Atoa Payments, a fast-growing provider of open banking payment solutions, has received regulatory approval from the Financial Conduct Authority (FCA) as an Authorised Payment Institution (API). This significant milestone enables Atoa to scale its innovative card-free payment services and offer a broader suite of regulated payment solutions to larger businesses across the UK.
With its newly granted FCA authorisation, Atoa is poised to transform payment experiences in key sectors, including automotive, hospitality, beauty, legal services, and retail. Businesses in these industries can now benefit from real-time direct bank-to-bank transactions without relying on traditional card networks, resulting in faster, more cost-effective, and secure payments.
Atoa’s payment initiation services facilitate seamless transactions while providing real-time payment account information for enhanced visibility and reconciliation. Additionally, through its strategic partnership with ClearBank, Atoa offers virtual account services, enabling efficient bulk settlement payouts to businesses and merchants.
Founded in 2022, Atoa delivers a card-free payment solution that eliminates manual bank transfers and expensive card processing fees. By leveraging QR code payments and instant payment app transfers, Atoa empowers businesses to accept instant payments directly from customers’ bank accounts, ensuring a smooth and secure transaction experience.
The fintech company is backed by prominent investors, including Passion Capital, Leo Capital, and Valar Ventures, who led its $6.5 million seed funding round in 2023. This endorsement highlights confidence in Atoa’s mission to reshape UK payments through open banking technology.
