Thiel-backed fund Valar seeds British payments start-up

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Thiel-backed fund Valar seeds British payments start-up
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Atoa Payments, which said it helps merchants and consumers by bypassing Visa and Mastercard, has raised about £5m from backers including Peter Thiel’s Valar Ventures, Sky News learns.

A fund backed by Peter Thiel, one of the world’s most prominent technology investors, is injecting fresh funding into a British payments start-up which aims to compete with credit card giants Visa and Mastercard.

Sky News has learnt that Atoa Payments will announce on Friday that it has closed a $6.5m seed funding round. The round is being led by Valar Ventures, which counts Mr Thiel, the PayPal co-founder, among its backers. Valar previously took stakes in companies such as Wise, the London-listed money transfer business, and N26, the German digital bank.

Mr Thiel is well-known as a Republican-supporting billionaire who, like Tesla's Elon Musk, has developed a reputation as a radical thinker about the future of technology.

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