We process all kinds of payments, from Visa and MasterCard to complex cross-border payments. We allow our customers to accept payments all over the world using a single system.
Many of the traditional players in this industry have been built through M&A. Vantiv for example bought WorldPay, which also acquired four companies before that.
When technology is built up from multiple sources across multiple philosophies over a period of time, it will always be hard for it to be as cohesive as possible. Our first ever developer is still with us: we have consistency and full control, something which is replicated in our technology.
One advantage is that we process the fastest transactions in this business . For companies like TransferWise, which has millennial customers, speed is very important. Merchants also have access to data and insight into why a transaction failed.
We’ve moved further down the payments value chain now. Between the merchant and Visa or MasterCard there is basically nobody else but us. We are the payments gateway, the licensed financial institution and the authorisation platform.
"Regulatory changes create opportunity for agile companies like ours. We have three lawyers in-house so that we can help our customers to be compliant while remaining profitable."
We build the features that our clients ask for, and in return, we ask that whatever we build is not on an exclusive basis. For example, TransferWise asked us to pull in forex rates in real time for their Eastern European business. It was a specific product for them, but we’ve now built it into the wider system. We’re also building a marketplace product now, so that customers like Deliveroo can organise payments through us.
Regulatory changes create opportunity for agile companies like ours. We have lawyers in-house so that we can help our customers to be compliant while remaining profitable.
We are happy to be the silent partner behind our merchants. We’re not like PayPal, which is consumer facing. We’re truly B2B. Merchants have a love/hate relationship with PayPal because it owns the relationship with the customer rather than the merchant.
We plan to become the bank of the future, empowering digital commerce. We will be looking to get a banking license, possibly in the UK, depending on the outcome of Brexit. We currently have eight offices around the world so we could expand to other geographies, or we could focus on creating new products and expanding our existing customer base. Ultimately, we’re not VC backed, so we can go at our own pace. We make money on every single transaction right now, so we’re in a great position to grow.