We’re available from 9 am to 6 pm on weekdays. Contact Us.
Ian Parke, CEO FIN-PAY: “Our mission is to remove friction for all parties in the payments journey”

The Australian start-up FIN-PAY won the Mastermind Competition in the Fintech category, as part of ICT Spring Europe in Luxembourg (September 14-15). Our team recently met with its CEO, Ian Parke.

FIN-PAY is the world’s only unified payments platform. Globally they deliver merchants the freedom and choice to accept any form of payment from customers using a simple app. It’s a simple solution to a global problem. Their vision is to enable merchants’ livelihoods no matter where or how they live and work. Ian Parke Ian tells us more about the company and its future.

What are the next projects/goals for FIN-PAY?

Ian Parke: Following successful beta tests and integrations with 18 payment service providers (PSPs) around the world, we are currently working towards the launch of the FIN-PAY app on the Google Play and Apple App stores in late 2021.

We are also preparing for the next phase of FIN-PAY’s global growth, with a medium-term horizon of two years that will see us launch our product and establish partnerships and channels to market globally. Our global rollout is well underway, with expectations that our product and solutions will be in-market with offices servicing Asia Pacific, the Middle East, North Africa and Europe within the next 12 months. Beyond that, we plan to launch in Latin America and North America in 2022.

FIN-PAY has subsequent capital raises earmarked for 2022 to further accelerate our expansion into new markets.

What is the biggest challenge that the FinTech industry is facing right now?

I. P.: The FinTech industry is noisy and highly fragmented, with many players competing for their slice of the pie. We’ve gone through the disruption phase, in which the banking and finance industry was shaken up by early fintech entrants and spurred into digital transformation.

We’re now entering the reformation phase, where the biggest challenge is to live up to the hype plus secure the trust of consumers, merchants and partners. Essentially, the FinTech industry must ensure products and services measure up to the expectations of the digital age.

There are several elements underpinning this: efficacy, reliability, ease of use, and security.

At FIN-PAY, we are taking on this challenge by focusing on enablement. Our mission is to remove friction for all parties in the payments journey, enabling merchants to accept any form of digital payment, and consumers to pay however they choose. This requires both a simple and effective solution, as well as a commitment to obtaining the necessary security certifications and complying with the regulations in each market in which we operate. At the end of the day, merchants should be confident that all those boxes have been ticked so that they can get on with their business.

What are the main struggles you encountered when starting your business?

I. P.: FIN-PAY was founded during a black swan event which created an enormous opportunity to transform how merchants accept payments, but at the same time has presented challenges to high growth businesses like FIN-PAY.

What we’ve done to address these challenges is built a model that puts collaboration at its centre. Our team works across borders and timezones to deliver solutions to merchants that enable them to rapidly and cost effectively accept payments, regardless of the method.

Key to our growth has been securing early-stage funding, with a view to further capital raising in the coming 12 months to support the expansion of our business globally.

How did Mastermind Competition help to bring additional value to your business?

I. P.: As an emerging global company, the international recognition and exposure we’ve gained through the Mastermind Competition is invaluable to FIN-PAY.

The opportunity to present our ideas to global experts and meet with the other incredibly talented entrepreneurs and promising startups in the 2021 Mastermind cohort will surely help to accelerate our business.

For further information melissa.donnelly@finpay.co

Read more about the Mastermind Competition HERE