Financial backing for York student and his mobile app
Posted on Tuesday 1 September 2020
KodyPay is a mobile payment platform that allows users to pay for goods in-stores via their mobile phone without needing to queue, making it a quick and easy process.
The app, launched by Management School undergraduate student, Yoyo Chang in October 2019, was initially trialled at selected Nisa supermarkets on campus.
Expertise
But thanks to a £1.8 million investment from a consortium of high-profile private investors, the platform is currently being prepared to be rolled out across stores located on University campus.
The investment will be used to fund an R&D and Customer Service team for the planned roll-out. Investors include IBM business partner Cognition Foundry and Hank Uberoi, a former senior executive at investment bank Goldman Sachs, who is also joining the business as Chairman.
In addition, Cybersource, a Visa solution, has also given the fledgling company access to its expertise and usage of technology.
Potential
Mr Chang said: “I was fortunate enough to have the support of many, and I am very excited to see this project come together. It is inspiring to see what started as a high school project has developed into a business at the University of York. I believe it now has the potential to go even further.”
“We are a young team and have the opportunity to cause a positive shift in a very traditional industry. Through removing the need for hardware, such as payment tills, card machines and paper receipts, we are also contributing to the green agenda and helping the environment.
“Consumers will be able to track their impact on reducing their carbon footprint via a rewards platform. This environmentally conscious messaging will be particularly appealing to a younger generation.”
Passionate
Professor Mark Freeman, Dean of The York Management School, said: “I congratulate Yoyo on his continuing successes.” “We are passionate about helping all of our students open up a business and entrepreneurial opportunities. The advice and guidance that we have been able to provide for KodyPay has, we hope, helped accelerate its development. We greatly look forward to further supporting Yoyo in the next phase of company growth.”
