London-based TABBit, a fintech platform that allows people to manage group expenses and personal payments, announced on Thursday, February 29, that it has secured £320k ( approximately €373K) in a fresh funding round. 

The funding round is led by the European super-angel fund Angel Invest. 

Fintech industry veterans, including Dr. Andrew Buckley (previously GM of Prepaid Fintech at Mastercard) and James Sherwin-Smith (ex-GM, Real-Time Payments at Mastercard) joined the round.

With the latest capital injection, the UK company plans to expand its capabilities and reach, further simplifying and enhancing the payment experience for customers across the UK and beyond. 

Boy-Anthony Kuhne, CEO of TABBit, says, “During my tenure at Mastercard, I experienced time and again the challenges presented by the fragmented banking landscape in the UK. When I discovered there was no easy solution available, I set out to create one myself, removing the challenges that UK consumers currently face when requesting payments from friends that bank with a different provider.”

TABBit: Revolutionising group payment requests

Led by Boy-Anthony Kuhne, TABBit enables groups and individuals to manage expenses and request money back from their friends and family without needing to download a separate application. 

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By integrating directly with UK banks, powered by secure Open Banking APIs, the company’s technology allows users to share requests and make payments via existing consumer banking apps.

TABBit simplifies the payment process by allowing users to request funds effortlessly. Users need to input the desired amount and purpose, and it will generate a shareable link for distribution across various platforms like WhatsApp, Messenger, Instagram, SMS, or email. 

When the recipient clicks the link, they will be directed to their banking app for payment, with TABBit auto-filling all necessary details for confirmation. 

TABBit ensures secure transactions through Open Banking integrations with your bank, without ever asking for sensitive information like passwords or security codes.

The investor

Angel Invest focuses on empowering startups with the potential to create lasting impacts in their industries. 

Angel Invest comments, “We are always on the lookout for groundbreaking technologies that are disrupting traditional markets. TABBit’s innovative approach to simplifying financial transactions makes it a perfect addition to our portfolio. We are eager to support them in their journey to reshape the financial landscape.”

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