Sway builds a digital payments system that turns a phone into a payment terminal, enabling businesses to accept in-person transfers directly from consumers' bank accounts without relying on card networks. The product is described as "disconnected from cards" and leverages Open Banking (PSD2) to power instant bank-to-merchant transfers. Sway says it charges for value created on top of payments while keeping basic transactions free, positioning itself as an alternative to card fees that the company estimates cost small businesses heavily in Europe. Operating metrics disclosed in the Seedrs campaign include gross payment volume reaching £100K within the first six months, over £108K processed in April 2023, more than 260 small-business customers, and a 48% transaction increase from February to March 2023. The company was incorporated in December 2021 and is based in London, operating in the finance and payments sectors. Sway cites research (Juniper Research) projecting Open Banking payments will reach €102bn/year by 2026 and frames Open Banking as a growth opportunity for its product.

Total raised

$1M

Funding rounds

1

Latest round

Equity

Latest activity

Jun 2023