Early success for new FinTech startup

CFT Group founders pull in a new award with Duesday

(CFT Group co-founder and CEO, Marcus Kern & Esteban Díaz Asúa, CTO)

CFT Group, a financial technology (FinTech) start-up based in Cornwall is celebrating their early success after winning the Best Consumer Payments Initiative at the PayTech awards 2018. This industry accolade which recognises excellence and innovation of IT in the finance and payment industry worldwide seems to be barely scratching the surface of what this group is likely to achieve.

While it would seem they are still unpacking boxes and waiting for the decorating to be finished in their new office in Cornwall, CFT Group has already managed to create a bit of a whirlwind.

If you didn’t know who we are talking about then I’m sure you will soon enough. CFT Group the development team behind Duesday, a new recurring payments platform is all set to revolutionise direct debit payments across the UK and beyond.

Duesday is a mobile platform which gives consumers a flexible alternative to paying regular monthly bills, the ability to split bills between individuals and even earn points and discounts for paying early. Merchants benefit from improved cash flow and more loyal customers.
CFT Group and Duesday have also been featured in the Tech Nation 2018 Report, released recently which champions tech entrepreneurs and startups through media coverage and growth programme support.

To give you some context, here in the UK, there are over 40 billion payment transactions each year worth £75 trillion and Direct Debit payments are celebrating their 50th Birthday this year. CFT Group’s challenge was to create a new payment method more suited to the 21st Century. The result was ‘Duesday’.

The Duesday concept launch took place earlier this year and the app is growing its community through testing within key target audiences and early access registration. It is not hard to realise why CFT Group will flourish with what they have developed, the sheer number of uses and solutions to existing problems this innovation can provide, is hard to grasp. It’s not there just for me and you to stay on top of our regular bills while conveniently having them under control in one safe place or the option to change when to pay for people on irregular incomes, it’s so much more.

Take the housing market for example, landlords and estate agents across the land will be able to collect rent on time or even earlier. There is also the huge potential to reduce costs throughout the NHS here in the UK. A wider solution for businesses in general will significantly reduce their transaction costs in turn providing a healthier cash flow and liquidity, sparking further growth.

Commenting on the award, Marcus Kern, co-founder, and CEO of CFT Group said: “We are delighted to receive this award and are very proud to be recognised this early into our journey. 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.”

He adds; “We are currently developing our merchant take-up programmes across the UK. We are testing the platform with our early adopters — young people, self-employed and those on irregular incomes, as well as house sharers and couples, before launching to a wider audience later this year.”

CFT Group is based in Liskeard, South East Cornwall, it has secured more than half a million pounds of European Regional Development 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 even more recruitment later this year.

If you would like to read more about the company or follow their story click here.