Boodil raises pre-seed funds to develop open banking payment service

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Boodil, a Manchester-founded open banking and consumer engagement app, has raised £525,000 in pre-seed funding.

The cardless payment method, launched in the fourth quarter of 2022, aims to transform the way consumers spend and interact with brands while being rewarded for their purchases.

By using open banking payment technology, which makes payment safer and more transparent for customers, the company quickly gained popularity among customers.

The pre-seed raise, with investment from angels and top business leaders including Louis and Reg Rix (co-founders of Manchester-based firm CarFinance 247 & 247Money), Anthony Morrow (founder of OpenMoney), Gary Corbett (former owner of le Mere Golf Resort), 3B4 Investments and Ben Luscombe (founder of Henley’s Clothing), helped lay the groundwork to develop the proposition and hit the market this year.

Boodil sits at the merchant checkout as an alternative payment service, allowing users to pay seamlessly and securely with their own banking app.

Louis Rix, who participated in the funding round, said: “I believe Boodil has identified a gap in the market with its proposal, which is highlighted by the early adoption of its one-click cardless payment solution. Both Reg and I have experience in Open Banking, use it for 247Money and believe Boodil has the potential to really disrupt the open banking payments market.”

Boodil attracted initial interest from a number of merchants across various industries, including retail, automotive, and booking apps.

The four founders all have experience in technology and payments, having developed a number of start-ups in Manchester’s tech ecosystem and hope to replicate the success with Boodil.

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