Ex-VP of MasterCard raises money for a mobile payments app

The fintech firm TABBit, situated in London, allows pals to manage joint costs using their current banking apps. The company has raised £320k to support its expansion and ongoing product development.

Madilyn Swift

March 01, 2024

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Payments

The European super-angel fund Angel Invest has spearheaded the investment. Veteran members of the fintech sector like James Sherwin-Smith, the former general manager of Real-Time Payments at Mastercard, and Dr. Andrew Buckley, the general manager of Prepaid Fintech at Mastercard, have joined the round to support the early-stage firm equally.

Without downloading an additional app, TABBit allows individuals and groups to track spending and ask for money back from friends and family. TABBit's technology facilitates direct integration with UK banks using secure Open Banking APIs, enabling users to communicate requests and make payments through their current consumer banking apps.

Boy-Anthony Kuhne, CEO of TABBit, commented on the company's most recent fundraising round, saying, "I saw the difficulties caused by the fragmented banking environment in the UK repeatedly while I worked at Mastercard. Upon seeing that there was no simple fix available, I decided to develop one myself in order to eliminate the difficulties that UK customers now encounter when asking friends who bank with a different provider for payments. Anthony Kuhne, the boy, went on.

Angel Invest made the following statement regarding their investment in TABBit: "We are constantly searching for innovative technologies that are upending established businesses. TABBit is a great addition to our portfolio because of its creative method for streamlining financial transactions. We can't wait to help them on their quest to transform the financial scene."

With the help of this financing, TABBit hopes to grow its user base and capabilities while further streamlining and improving the payment process for clients in the UK and beyond. The goal of TABBit's approach is to facilitate smooth interoperability between banks and standardize the user experience.

Initially concentrating on the UK market, TABBit is still working to bring the fragmented banking industry together and improve the accessibility and pleasure of financial transactions for all.

"Get Paid" is TABBit's catchphrase. Repay. The phrase "Share." denotes the dedication to developing a simple and safe solution for shared spending.