Founded in 2018, QUID is a Toronto-based fintech startup headed by Google veteran Mohit Muthanna Cheppudira and Kevin McCall, with backing from Relay Ventures and Mistral Venture Partners. The company announced today that it has launched its core offering, a modern payment platform with a focus on micropayments.
The platform is the first of its kind in Canada. Aimed at users looking to monetize online content without resorting to advertising or subscription plans, QUID makes it possible for podcasters, writers and bloggers, nonprofits and developers to accept payments as low as 1¢ for articles, podcasts, and donations.
"Today's consumers are fatigued by subscription-overload, and content creators need predictable ways to expand their digital revenue, beyond schemes such as ads and subscriptions," said Cheppudira, QUID’s Chief Executive Officer. "QUID unlocks a whole new revenue model – giving creators the means to turn many small revenue streams into a much bigger one. Now it makes sense for content creators, service providers and publishers to transact in much smaller amounts, because they can accept payments under a dollar without the impractically expensive transaction fees."
While most credit card providers charge an average of 30¢ per transaction, QUID has no base per-transaction fee. As a result, QUID is 30% cheaper than other payment processors for transactions under a USD$1.
"There's a growing number of people who want to contribute small amounts to sustainably fund the content and services they consume online," added McCall, Chief Operating Officer at QUID. "We make it effortless for users and creators alike. Our seamless integration tools allow merchants to monetize small transactions with affordable transaction fees. In turn, users can contribute a little, but may be more inclined to convert one-off purchases into long-term subscriptions in the future."