SSV SmartPay

SSV SmartPay is a London-based open banking payments platform that enables merchants and consumers to transact directly from their bank accounts using QR codes, eliminating the need for card networks like Visa and Mastercard. Operated by SSV Capital PLC, a publicly listed holding company, the platform was developed in response to the high merchant service charges — often between 0.75% and 3% per transaction — that burden UK businesses, particularly smaller ones. SSV SmartPay aims to reduce these costs by up to 70% by leveraging the UK government's Faster Payments and Open Banking infrastructure.

The platform allows customers to pay in-store or online by scanning a QR code, entering a phone number or user ID, or clicking a payment link, all of which connect securely to their banking app for biometric authentication. For merchants, SSV SmartPay provides instant settlements, no card fees, and a full suite of analytics and reporting tools. The company is FCA-compliant and positions itself as an environmentally sustainable payment method — reducing reliance on physical payment infrastructure. SSV SmartPay has been growing its merchant network across the UK and has launched a dedicated mobile app for both merchants and consumers.

In April 2025, SSV SmartPay raised £5 million in a funding round at a £30 million valuation, backed by prominent banking and fintech investors. The company has ambitions to expand internationally, with plans to enter the US, Australia, and India, and to introduce cross-border payment and virtual wallet features as part of its long-term product roadmap.