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Underpay

Pay by bank, earn rewards - no credit card or new bank account required.

institute type

finance

market cap

no info

organization details

Mission & Key Concepts

Our mission is to transition UK consumer payments from legacy, inefficient card networks to modern Open Banking-based rails.

We do this by democratising access to spending rewards, bringing them to the people underserved by the traditional credit card system. 

We believe people should use credit responsibly and only when it is truly needed - not just to earn rewards provided by credit card companies - and we sympathise deeply with the people excluded from accessing these benefits. The fact that you don’t earn anything on purchases when you pay with your own money is unfair and creates unhealthy behavioural incentives.

Underpay exists to change that.

Read our manifesto here

Product vision

For consumers, Underpay wants to create the most inclusive and accessible purchase rewards programme in the UK. Our Open Banking-based payment solution allows anyone to checkout with their existing bank account and earn at least 1% in points redeemable at our partner stores. 

No application, no credit, no coupons, no catch.

For stores, Underpay wants to be more than a payments partner. We aim to build the most cost-effective, high-converting and easy-to-integrate online payments experience, and then delight our store partners by helping their business grow. 

We do that by leveraging our consumer audience to deliver new customers to our partner stores and increase retention of their existing ones. 

We align incentives with merchants by pricing transaction fees at break even, and focus on generating incremental revenue for our partners as the primary way Underpay is monetised

Our values

Here is the company we want to build:

  • We are Contrarian and we embrace it
  • We Single-mindedly pursue our mission
  • We win by being Creative
  • Honest people win
  • Have Fun doing the work
  • Talented people are our superpower

(see the details)

Core Team

  • Melanie Asor, Co-Founder & Co-CEO
  • Dima Tarasenko, Co-Founder & Co-CEO

Benefits

  • Competitive salary
  • Potential for options upon next funding round.
  • Hybrid working ≤2 days in person in London a week.
  • Bring your own tech stack - we have no legacy dependencies, and will use what you know if it is the best tool for the job.
  • True startup experience, you’ll be joining the team on day 1 - shaping the product, technology and working practices.
  • Clear pathway to becoming a CTO of a fast-growing fintech company.

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