A Newcastle tech company will this week launch a solution to the ‘greatest unsolved problem in finance.’
Bottlepay’s new app will solve the problem of micro payments, both to retailers and consumers, according to the company’s founder Pete Cheyne.
“Micro payments, particularly across borders, are the biggest challenge fintechs have yet to overcome. It’s the last thing that needs sorting – and we’ve done it,” said Pete.
“Existing payment rails (payment systems) make micro payments or small credit card transactions uneconomic because of high merchant charges. Our new payment rail sorts this simply and instantly. It’s built on Bitcoin protocols, but works with pounds, euros, dollars, and eventually any currency.”
“It gives content creators and businesses a totally new way to monetise their products, and gives them access to a new global customer base. But it also gives those customers a new, simple way of paying for goods too, so it works for both sides of a transaction,” Pete added.
Bottlepay isn’t for use for major payments, but small purchases.
“It will work with anything that you buy that is instantly delivered – so will interest anyone who doesn’t want to pay high charges, a coffee shop or bistro, for instance. Our sweet spot is anything that can be instantly fulfilled. We’ve all been sent a newspaper article that hits us with a subscription paywall. With our technology, the individual article could be purchased for a low cost, with minimal fees,” Pete explained.
This is a new start for Pete, who closed down an earlier version of the service in advance of what was new EU legislation that was introduced in January of this year.
“Our original offering was a proof of concept experiment –what we’ve done since is go right back to basics, recruited a new, very experienced Chief Executive, Mark Webster and also a new Head of Compliance and Financial Crime, Lianne Dodds.
“They’ve completely reshaped and refocused the company and given us solid foundations from a compliance first approach. We’re now ahead of the curve and will remain so – we don’t want to be involved in any retrospective remediation in the area of compliance and I’m sure we won’t need to be.
“We’ve discussed our plans and services with the Financial Conduct Authority and they’re satisfied that we’re fully compliant with all regulations.”
Bottlepay’s new start includes new offices in Newcastle’s Hoults Yard, where about half of the company’s team of 14 will be based. Lockdown has seen several tech firms grow their offices at Hoults Yard.
“We’re delighted to be Yard tenants, the place has a real buzz about it and our compliance and support teams will enjoy working here,” said Pete, a native of the Shetland Islands who came to Tyneside to study for a computer science degree at Newcastle University and stayed.
“We’re a global team and have developed a product with global potential. What Bottlepay does is unlock access to the financial infrastructure of the future. It has huge potential – really huge. We have more than 2,000 people signed up to download the app on release with hundreds more on a waiting list. The sky’s the limit for the business, we’ve developed a solution for the greatest unsolved problem in finance,” Pete explained.
“Businesses will now be able to leverage this new payment rail through Bottlepay and fully integrate any aspect, or all of our technology, within their own systems. The app will be on the App Store by the end of October,” he added.