Company: Paynetics
Founders: Ivo Gueorguiev and Valeri Valtchev
Website: https://www.paynetics.digital/
About Paynetics
Paynetics was born out of a contrarian view of the payments market that led the team to the intersection of digitalisation, mobiles and the democratisation of payments. The founders felt that the way forward is being able to provide all payment services under the same roof in a scalable way. Paynetics are now among the emerging leaders in the embedded finance space in Europe. As a dual-regulated e-money institution with EMI licences in both the European Union and the UK, Paynetics is uniquely positioned to support pan-European players.
Paynetics helps its customers create and deploy embedded finance programs internationally and integrate payment solutions in a business offering seamlessly. It commands one of the widest product ranges in the industry to include card issuing, banking-as-a-service, card acquiring, open banking, accounts and transfers. Paynetics understand the importance of regulation and compliance. That is why anti-money laundering, fraud monitoring and compliance are all part of the offering.
Raising capital is a challenge many businesses face. Paynetics have taken an unconventional path with its funding. Paynetics is boot-strapped and has largely self-funded its venture, which has sometimes been a painful learning experience, but it did allow Paynetics to embark on a journey of experimentation and innovation.
Paynetics also took a contrarian view moving away from the wisdom of being a specialised monoline provider, which has allowed it to serve emerging new players in the payments industry – non-financial companies who have a client base in need of better customer experience. Paynetics learned early on that to be successful, articulating your unique value, competitive edge, market strategy, and team is crucial. To deliver this value to a wider audience, Paynetics then deployed multiple delivery channels covering: API connectivity, SDKs, full white label neobank app and BIN sponsorship. This allowed Paynetics to service a very wide range of partners, whether or not they have the ability and desire to get involved in front end development and the complexity of payments.
Paynetics’ track record shows that impact is truly at the heart of everything it does. For example, the launch of a multiple award-winning white label neo-banking app and the first tokenized cards for business. The app has been deployed in multiple instances:
Three telecom providers including Austria Telecom have launched their neobank proposition using the white label technology and successfully increased revenue and customer stickiness
The first social payments specialised wallet used across German municipalities solving the tough problem of delivering social payments to the unbanked immigrants
Powering the sales and employee incentives solutions of program managers servicing customers like Bosch, Intel and McAfee
The team at Paynetics developed one of the first software POS to empower millions of merchants globally to accept card payments (sold to Ingenico), and held the record for the fastest MDES implementation in Europe.
The platform’s unique approach and flexibility was instrumental for the success of some of the most prominent fintechs in Europe including Payhawk and Weavr. However, innovation on its own is not enough. Paynetics are actively looking at the impact it has on society and are revolutionising the way financial services are delivered and consumed with specific focus on financial inclusion, support for SMEs, democratising ESG and driving impact innovation. For example, its recent acquisition of Novus, a B-Corp-certified digital bank in the UK reflects Paynetics’ belief in the power of people to transform the world. Paynetics offers a scalable way for users to monitor their carbon footprint and earn cashback for sustainable purchase choices through its app. Ultimately, the aim is to create a future where clients are empowered to grow while having a positive impact on the environment.
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