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Today: Jun 12, 2024
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Paysme’s super app startup swiftly shuts its entrepreneurial doors.

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Super app startup Paysme shuts up shop

Super app startup Paysme shuts up shop

TLDR:

Paysme, a fintech startup aiming to build a financial super app for small businesses in the UK, is winding down.

  • Founded in 2020 by former BNY Mellon banker Derek Stewart.
  • The startup aimed to deliver a combination of mobile payments, e-commerce, digital banking, accounting, lending, and insurance services in a single app.

Paysme, a fintech startup founded in 2020 by former BNY Mellon banker Derek Stewart, is shutting down. The startup aimed to build a financial super app for small businesses in the UK, offering a combination of mobile payments, e-commerce, digital banking, accounting, lending, and insurance services in a single app. Paysme secured a £1 million investment in August 2021, followed by a £50,000 seed investment the following year, but faced challenges during and after the COVID-19 pandemic that prevented it from reaching its next growth milestone. Stewart shared the news of the startup’s demise on LinkedIn, expressing gratitude for the impact the company made in traditional small business communities, but acknowledging its financial position was not strong enough for further growth.