The startup operates an API-driven embedded payments platform that enables businesses to create customer wallets and virtual bank accounts while ensuring the security of funds. Its technology facilitates automated payment schedules for managing incoming and outgoing transactions, addressing the need for streamlined financial operations in various industries.
Funding
$510K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many businesses face challenges in managing complex payment flows, including splitting payments, scheduling recurring transactions, and securely holding funds in escrow. Traditional banking systems often lack the flexibility and automation required to streamline these processes, leading to inefficiencies and increased operational costs.
Solution
Customate provides an API-driven embedded payments platform that enables businesses to create customizable payment workflows. The platform offers features such as dedicated customer wallets with multi-currency support, automated payment scheduling, and flexible rules-based payment splitting. By integrating Customate's API, businesses can streamline their payment processes, reduce reconciliation issues, and enhance the overall customer experience. The platform also supports real-time KYC verification and secure digital escrow wallets to safeguard funds and mitigate fraud risks.
Target Audience
Customate primarily targets businesses that require flexible and automated payment solutions, including e-commerce platforms, marketplaces, and enterprises with complex financial operations.
Features
- API-driven platform for seamless integration with existing systems
- Dedicated customer wallets with unique bank accounts in GBP, EUR, and USD
- Automated payment scheduling for recurring receipts and payments
- Flexible rules-based payment splitting for managing fees, commissions, and sub-agreements
- Digital escrow wallets for secure fund holding pending milestone achievement
- Real-time KYC verification to minimize onboarding challenges
- Support for multiple payment methods, including Direct Debit, Open Banking, bank transfers, and cards
- Webhook notifications for real-time transaction reporting and reconciliation
- Role-based access control and whitelisting capabilities for enhanced security
- Sandbox environment and developer documentation for easy integration and testing