Payumi provides a group-payments service that integrates with Facebook and processes transactions through PayPal, allowing users to collect money from friends for joint purchases or shared expenses. The product is free for individual payments up to £20 and charges a small flat fee of between 50p and £2 for payments over £20; the collector can absorb the fee or pass it on. Payumi has been in public beta and is preparing to launch fully next month. The company was founded last summer by Khurram Farooq, Moin Maniar and Stephen Rust and is based in Hoxton Square / Tech City in East London. Financially, Payumi has secured seed funding totaling £250,000, including a recent £150,000 round. Several angel investors participated and used the UK’s new Seed Enterprise Investment Scheme (SEIS) framework.

Total raised

$0M

Funding rounds

1

Latest round

Seed

Latest activity

May 2012