Founder: Richard Carter
Description: lopay is the UK-based payment app disrupting the likes of SumUp, Zettle and Square by offering sole-traders and small businesses more control over the money they earn at less than 50% of the fees. In six months they’ve gone from 0 to 5,000 merchants, have an average weekly user growth of 18.9%, and have processed over half a million payments.
Launched in January 2022, lopay is the UK-based payment app disrupting the likes of SumUp, Zettle and Square by offering sole-traders and small businesses more control over the money they earn at less than 50% of the fees.
Since launch, lopay’s growth has been astronomical. In six months we’ve gone from 0 to 5,000 merchants, have an average weekly user growth of 18.9%, and we’ve processed over half a million payments. Meaning, we are firmly the UK’s fastest growing payment provider in 2022, and, with our much lower transaction rates, we’ve managed to save our user’s businesses between £700-£1,400 per year in transaction fees if switching from our competitors.
We’ve also managed to sustain this level of growth alongside an incredible rate of satisfaction in our loyal user base, as we currently have a rating of 4.7 and 4.8 on the Google and Apple app stores respectively – and a rating of 4.4 on Trustpilot.
Launching a new payments business and disrupting a market, with multi-billion valued incumbents such as SumUp and Zettle, is a huge undertaking – we knew we needed a business that offered significantly more than our competitors, and that was a sustainable offering.
To succeed in this, we focused on two main priorities: ensuring our rates were low enough that merchants would make the switch; and ensuring our product was better.
By offering a transaction rate 50% lower that the market leaders, and offering a free card reader, we immediately attracted attention and made it a no brainer for merchants to switch to lopay. We also ensured our feature set matched the requirements of our customer community and focused on growing in key target sectors to benefit from word-of-mouth and virality on social media.
In addition to all this, we are the only payment solution in the UK that offers customizable payment schedules that can be changed at any time according to the merchants’ needs. This feature has helped us gain an incredibly loyal user base who now expect a high level of flexibility and control from their payment solution.
We are a small company, and a new one. Nevertheless, our sustained rate of growth has exceeded our expectations, making a splash in the UK payment market in just six months. This alone, we believe, is a compelling case for the FinTech50.
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