UK-based open banking bulk payment startup Comma has raised £4.34 million ($6m) in a Seed round of funding led by Octopus Ventures and Connect Ventures. They were joined by investors Village Global, and the founders of Wagestream, Peter Briffet and Portman Wills.
The company says it enables small and micro businesses to bulk pay bills, salaries, and taxes using existing high street small business bank accounts, saving them a lot of time and money in administration. This is because BACS is difficult to obtain and costly and virtual accounts require KYC to setup and add complexity to bookkeeping.
Comma says that during the pandemic, there was a large increase
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