Cardiff-based Fintech company, Burbank Software Ltd, has successfully secured a seven-figure seed investment, in a deal advised on by GS Verde Group.

A pioneer in next-generation payments technology, Burbank Software Ltd has announced its £5 million Series Seed financing to support the launch of its ground-breaking payments platform, Card Present over Internet (CPoI).

The funding round was led by Mouro Capital with participation from Anthemis (supported by Foxe Capital), Portfolio Ventures and others. These funds will accelerate the global roll out of Burbank's platform.

CPoI redefines two-factor authentication by enabling, for the first time ever, Card-Present (CP) payments in online channels. When shopping online, consumers can now simply tap their card to their mobile device and securely enter their PIN to complete a transaction, just like they do in-store. Until now, online payments were Card-Not-Present (CNP) transactions, which have high, and increasing levels of fraud, chargebacks, and false positives resulting in a more challenging and expensive experience for both merchants and consumers.

In addition to Burbank’s platform eliminating these challenges faced by online merchants, CPoI also removes barriers to online shopping by enabling consumers to pay online the same way they do in-store in, resulting in a frictionless online experience. Great news for those wary of entering and/or storing their card details online, or who may struggle with convoluted online checkout experiences.

Justin Pike, founder and CEO of Burbank, said, “We are extremely excited to bring this evolution in payments to the world. The payments experience should be the same for everyone, regardless of channel. In-store we pay by tap and PIN, which is globally trusted and familiar, and now, for the first time ever, we’re enabling the same process in online channels. Simple, secure, and scalable. The way it should be.”

Manuel Silva Martinez, General Partner at Mouro Capital, explained the investment, stating, “I’m thrilled to support Justin and his team of payments experts. Burbank offers a simple, seamless integration through a single while-label SDK, which securely integrates into existing technology stacks, and supports multiple schemes on iOS and Android. It’s what the market needs.”

Ruth Foxe Blader, General Partner at Foxe Capital, added, “CPoI is the first protocol that legally shifts liability away from the merchant. It’s a massively scalable approach, with global demand.”

Matt Sutton, Director at GS Verde Group, said: “We are delighted to have supported Burbank in securing this significant seed investment. We wish Justin, Mike and the team every success and look forward to supporting the company’s continued growth.”

GS Verde Group were pleased to support Burbank Software Ltd throughout the investment deal, and provide end-to-end expert advice.

The GS Verde Group are business-focused experts in getting deals done. Combining all the services needed to complete a corporate transaction, including legal, corporate finance, tax, accountancy and communications, GS Verde acts as a complete advisory team and provides a truly end-to-end service.