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UK open banking fintech Kikapay winds down

  • 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.

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