How Flyfish Aims to Address Financial Fragmentation for SMEs

The fragmentation of business banking services has long been a friction point for small and medium enterprises (SMEs) operating in global markets. Companies typically maintain relationships with multiple financial institutions, payment processors and foreign exchange providers to conduct their operations, leading to increased administrative overhead and reduced operational efficiency.

This fragmentation has particular impact in the UK and European markets, where cross-border trade requires businesses to navigate complex regulatory environments and maintain banking relationships in multiple jurisdictions. Traditional banks have been slow to address these challenges, creating space for financial technology firms to develop alternative solutions.

The emergence of Banking-as-a-Service (BaaS) platforms and embedded finance solutions has begun to reshape how businesses access financial services. These platforms enable companies to integrate banking services directly into their operations without establishing separate relationships with multiple providers. However, many of these solutions remain limited in scope, focusing on specific services rather than providing comprehensive financial infrastructure.

Aimed at tackling this issue, Flyfish – a financial technology company that operates a platform for business banking services – has developed a marketplace model that aims to consolidate access to multiple financial services through a single point. The company’s approach differs from traditional banking aggregators by providing a unified onboarding process and integrated compliance framework, addressing key pain points in business banking.

Flyfish’s foundation stems from serial entrepreneur Michael Zetser's previous experience in the startup sector. As he identifies, a series of fundamental challenges in the current business banking landscape led to the company’s formation. “The idea behind Flyfish arose from recognising several gaps in the market. For starters, while there are many financial services available, SMEs often have to manage multiple platforms for different but basic financial tasks such as payroll, international payments and expense tracking,” he says.

“Flyfish was founded to provide an all-in-one platform that integrates these essential services into a single, seamless interface, saving businesses time and costs and reducing complexity​.”

The fragmentation of financial services creates particular challenges for SMEs seeking to expand internationally. Michael elaborates: “Based on the traditional banking model, businesses need to explore many financial providers to eventually find all the financial solutions they are looking for. This is called financial fragmentation. Businesses sometimes go through the tedious onboarding process only to be rejected without knowing the reasons for that rejection.”

Flyfish: A unique proposition

The recruitment of key executives shaped the company's early development. Chief Financial Officer Savvas Pashias, who previously served as CFO of Ancoria Bank and Group CFO and Executive Director at Oval Money, joined after recognising the platform's potential. “Michael made a profound impression on me the first time I met him, his clear vision for Flyfish and his unwavering dedication to realising this were key factors in my decision to join the team.”

“The Flyfish product proposition was truly unique – on one hand it was about developing the world's first marketplace for financial services, and on the other, it was about striving to provide tailored financial solutions for every customer, regardless of their background or complexities. This commitment to financial inclusivity and drive to empower individuals to be freed of traditional banking barriers resonated deeply with my values.”

As Michael explains, the company's mission extends beyond traditional banking services. “Flyfish’s mission centres on creating an inclusive and accessible financial ecosystem that empowers businesses to effectively manage their financial operations. We aim to bridge the gap in the financial services industry by providing tailored solutions that cater specifically to the diverse needs of businesses, regardless of their size or complexity."

This approach represents a fundamental shift in how businesses access financial services. “Flyfish's platform allows companies to easily compare and access various financial products and services, enabling informed decision-making,” he says. “We emphasise customisation by delivering personalised financial solutions that address the unique challenges businesses face, particularly those that may be underserved by traditional banking institutions.”

Platform architecture and service integration

At the core of Flyfish’s offering sits UniFi, a platform that represents a departure from traditional approaches to business banking infrastructure. The system consolidates multiple financial services – including banking, payments, currency exchange, cryptocurrency transactions and expense management – into a single platform.

Shay Merary, Chief Business Development Officer at Flyfish, outlines the platform’s capabilities: “Our UniFi platform empowers companies with a seamless way to handle international, multi-currency transactions, offering dedicated IBANs for each account so businesses can operate across regions without opening separate accounts in each location.”

The integration of multiple services creates operational efficiencies for businesses operating across borders. “Through a centralised dashboard, businesses have access to a comprehensive range of payment tools, including virtual and physical debit cards, which support efficient payroll processing, expense management, and various financial transactions,” Shay explains. “This all-in-one approach simplifies financial operations by consolidating these functions into a single interface.”

As Michael highlights, by integrating cryptocurrency and currency conversion capabilities, UniFi offers businesses flexibility in handling transactions across both traditional and digital currencies. “In addition, real-time analytics and reporting tools are embedded within the platform, enabling companies to unify data from multiple financial sources. This allows for immediate insights and better-informed decision-making without the hassle of pulling data from a number of sources​,” he says.

This approach to currency management provides practical benefits for businesses managing international operations. “Companies can hold balances in multiple currencies, making it easier to time currency conversions according to favourable exchange rates. This flexibility is crucial for businesses that handle high volumes of cross-border transactions, as it minimises exposure to currency fluctuations and allows for more predictable financial planning,” says Shay.

