Forging partnerships is key to any growth strategy as a fintech, whether it be with a large banking institution, SME, or another provider.
Of course, each partnership a fintech embarks on depends on its business model.
Notwithstanding their nature, though, partnerships are vital in today’s world of rapidly expanding digitalisation. No one business can do everything alone.
We speak to Central Payments EVP & GM Eric Cotton, and Head of Fintech & Growth at Fiserv Sunil Sachdev, on the importance of partnerships to achieve growth. After all, both companies are partnered with each other.
Growth & Partnerships
On the rapid rise of partnerships in the industry, Sachdev says: “There is a lot of convergence happening in the marketplace.
“Historically, we’ve sold technology to financial institutions and merchant ecosystems. Now what we’re seeing with the API economy and embedded finance is convergence.
“People are looking to embedded finance services and a range of customer-facing experiences. This means a lot more partnerships for the industry.”
Cotton agrees: “All the different applications to which you can now apply a payments product is becoming so large. It’s growing every day.
“Payments are getting embedded with companies in industries that perhaps didn’t even exist a few years ago.
“If you look at new industries popping up with the payments lens they have, what you find is a lot of businesses fit together very well as partners, which is what we have in the partnerships between Central Payments and Fiserv.”
To watch any of our other speakers from Fintech LIVE New York, and our interviews from Money20/20 Europe, click the link HERE.