London fintech Agitate grabs £2.51M, to launch secure payment platform BOPP

We live in a world where merchants still pay to be paid – fees between 2-5%, which are hidden from consumers, but the consumer ultimately picks up the bill.

To alleviate this issue, London fintech Agitate has got an investment of $3.5 million (£2.51 million approx) from pool of high calibre tech-savvy investors. These include Frank Schilling, a highly successful internet entrepreneur who recently sold some of his registry business to GoDaddy and Stuart Lawley. With the latest backing, Agitate is launching its innovative payment solution BOPP, with an aim to bring an end to card fraud, remove friction in digital payments, and slash transaction fees – saving UK businesses over £9bn a year.

The new payment platform from Agitate, the payment and Identity company, combines decentralised Identity, blockchain and open banking. As it uses open banking, there is no need to use payment cards, thereby making the transaction super secure.

In 2019, over £1 billion was lost in card fraud and the card, not present fraud was estimated to have resulted in a staggering £470 million. By generating a payment link from BOPP, this issue will be eliminated. This tech is secure as every bank account that requests payments is verified by BOPP directly from their business bank. The transactions made via this platform are consented to by the payee via biometrics and online bank app security.

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