For financial institutions partnering with the platform, UniFi offers significant operational advantages. “The integration process is facilitated by Flyfish's flexible tech infrastructure, allowing partners to incorporate UniFi's tools into their current workflows without extensive redevelopment,” Shay notes. “The platform includes a suite of APIs that enable smooth interoperability between UniFi and partner systems, allowing data to flow easily for functionalities like real-time reporting, payment processing, and customer onboarding.”

As Savvas outlines, the platform’s approach to data analytics and reporting sets it apart from traditional banking interfaces. “Our business partners can access a broad range of real-time analytics and reporting features that reveal trends and customer behaviour insights. This enables them to tailor their services more effectively to meet specific business needs, such as offering targeted payment solutions or multi-currency account options based on usage patterns observed within the platform.”

Technology infrastructure and security measures

As financial technology platforms handle increasingly sensitive data, the infrastructure supporting these systems must meet stringent security requirements while maintaining operational efficiency.

Flyfish’s approach to security therefore encompasses multiple layers of protection, starting with data transmission. “Flyfish ensures data security and privacy through a combination of advanced encryption, regulatory compliance and stringent access controls,” explains Michael. “To protect data during transmission between UniFi and partners' systems, Flyfish uses encryption protocols such as TLS, which safeguard sensitive information and prevent unauthorised access during exchanges between integrated systems.”

The platform’s security framework also extends beyond encryption to include comprehensive access management. “We employ strict access controls to limit data access to authorised personnel only, using multi-factor authentication (MFA) and role-based access protocols to protect sensitive information within our ecosystem,” he notes. “Flyfish also incorporates robust identity verification processes to authenticate users and prevent unauthorised access to sensitive data. These compliance measures reduce the risk of data breaches and reinforce trust between Flyfish, its partners and end-users​.”

Regulatory compliance also forms another central pillar of Flyfish’s security architecture. “The platform adheres to industry standards and regulatory frameworks like GDPR, ensuring that all personal data is handled and stored according to strict privacy requirements,” Michael explains.

The implementation of comprehensive audit trails provides an additional layer of security oversight. “By aligning with partners' privacy policies and implementing comprehensive audit trails, we ensure both transparency and accountability, helping partners maintain data integrity while enhancing operational security across integrated systems.”

Shaping the future of digital banking

As the financial technology sector continues to evolve, Flyfish’s development strategy reflects broader shifts in how businesses access and manage financial services. The company's approach to future development encompasses multiple dimensions, from technological advancement to regulatory adaptation.

Savvas outlines a comprehensive vision for the platform’s evolution. “The UniFi platform is certain to evolve into an increasingly versatile and technology-driven financial management solution to meet future market demands,” he says. “One key area of evolution we are already considering is greater integration with decentralised finance (DeFi) and blockchain technologies. This integration will enable businesses to manage crypto assets, engage in DeFi ecosystems and monitor blockchain-based transactions.”

The integration of artificial intelligence (AI) represents another key development area. “As financial operations become more complex, AI and machine learning can play a central role in automating routine processes like expense tracking, invoice management and compliance reporting,” Savvas explains. “Predictive analytics will allow UniFi to offer businesses insights into cash flow trends, risk analysis and anomaly detection, helping companies make data-informed decisions quickly and efficiently.”

Michael, meanwhile, sees several major trends shaping the company’s trajectory. “Flyfish’s future will most likely be shaped by several major trends in digital banking, each of which aligns with our strategy on the development and features of the UniFi platform,” he says. “For instance, the growth of decentralised finance and blockchain will allow Flyfish to expand into crypto asset management and blockchain-based transactions, catering to a tech-savvy clientele and adding flexibility for businesses involved in both traditional and digital finance.”

"The rise of embedded finance – embedding financial services directly into non-financial platforms – presents another significant opportunity for Flyfish,” he notes. 

Customisation and integration capabilities form another key development focus. Shay outlines the vision: “Enhanced customisation and integration with third-party tools are anticipated as UniFi strives to meet diverse client needs. Future iterations of the platform could allow for deeper personalisation, where businesses can customise dashboards, receive industry-specific insights and integrate seamlessly with tools such as accounting, payroll and CRM software.”

The strategic focus extends to partnership development. “Flyfish's strategy includes expanding partnerships with established institutions and tech-forward brands to enhance visibility and trust in diverse sectors, from sports to digital wallets,” Savvas notes. “We will also continue to invest in AI and machine learning technologies, both of which are essential for adapting quickly to global regulatory changes and economic shifts.”

As the future of digital banking continues to evolve, Michael sees Flyfish playing a central role: “Enhanced customisation and integration with third-party tools are also anticipated as UniFi strives to meet diverse client needs. Future iterations of the platform could allow for deeper personalisation, where businesses can customise dashboards, receive industry-specific insights, and integrate seamlessly with tools such as accounting and CRM software.”

Explore the latest edition of FinTech Magazine and be part of the conversation at our global conference series, FinTech LIVE. 

Discover all our upcoming events and secure your tickets today.

FinTech Magazine is a BizClik brand