Startup spotlight: Paybase is democratising payments
FinTech Magazine catches up with the CEO of Paybase, Anna Tsyupko, who tells us what differentiates the UK fintech from its competitors.
2020 has already kicked off to an exciting start in the European fintech industry, with N26’s exit from the UK market, Mastercard’s first European Cyber Resilience Centre and Curve’s expansion to the US. As a number of European fintechs move to consolidate their position in the continent, we catch up with Anna Tsyupko, CEO of the UK financial service Paybase, who details the company’s plans for 2020.
Hi Anna. Could you tell me a little bit about Paybase in your own words?
At Paybase, we have an ambitious mission. We want to empower businesses to design the economies of tomorrow by providing payments, compliance and risk management to those who need more than a simple one-to-one gateway and acquirer payments framework. As a licensed Electronic Money Institution (EMI), we work with businesses at any stage of development in the platform economy (e.g. online marketplaces, gig/sharing economy platforms), FinTech and blockchain spaces. We provide these businesses with critical out-of-the-box flexibility required to build their payments flows as well as funds custody and full regulatory cover.
Our solution enables our clients to focus on innovation, refining their product/market fit and standing out in the saturated platform, FinTech and blockchain markets. At Paybase, we’re democratising the payments industry, enabling businesses of any size to leverage payments to disrupt their industries.
What gives Paybase its competitive edge?
Traditional payments providers do not have the technological bandwidth to sufficiently serve modern business models - i.e. the platform economy, FinTech businesses and blockchain businesses - and modern providers who are able to route payments between multiple parties either offer a limited off-the-shelf solution or require costly custom development. For many businesses starting out, this is unfeasible for their budget.
But at Paybase, we have combined the best of both worlds. Our Rules Engine is designed with state-of-the-art technology and it is one of our flagship features. Using an if-this-then-that framework, our clients can access infinite customisable capabilities without the need for costly custom development. Reducing fees on a seller’s birthday, refer-a-friend rewards, loyalty programmes and percentage reductions are just a few examples. With this technology, we enable our clients to match their payments flow exactly with their product flow - and do so seamlessly.
What was your last major award?
In December 2019, the Paybase Risk Suite was awarded Outstanding New Product in the first-ever Tackling Economic Crime Awards (TECAs). The awards are designed to be both independent and inclusive, providing an opportunity for outstanding performers, whether buyers or suppliers, to be recognised and their success to be celebrated.
We were awarded for our Risk Suite, a sophisticated financial crime prevention framework and Customer Due Diligence Processor. The Risk Suite is comprised of three components - the Risk Engine, the Rules Engine and the Onboarding Engine. It enables our clients to collect and analyse any relevant information about their users, safeguarding them against the increasingly prevalent threat of financial crime in payments. Furthermore, our dynamic approach to Due Diligence is uniquely suited for customers either utilising a two-sided marketplace or those seeking a dynamic framework to cater to both commercial and retail users.
What can we expect from Paybase in 2020?
We’re excited to be raising our next funding round in the coming months. The investment will both fuel our continuing growth as more clients are integrated into our system and help to fund our future European expansion, which will bring us closer to achieving our mission of empowering businesses to design the economies of tomorrow.
About Anna Tsyupko
Anna Tsyupko is the CEO and co-founder of the B2B payments company, Paybase. Anna manages the overall direction and strategy at Paybase, working closely with clients and suppliers whilst overseeing all aspects of the business. Before founding Paybase she held positions in private equity, after receiving her BA from the University of Oxford and Masters from the University of Cambridge.
She has also recently been named one of the finalists for the Women in Payments Innovation Award.
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