UK-based fintech startup MishiPay announced on Friday that it has secured $2.2 million during its seed funding round, which was led by London based pan-European venture capital Nauta Capital. Founded in 2015, the company has notably created a theft-proof mobile self-checkout technology that promises to eliminate the checkout line in stores.
“Mishipay is a new retail payments start-up. We’ve invented a new technology which allows shoppers to pick up a product they wish to buy, scan the barcode with their phone, pay within the phone and simply walk out—completely eliminating queuing from the point of sale. By using RFID and cloud computing we also ensure security against theft and seamless integration,” the company said.
Mustafa Khanwala, Co-Founder and CEO of Mishipay, stated, “This round is a significant stepping stone for us. After having proven our technology in trials across 4 countries, we are now ready to work with major retailers to prove the clear value in rolling out our technology in their stores. The investment will help us realize our projects with the largest and most innovative retailers in Europe, such as Media Markt Saturn, the largest consumer electronics retailer in Europe. Our vision is to make shopping on the high street just as seamless as shopping online, and we couldn’t have found a better investment partner than Nauta to help us bring this vision to life.”
Carles Ferrer, London based General Partner at Nauta Capital, also said, “In a Retail market where consumers are constantly demanding better experiences, and retailers are struggling with costs while needing to unlock the potential of Omnichannel, MishiPay has huge potential impact. The growth and success Mustafa and Tanvi have shown this far in such a short amount of time has impressed us, and we believe our funding will help them multiply those results.”
MishiPay is currently working with partners like Cisco, Avery Dennison, Nedap, Zebra and others and are doing Proof of Value projects with some of the biggest retailers in Europe.