UK fintech Paysme winds down operations

Paysme Closure:
- UK-based fintech Paysme, focused on aiding small businesses in transitioning to the digital economy, has shut down.
Financial Struggles:
- Despite raising £1 million in 2021 and a £50,000 seed investment, Paysme faced financial challenges.
- Founder and CEO Derek Stewart announced the closure on LinkedIn, citing difficulties during and after the COVID-19 pandemic.
Industry Trends:
- Paysme is the latest among several UK fintechs to close recently due to the global economic downturn and reduced investor interest.
- Other closures include rental fintech Fronted, remittance start-up Zazuu, payments app Cardeo, and digital asset wallet Mode.
Fintech Vision:
- Paysme, founded in 2010, aimed to provide a comprehensive suite of financial services, including digital banking, mobile payments, credit cards, and accounting, targeting underserved business owners.
Challenges Faced:
- The post-COVID challenges left Paysme in an insufficiently strong financial position to achieve its next growth milestone.