensive security around those payments. The app would remove any need for POS interaction in stores, and it would also open up sponsorship capabilities through the app. The app is easy to use and implement, so businesses will be able to add it to their existing infrastructure without issue.
Recommended: Check out our full list of the top startups to watch!