The company behind a mobile-first payments platform has raised £6 million in an investment round led by Route 66 Ventures.
Judo is a solution designed to improve mobile custom for brick-and-mortar retailers. Whereas cart abandonment is a problem for online stores, the makers behind Judo claim that its frictionless technology can help store owners tackle their own conversion issues at the checkout.
Plenty of effort has gone into ensuring Judo can transfer money with pace to help retailers boost their in-store conversion rates, while the recent £6 million cash injection, led by the US-based Route 66 Ventures, will be used to develop its patent-pending technology.
Taking on the world
After starting out in 2012, Judo Payments has been developed into a system which aims to provide a seamless experience for both payee and recipient. The technology also hosts built-in fraud prevention technology, providing peace of mind for retailers which are concerned about the security of paying by smartphone or tablet.
Global fast-food chain KFC was unveiled as an investor and adopter following news of the funding round’s completion. With over 17,000 restaurants worldwide, such a partnership could be the answer to Judo’s hopes for a roll-out across the world.
At present, Judo’s mobile payments platform is active mainly in Europe, boasting partnerships with coffee chain Harris + Hoole among others. PerformanceIN understands that France and Germany are on the company’s radar as it looks to expand into new territories.
Speaking in light of this week’s news, Dennis Jones, founder and CEO at Judo, said: “This fresh £6 million investment enables us to drive growth in our core European markets and expand our business into new territories.
“Consumers are deterred from using apps with a clunky experience, we’re looking to make this seamless.”