Kikapay, an early startup in the UK's open banking scene, has become the latest fintech to fall victim to changing economic conditions.
Founded in 2018, Kikapay used open banking to connect a business’s customers to their bank to initiate immediate single payments as well as fixed recurring payments.
The largely bootstrapped operation has raised 580K since inception. It's last funding round was for an undisclosed amount in February 2021.
In a farewell message on LinkedIn, Kikapay co-founder Philip Godden, says: "Good luck to all those who are battling ahead with Open Banking in the UK and beyond. I still believe it is the future of payments - but there is still a long way to go!"
Kikapay's demise follows the winding up last weeek of business app Paysme, which also cited the tough macro-economic climate.