A ‘Fintech’ start-up based in south east Cornwall has received industry recognition just three months after its concept launch.
CFT Group is the development team behind Duesday, a new recurring payments platform looking to revolutionise direct debit payments, and has been shortlisted for Best Consumer Payments Initiative in FinTech Future’s PayTech Awards.
CFT Group and Duesday also feature in the recently published Tech Nation 2018 Report, which champions tech entrepreneurs and start-ups through media coverage and growth programme support.
In the UK, there are over 40 billion payment transactions each year worth £75 trillion. And with Direct Debit payments celebrating their 50th birthday this year, CFT Group’s challenge was to create a new payment method more suited to the 21st Century.
Duesday is a mobile platform which gives consumers a flexible alternative to pay regular monthly bills, the ability to split bills between individuals and even earn points and discounts for paying early.
The Duesday concept launch took place in February and the app is growing its community through testing within key target audiences and early access registration.
CFT Group co-founder and CEO, Marcus Kern, said: “Duesday will revolutionise the way merchants collect, and consumers pay regular bills. We are delighted the industry is as excited about Duesday as we are.
“We are currently developing our merchant take-up programmes across the UK. We are testing the platform with our early adoptors – young people and those on irregular incomes, as well as house sharers and couples, before launching to a wider audience.”
Liskeard-based CFT Group secured more than £500k of European funding together with private investor funding last year for research and development into payments and escrow solutions. Since then the team has grown to 13, with plans for more recruitment later this year.