At A Glance
Raising the bar of what payments can and should do
UK, in Europe within 6 months
Online marketplace, gig/sharing economy platforms, products with sophisticated payments requirements
Founded in 2016 and headquartered in London, Paybase has gained industry recognition for revolutionising the world of finance. Though comfortably funded privately, Paybase has been awarded a £700k grant from Innovate UK and has been tipped as one of the UK’s 50 most disruptive companies.
In recent years, there has been a shift in the way in which we purchase goods and services. We now not only pay merchants but provide goods and services to each other, renting out our possessions as well as our time.
To facilitate this, scores of ‘platform businesses’ have emerged, connecting buyers to sellers and consumers to suppliers. This is the gig or sharing economy – a collection of marketplaces transforming the typical commerce model from one-to-one to many-to-many.
But whilst commerce has changed, payment systems have not. In an industry fraught with legacy technology and legacy thinking, payments can be an obstacle for businesses needing to facilitate transactions between multiple parties, restricting them from creating the products they want to build. As well as battling technical impediments, these businesses face updated regulation which requires them to either become a regulated payments institution or partner with a firm that is. Out of these persistent challenges, Paybase was born.