Less than 1 min.Read

UK open banking fintech Kikapay winds down

February 7, 2024

Company Closure:
- London-based fintech Kikapay, founded in 2018, is winding down operations.
- Platform facilitated single immediate and fixed recurring payments via open banking.
Financial Situation:
- Last secured funding in a 2021 seed round; no recent investments mentioned.
- LinkedIn announcement states the company’s journey has “come to an end” due to tough economic conditions.
Liquidation Process:
- Joint liquidators Douglas Pinteau and Dermot Coakley appointed on 16 January.
- Startup was “wound up voluntarily” according to business filings.
Industry Trends:
- Closure follows mid-year reports of open banking-enabled payments exceeding 11.4 million in July 2023.
Broader Context:
- Paysme, another UK fintech, recently closed, citing challenges during and post-COVID affecting financial strength.