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Payumi Is The PayPal For Your Mates

OK, so this is not a groundbreaking idea—startups like ShareAGift in the UK and WePay and PayDivvy in the US have tried to solve the friend money-borrowing dilemma.

 

 

But, Payumi is the UK-based group payment site that has just secured $240,000 seed funding, taking it’s total funding to almost $400,000 and is set to launch fully next month. In fact, the startup was born around the corner from where I lived in East London, mate. If you don’t know about the Silicon Roundabout, check it out. You’ll see why this is a breeding ground for jolly good startups.

 

 

I Pay You, You Pay Me

Khurram Farooq, Moin Maniar and Stephen Rust are the London tech guys behind Payumi, the startup that promises to take the hassle out of paying your friends back for concerts, rent, holidays and the like. They have kitted out the site out with some interesting features:

 

  • Facebook integration with PayPal payment method
  • No fee is charged for payments under $30, and a small fee after
  • You can choose to make your mate pay for the fee (I know I probably would)

 

So, just like that you can collect money from your friends online-simple, social, secure. And, according to Payumi, you’ll love the site because you’ll save time, kill stress and get paid. Brilliant.

 

What about the Investors?

Payumi has an initial $150,000 investment from co-founder Stephen Rust, with a list of investors including:

 

 

The Angels And The Seed Enterprise Investment Scheme

The UK’s new Seed Enterprise Investment Scheme (SEIS) tax policy is an amazing incentive for investors in the UK bankrolling small businesses. Very interestingly, all of Payumi’s Angles utilized this startup-nurturing scheme.

 

If it takes off, it may mean some UK startups are going to get some summer love from investors this year. Just in time for the Olympics, perhaps?

 

 

Payumi’s East London Tech City Flat

And, what about London’s answer to Silicon Valley? Well, it’s called Silicon Roundabout in the budding tech area (and hipster paradise from what I remember) of East London. The Tech City Investment Organization (TCIO) was established in April 2011 and hopes to invest in the growth of the tech cluster to help make London Europe’s center of tech innovation.

 

Since the initiative was established, the Silicon Roundabout has thrived, even starting a $1.5m funding competition to find top digital companies in the area.

 

A site that defrays the awkward, “Oi, mate you owe me a few hundred quid” in a city that’s investing in their startups? It’s absolutely brilliant, dahling. Well done, Payumi and London!

 

Photo and Video Credits

Payumi.com

Author : Holly Hutton

Born in the Big Easy and raised in the Sunshine State, Holly has spent the last five years brunching in the Big Apple and bantering with Big Ben. As a wandering writer, techy-in-training, and avid alliterator, Holly has written everything from educational policy and political news briefs to web content and travel blogs. She is thrilled to be a part of the KS team and working with a community of smart, savvy, entrepreneurs on all things startup!

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