Open banking and payment demands generate £10 million for fintech Ordo

Ordo, a British open banking and request for payment financial technology company, has secured £10 million in a Series A fundraising round headed by Equinox Systems.

Ordo, which was founded in 2018 by the former management team of the Faster Payments programme, allows companies to request payments for single and recurring invoices through call centres, email, text, and any other messaging medium they employ, by orchestrating open banking over the Faster Payments rails.

The investment is fueling growth in several industries, including credit and lending, wealth management, government, utilities, real estate, and foreign exchange.

In addition to its open banking solutions for single payments, Ordo is offering its Variable Recurring Payments-enabled services for lenders and beyond.

Craig Tillotson, Ordo, says: “As I look to the future, both near and medium term, the case for Request to Pay and Open Banking capability has never been stronger. Ordo allows businesses to boost cash flow with instant receipt of cleared funds, and save direct and indirect costs without detriment to their customer.

“Open Banking is an absolute must for businesses wanting to help their cash strapped or simply more cautious customers, and trim the costs needed to match decreased consumer spending.”