Uelz Pay, a fintech that helps to save technical costs of implementation and maintenance of payment platforms, automating in seconds all subscriptions and single payments of customers, closes a new investment round of around €800k.
Wayra, Telefónica’s open innovation initiative, is participating in this new round, along with other investors such as Core Angels, Uhaldia investments investment vehicle of Ivan Peña and several fintech business angels founders such as David Lozano WealthReader or Alex Saiz from Monei who join existing investors such as Angels Capital and TheVentureCity.
“We are convinced that Wayra’s entry will help us to take the next step in the consolidation and growth of the company. The challenge of managing collections in companies with recurring revenues is not just a technical challenge, it affects the entire billing process of a company and solving it can be the difference between survival and death,” said Maria Luke, CEO and Co-Founder of Uelz Pay.
The Valencian startup was the winner of South Summit 2023, the leading entrepreneurship event in southern Europe.
Uelz Pay was founded in 2022 with the aim of simplifying business payments, adapting to the individual needs of each company. Its founders, María Luque and Xandra Etxabe, operated in several countries with their previous startup and were forced to set up several payment methods, which led them to have to pay high fees that were reflected in a considerable decrease in their profits. Therefore, they decided to create a platform that would unify all payment plans, Uelz Pay.
“At Wayra we are very pleased to invest in a financial startup like Uelz Pay at a time when a key digital transformation is taking place in the banking sector, through new technological tools and purely digital business models such as fintechs,” commented Marta Antúnez, director of Wayra Barcelona.
The tool automates collections in different payment gateways and methods (card, sepa, and bank transfers, among others) so that companies can automate any recurring payment flow (fixed recurrence, variable, per use, fractional), and thus, collect it anywhere in the world.
In addition, Uelz Pay gives the company the possibility to choose the frequency of collection and the method of payment. Once done, the company can integrate the Uelz system into its own platform via API or generate payment links to be able to share invoices via social networks, WhatsApp or email.
It also allows them to monitor all payment transactions made and receive metrics and sales information, which are crucial for the company to make decisions. All data is stored securely and after each transaction error the platform issues the recovery, thus significantly reducing the default rate.
