Secures fresh investment for open banking payments system, SSV SmartPay
SSV SmartPay, a leading fintech company, has recently secured £5 million in funding as part of its growth strategy. This strategic move aims to accelerate the development of SSV's Open Banking platform, transforming the company from a provider of low-cost QR code payments to a comprehensive fintech ecosystem offering current accounts and savings accounts by late 2025 [1].
Ankur Ghosh, CEO of SSV SmartPay, expressed his excitement about the funding, stating that it underscores the market's recognition of the company's potential to disrupt the payments landscape [2]. This investment will strengthen SSV's balance sheet and enable the company to enhance its product capabilities [3].
The funding round saw participation from a prominent banking and fintech investor, marking a significant step forward in SSV's journey [4]. With this new capital, SSV SmartPay plans to expand its merchant network, offering faster settlements to merchants and aiming to reduce costs by 70% [5].
The strategic elements of SSV's growth plan include launching current accounts and savings accounts by the end of September/beginning of October 2025, fully regulated and FCA-protected with safeguarding banks [1]. The company also intends to compete directly with major payment networks like Visa and Mastercard by providing an open banking-powered alternative, focusing on cost efficiency and innovation in payment and banking services [1].
In addition, SSV SmartPay is developing a cashback and white-label solution to incentivize merchant and consumer adoption within its ecosystem [1]. The company's ultimate goal is to foster an embedded finance ecosystem where smart accounts and SmartPay payment services are tightly integrated for merchants and consumers, supporting growth through composable banking solutions [1][2].
This strategy reflects SSV's ambition to push open banking from a niche towards mainstream finance, enhancing user experience and financial inclusivity with a focus on embedded finance and real-time payment solutions [1][4]. It's worth noting that SSV has no plans to replicate loyalty program models that have struggled elsewhere, instead focusing on seamless account integration and Open Banking advantages [3][5].
Ankur Ghosh emphasized that this funding will allow SSV to accelerate its vision of capitalizing on Open Banking to provide seamless and efficient payment solutions [6]. By bypassing traditional card networks, SSV SmartPay enables low-cost transactions, positioning itself as a promising player in the rapidly evolving fintech landscape.
- The new funding SECured by SSV SmartPay will be utilized to advance the development of their Open Banking platform.
- SSV SmartPay's growth strategy involves transforming from a low-cost QR code payments provider to a comprehensive fintech ecosystem offering current accounts, savings accounts, and more by late 2025.
- Ankur Ghosh, the CEO of SSV SmartPay, believes that the funding serves as a sign of the market's acknowledgement of the company's potential to disrupt the payments landscape.
- The investment received by SSV SmartPay will strengthen their balance sheet, allowing them to improve their product capabilities.
- With the new capital, SSV SmartPay plans to expand their merchant network, offering faster settlements and aiming to reduce costs by 70%.
- SSV SmartPay is developing cashback and white-label solutions to foster adoption within their ecosystem, with the ultimate goal of creating an embedded finance ecosystem for merchants and consumers by leveraging Open Banking technology.
