There’s clearly still opportunities for Fintech’s to disrupt the physical retail sector, especially so in regards to payments. One of the key ways is to disrupt the checkout, an area which often still involves either touching screens or passing products to another person.
That is where Mayfair-based Ubamarket comes in with claims that it is a pioneer of ‘Scan Pay Go’ technology. It offers the most innovative solutions to providing the fastest ‘in and out’ visit to supermarkets. it’s not just hot air either, as the company has already partnered with SPAR and Central England Co-Op for their retail app Ubamarket.
Investment round led by IW Capital
In a recent development, UK-based VC, IW Capital announced the completion of an oversubscribed £800K investment in the latest round of £2.9M for Ubamarket LTD. This investment will provide a boost to the company in meeting its goal to evolve its existing white label retail app, Ubamarket.
Also, the investment will help the company revolutionise the hospitality sector, another area that needs support when the economy reopens, and whilst many in the industry already have solutions to table ordering via phones, none if any are particularly elegant and experiences differ wildly. With their new NOMM (New Order Magic Menu), Ubamarket believes that it will play a key role in the sector’s re-emergence as businesses look forward to re-open post-lockdown. This they say is the first app of its kind to offer contactless payment, interactive menus, facial recognition, takeaways and deliveries. Furthermore, the venues also enjoy a lot of benefits including an API cloud-based software linked to the POS system. This points out that any changes made to the menus in the restaurant are updated to the app in real-time.
This additional investment from private equity firm IW Capital will be used to accelerate the company’s expansion plan into new industries including hospitality. The investment from IW Capital was closed with more investment than expected following an oversubscription due to investor demand to back an innovative product in the time period. This is where Ubamarket LTD comes to play as the most swiftly acted company that creates NOMM. It will strive to be the most sophisticated app available in the sector.
Luke Davis CEO of IW Capital, said: “We believe, along with our investor base, that now is the most opportune moment to provide a platform for SMEs to thrive, and we believe that Ubamarket LTD will continue to go from strength to strength, and add to their already impressive roster of partnerships.”
Will Broome, CEO of Ubamarket LTD, said: “Through NOMM, we are providing an app that will bring reassurances and comfort to guests and business owners alike. Once the industry is reopened, we will have produced the fastest, cheapest and most tech-enabled solution to many of the problems Covid has highlighted.”
If they manage to pull it off then it could be a match made in heaven for the hospitality and retail sectors. Keep an eye out on Inside Fintech Jobs (Coming soon) for job opportunities.
Originally published on UK Tech News Source
