FinTech is booming and many of the really exciting developments are happening in the payments world. In the run up to Payments International 2017 we will be highlighting the payments start-ups we think you should be watching. In our first installment, we feature:
- Nick Ogden, Founder, ClearBank
- Céline Lazorthes, CEO, MangoPay
- Maria Flybjerg Bo, Co-Founder, Hufsy
- Julian Sawyer, Chief Operating Officer, Starling Bank
- Stuart Gregory, Head of Business, TransferWise
The first clearing bank in 250 years to enter the UK market ClearBank is bringing new competition to the market (in 1960 there were 16 clearing banks in the UK; now it is 5). ClearBank will be a clearing bank for banks, FIs and FinTechs. Simon Kirby MP, Economic Secretary to the Treasury said ClearBank “will play an important role helping challenger banks access the services they need to do business, so they can compete effectively with the big players and deliver the benefits of greater choice and value for consumers and businesses.” Nick Ogden, founder and executive chairman of ClearBank, states it “was built specifically to create competition and aims to change the market dynamics radically”. He adds: “With the improved efficiency delivered by ClearBank’s built-for-purpose technology, between £2 billion and £3 billion could be saved from the annual costs that are paid for transactional banking in the UK”.
Nick Ogden, Founder, ClearBank will be at Payments International 2017, speaking about how banking as a service will change the FinTech landscape. More here >>
In 2009, Céline Lazorthes founded Leetchi, a platform for groups of friends, families or work colleagues to collect pots of money to save for gifts, holidays; group outings etc. She discovered that there weren’t easy-to-use tools for handling third-party payments that were compliant with EU regulations so she had to build a solution from scratch. Having built the solution for Leetchi other companies facing a similar problem approached Lazorthes so she saw a chance to open up Leetchi’s payments infrastructure to others through an API that would allow them to white-label the service and present it in customized form on their own platforms’ dashboards – and so MangoPay was born. The big growth for MangoPay is now coming from FinTechs which many say the incumbent banking industry has failed to serve. "For banks to truly flourish in a digital world, they need to be open to partnering with innovative players in fintech” says Lazorthes. MangoPay’s API is the underlying payment-handling infrastructure for an increasing number of crowdinvesting and crowdfunding platforms, including GoGetFunding, Property Moose and most recently SyndicateRoom. MangoPay currently has over 1000 business platform customers, and is available in 22 countries across Europe, offering multiple currencies, as well as domestic and international payment methods.
Céline Lazorthes, CEO, MangoPay will be at Payments International 2017 discussing what is next for FinTech & financial services. Will the shift from competition to collaboration continue? How can FinTechs & incumbents work together to the benefit of all? More here >>
Hufsy aims to reinvent banking by creating a tailored platform for start-ups and small businesses. It offers a one point entry making it easier and faster to handle finances. There are several exciting elements to Hufsy. One is to give start-ups a better overview of their finances. Like a fitness tracker tracks the user’s health, Hufsy makes it possible to track a business’ financial health. They want to make banking easier, more transparent and offer a one point entry to handle all business financial needs.This will be done by offering a marketplace solution where start-ups can integrate Hufsy with accounting, payroll systems or even non-financial tools such as Dropbox. For example integrating with the accounting system automates transaction synchronisation with the bank account. Furthermore, they are harnessing AI to give users accurate financial analytics, providing an overview of the business. CXO at Hufsy, Maria Flyvbjerg Bo “Hufsy is a banking platform and financial tool for start-ups, developed by a start-up. We know the pain of handling finances, doing accounting and reporting tax, which is why we believe we can do it better than the traditional banks.”
Maria Flybjerg Bo, Co-Founder, Hufsy will be at Payments International 2017 discussing what is next for FinTech & financial services. Will the shift from competition to collaboration continue? How can FinTechs & incumbents work together to the benefit of all? More here >>
Starling Payment Services launched on May 8 to offer banks, payments service providers and FinTechs access to the UK’s major payment schemes, including access to Faster Payments, allowing Starling’s customers to send and receive digital money instantly. The speed and convenience provided by this service is usually only available to the very few banks that are members of the Faster Payments Scheme. Starling’s objective is to open Faster Payments using Starling’s own API-driven, real-time technology so more people benefit. Later in 2017, SEPA payments will also become available enabling Euro payments to be made through Starling. Julian Sawyer, COO at Starling Bank, said: “We believe that payments should be open, connected and always done in real time. Using our APIs, our clients will be able to quickly integrate into the UK Payments ecosystem and we are delighted that we have commenced on-boarding customers to the service. We’re opening up our Starling Payments Services at lower costs and better service than traditional providers, so that those companies and institutions who need access can have access.”
Julian Sawyer, Chief Operating Officer, Starling Bank will be at Payments International 2017 discussing what is next for FinTech & financial services. Will the shift from competition to collaboration continue? How can FinTechs & incumbents work together to the benefit of all? More here >>
TransferWise offers a peer-to-peer foreign exchange service and it is one to watch for the way it is disrupting the financial exchange industry to give power back to the consumer. Kristo Käärmann and Taavet Hinrikus, founders of TransferWise, were horrified by hidden bank fees and exorbitant exchange rates so they invested in their idea that peer-to-peer financial services are where the future lies for financial exchange – by embracing the power of the community, those who want to swap currency do not have to use the bank. TransferWise’s peer-to-peer technology connects and converts currencies seamlessly. It's all done at the real mid-market rate, saving you up to 89% in comparison with traditional services. Now TransferWise is launching Borderless, to offer cross-border bank accounts. For the first time will hold money on deposit for its customers and provide them with bank account numbers in several countries. The company also plans to supply customers with debit cards to spend their cash overseas. Taavet Hinrikus said the move was a “logical extension of our services”.