Tunic Pay Company Profile

Background

Overview

Tunic Pay is a London-based fintech startup founded in 2023, dedicated to combating Authorized Push Payment (APP) fraud by providing banks and financial institutions with real-time payment intelligence. The company focuses on recipient verification and payment conditionality to enhance the security of real-time payments.

Mission and Vision

Tunic Pay's mission is to rebuild trust in digital payments by preventing scams before they reach consumers, thereby reinforcing confidence in every transaction. Their vision is to create a financial system that is fast, connected, and secure, ensuring that real-time payments do not equate to real-time fraud.

Primary Area of Focus

The company specializes in fraud prevention within the payments sector, offering solutions that enable banks to flag scams early, clear genuine payments instantly, and stop fraud before customers feel the impact.

Industry Significance

In the UK, scams account for 40% of all financial crime, making the need for effective fraud prevention solutions critical. Tunic Pay addresses this pressing issue by providing innovative tools that protect consumers and financial institutions from the evolving landscape of payment fraud.

Key Strategic Focus

Core Objectives

Fraud Prevention: Develop and implement solutions that proactively identify and prevent APP fraud.

Real-Time Payment Security: Enhance the security of real-time payments to build consumer trust.

Data-Driven Insights: Utilize data analytics to provide actionable insights for fraud detection and prevention.

Specific Areas of Specialization

Recipient Verification: Ensuring the legitimacy of payment recipients to prevent fraudulent transactions.

Payment Conditionality: Implementing conditions that must be met before a payment is processed, adding an extra layer of security.

Key Technologies Utilized

Real-Time Risk Assessment Engines: Ultra-low latency engines that provide instant payment risk insights.

Data Analytics Platforms: Tools that analyze transaction data to detect emerging scam patterns.

Behavioral Science Integration: Incorporating behavioral insights to understand and mitigate fraud tactics.

Primary Markets Targeted

Banks and Financial Institutions: Particularly those offering real-time payment services.

Neobanks and Fintech Companies: Organizations seeking to enhance payment security and fraud prevention.

Expense Management Companies: Businesses like Pleo that handle financial transactions and require robust fraud protection.

Financials and Funding

Funding History

Tunic Pay has secured backing from several prominent investors, including LocalGlobe, Avid, Box Group, Point72, and Flourish. The company has also been recognized in the Startups 100 list, highlighting its potential and growth in the fintech sector.

Total Funds Raised

Specific details regarding the total funds raised by Tunic Pay are not publicly disclosed.

Recent Funding Rounds

Information about recent funding rounds, including amounts and dates, is not publicly available.

Notable Investors

LocalGlobe: A venture capital firm known for investing in early-stage companies.

Avid Ventures: A venture capital firm focusing on early-stage investments.

Box Group: A seed-stage venture capital firm.

Point72 Ventures: The venture capital arm of Point72 Asset Management.

Flourish Ventures: A global venture fund investing in financial services.

Intended Utilization of Capital

While specific details are not publicly disclosed, the capital raised is likely intended to:

Product Development: Enhance and expand fraud prevention solutions.

Market Expansion: Extend services to additional financial institutions and regions.

Operational Scaling: Support the growth of the team and infrastructure to meet increasing demand.

Pipeline Development

Key Pipeline Candidates

Tunic Pay's primary focus is on developing solutions that address various typologies of APP fraud, including:

Phishing Scams: Fraudulent attempts to obtain sensitive information by disguising as trustworthy entities.

Impersonation Scams: Fraudsters posing as legitimate organizations to deceive individuals into transferring funds.

Investment Scams: Deceptive schemes promising high returns to lure individuals into fraudulent investments.

Stages of Development

Tunic Pay is in the active development phase, working closely with UK banks and neobanks to implement and refine its fraud prevention solutions. The company is also focusing on expanding its product offerings to address a broader range of fraud typologies.

Target Conditions

The company's solutions are designed to prevent fraud in real-time payment systems, particularly those susceptible to APP fraud.

Relevant Timelines for Anticipated Milestones

Specific timelines for product releases and milestones are not publicly disclosed.

Technological Platform and Innovation

Proprietary Technologies

Real-Time Risk Assessment Engine: An ultra-low latency engine that provides instant payment risk insights, enabling real-time fraud prevention.

Behavioral Analytics Tools: Platforms that analyze transaction data to detect emerging scam patterns and adapt to evolving fraud tactics.

Significant Scientific Methods

Behavioral Science Integration: Incorporating behavioral insights to understand and mitigate fraud tactics, enhancing the effectiveness of fraud prevention strategies.

Leadership Team

Key Executives

Nicky Goulimis: Co-founder of Tunic Pay, previously co-founded Nova Credit, helping millions of immigrants access credit, raising over $150M, and partnering with financial institutions including Amex and HSBC.

Nico Barawid: Co-founder of Tunic Pay, founded and was CEO of Casai, Latin America’s largest hospitality startup, where he scaled operations across Mexico and Brazil, raised $50M+, and served over 100K customers.

Leadership Changes

As of November 2025, there are no publicly disclosed significant changes or appointments within Tunic Pay's leadership team.

Competitor Profile

Market Insights and Dynamics

The market for fraud prevention in real-time payments is growing rapidly, driven by the increasing prevalence of APP fraud and the need for secure digital transactions. Financial institutions are seeking innovative solutions to protect consumers and maintain trust in digital payment systems.

Competitor Analysis

Tunic Pay operates in a competitive landscape with several key players:

Checkout.com: A global payment solutions provider offering fraud prevention tools.

dLocal: A cross-border payment platform with fraud detection capabilities.

Unit21: A fintech company specializing in financial crime detection and prevention.

Strategic Collaborations and Partnerships

Tunic Pay has established partnerships with leading UK banks and neobanks, enabling the deployment of its fraud prevention solutions and facilitating the exchange of anonymized insights to detect emerging scam patterns in real time.

Operational Insights

Tunic Pay differentiates itself through its focus on recipient verification and payment conditionality, addressing the root causes of APP fraud. The company's integration of behavioral science into its fraud prevention strategies enhances the effectiveness of its solutions.

Strategic Opportunities and Future Directions

Tunic Pay aims to expand its product offerings to address a broader range of fraud typologies and to extend its services to additional financial institutions and regions. The company's commitment to innovation and collaboration positions it well to lead in the fight against payment fraud.