Payments company Monavate is launching a new Supply Chain Payments division with the aim of innovating vertical-specific payment solutions targeted to businesses in sectors such as travel.
The UK-based fintech will seek out industries where legacy payment systems create friction and increase risk. Monavate will aim to bring “simplicity and clarity” to these B2B operators, and has appointed experienced payments leader Anant Patel to lead the new division as a sign of its intent.
He joins Monavate after almost two years as President of International Markets at ConnexPay, a US-headquartered payments fintech that connects payment acceptance and issuance for marketplaces and intermediary companies. In a career spanning over two decades, Patel has also been a Vice President at Mastercard Worldwide, a Senior Manager at Capital One, and spent almost three-and-a-half years in VP roles for commerce platform WEX.
Monavate says Patel will “bring his unique expertise in fintech, embedded finance and supply chain payments technology” to the fore in his new role, as the company strives to alleviate the burden faced by companies shackled by inefficient payment technologies. The scope of the opportunity is plain to see: in the travel sector alone, online travel agencies (OTAs) and intermediaries are battling legacy payments infrastructure despite their industry being worth over US$1.5tn in volume every year.
Monavate aims to ‘drive innovation in supply chain payments’
“In today’s dynamic business landscape, where the global B2B payments market ranges from US$100tn to US$150tn, there is a growing need for efficiency, innovation and a departure from outdated workflows and practices that pose barriers and add risk to businesses,” explains Anant Patel, the new President of Supply Chain Management at Monavate.
“My decision to join Monavate is rooted in my first-hand experience as one of their valued customers. Throughout this journey, I have witnessed the exceptional culture at the organisation, making it a place where excellence flourishes. Together, we will drive innovation and create solutions in supply chain payments, empowering businesses across the globe to thrive in an ever-evolving market.”
“Monavate stands for simplifying the payments technology and strategic choices needed in the path to market for innovative, ambitious businesses,” adds Michael Rolph, Chief Executive Officer of Monavate. “We have built, and will continue to build, a composable payments infrastructure platform that removes hurdles, frees businesses from inefficiencies, and helps them gain efficiency and tap new revenue streams.
“I welcome Anant to the Monavate team; we’re all excited by what comes next, as we scale our tech and make it available to more clients, new products, and new markets."
Please also take a look at our upcoming virtual event, FinTech LIVE London, coming on 8-9 November 2023.
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