Underpay launches in UK to revolutionise UK payments landscape

In a move to propel account-to-account payments into the mainstream, Underpay has officially launched in the UK, marking a significant shift from the single-digit adoption rates that have plagued online retail for years.

Underpay's approach is deeply rooted in a consumer-first philosophy. By tailoring both its product and business model to address the fundamental question of why consumers should choose Open Banking over conventional card payments, Underpay seeks to unlock the substantial benefits of this technology, including reduced fees, instant access to cash flow, and elimination of chargeback risks.

Dima Tarasenko, Co-Founder and Co-CEO, emphasises the simplicity of consumer desires: “Consumers seek the cheapest, fastest, and safest way to pay, while merchants aim to sell easily and increase sales. The technology becomes crucial only in the context of serving these goals."

Initially focusing on growth-oriented direct-to-consumer (D2C) brands targeting young consumers, Underpay is tapping into a market where credit cards are losing appeal. With a strategic focus on the debit spending segment, Underpay introduces a "no-strings-attached rewards on debit purchases" scheme. Users can seamlessly pay with any of the 20+ major UK banks via Underpay and earn 1% back in Underpay points.

Founded in early 2023 by former fintech innovators Dima Tarasenko and Melanie Asor, Underpay secured £200k in angel investment, catapulting its pre-seed stage valuation to £2 million. The company has already generated substantial consumer interest, amassing thousands of sign-ups to their waitlist. As a testament to their rapid growth, Underpay recently became a Shopify Payment Partner with direct integration, launching its payment method in collaboration with multiple merchant partners just last week.

Looking ahead, Underpay is poised for aggressive expansion within its merchant network, challenging the conventional payments landscape.

Founder Melanie Asor envisions “a future where Underpay not only provides a credit-free alternative to millions but also empowers merchant partners to reach new audiences and grow their businesses."

In an era where the consumer credit system is deemed fundamentally broken, Underpay emerges as a disruptive force, offering a genuine alternative for consumers while revolutionising the payment industry.

Startup Details

Startup Details



Underpay provides digital payment services for e-commerce merchants and shoppers.

  • Headquarters Regions
    United Kingdon
  • Founded Date
  • Founders
  • Operating Status
  • Number of Employees