Kikapay is a new start-up company in the open banking sector in the UK. Unfortunately, it is winding down, making the firm the latest victim of the harsh economic conditions

The company was established in 2018 and it connects clients to their bank using open banking for instant single payments. It also uses this service to fix recurring payments.

Since its inception, the largely bootstrapped initiative has secured 580,000. Its last round of funding came in February 2021, but the amount was not revealed to the public.

Open Banking Is Believed To Be The Future Of Payments

Kikapay’s downfall began shortly after the winding up of Paysme, another business app, which also states the challenging macroeconomic condition as the reason for its closure.

Philip Godden, the co-founder of Kikapay, wrote a farewell letter on LinkedIn. In the message, he expressed well wishes to those battling with the challenges of Open Banking in the UK and everywhere else. He is confident that it is the future of payments although, it still has a long journey ahead.

Kikapay is a modern company that uses cloud technology. In 2020, it launched an online payment service named KiKa, to provide a fair online banking experience for people all over the world. KiKa provides a Budget-friendly payment service to organizations, giving clients more control and visibility over their payments.

Kikapay utilizes Open Banking to link a business’s customers directly to their bank accounts, enabling secure and immediate payments. This approach helps the business to notably cut down on transaction fees.

Kikapay Recently Partnered With MOHARA For Innovative Payment Solution

Kikapay teamed up with a UK-based digital product development and design solution provider, MOHARA, to create their innovative online open banking payments platform, Kika, as a SaaS offering. The requirement was for multiple products in parallel, secure, and scalable architecture able to support rapid change.

The developers adopted a standard framework, embodying a containerized Kubernetes cloud setting built on domain-driven design principles. In Kikapay’s early stage, the product team created various designs for diverse projects, constantly assessing them in the market.

The MOHARA team incorporates various AWS services in other to keep up with this continuous evolution. This initiative leads to the configuration of a large number of IAM, role, AWS services, and security accounts.

Putting the product first, they often overprovisioned the caution with security profile, intending to refine them later. However, when new ideas took precedence, other products were sidelined posing potential security risks.