MishiPay is raising a round on Seedrs. And one hour after investment opened last week, the company was 100% funded and hit its £3 million target from just 18 backers.

At the time of writing, it had reached £3,316,395 from 28 backers.

MishiPay’s self-checkout solutions are being used by 30 brands across 400+ stores worldwide, including Flying Tiger Copenhagen, MUJI Europe, Hudson, and Dubai Duty Free.

It is currently earning revenue in three ways:

B2B subscription; It charges retailers a fixed subscription fee per store per month.

Transaction fee; In order to monetise the value that it delivers behind every transaction, MishiPay charges the retailer a transaction fee as a % of the value of transactions completed using MishiPay.

Payment processing fee: MishiPay onboards retailers on its own marketplace with its preferred payment provider, aggregating volumes across retailers to get an attractive buy rate from the payment provider.

It says that it shares the benefit of this lower rate to the retailer and at the same time retains some of it.