Currency cloud bank12/5/2023 ![]() ![]() So, it can be a B2B marketplace or a lending firm - anyone who wants to integrate and own the customer side of the business when it comes to payments. The other category we call fintech, which is around integrated payments. These are banks under $12 billion, like Brookline Bank in Boston. The first is what we call the mid-tier banking segment. So, exciting brands, digitally native brands and digital transformers.Ĭhallenger banks in the US are less focused on international payments - they're more concerned with middle America and savings. In EMEA, our customers are primarily challenger banks, like Starling Bank and Monzo, and larger banks, like Standard Bank in South Africa and Travelex. Different customer needs for international money transfer We handle the messiness and our customers can service their customers and take all the credit. We never went into this looking to build a big B2C company. When we started in 2008, fintech as an industry was also starting up and a lot of today's really interesting companies were born then. If we could do that via technology, then we can solve a real problem. We always thought that there has to be a better way to service financial customers who were ultimately serving their customers with international payments. Starting with a B2B2X international payments model The following excerpts were edited for clarity. We talk about the nature of different geographies' approaches to fintech and how big tech payment solutions are the biggest threat to banks and fintechs alike. Given the dynamics of the US market, Currencycloud takes a different tack there with clients. Standard Bank, Monese, Starling Bank, Klarna and Travelex are all customers.Ĭurrencycloud Co-founder Richard Arundel moved to the US a couple of years ago to spearhead the UK firm's expansion there. Currencycloud takes a different approach, helping other fintechs, community banks and other FIs to offer international payments and FX. But even if they offer white-label or API solutions, companies like TransferWise are typically more strongly focused on an end customer. International payments and money transfer firms are among the first of this generation's fintech leaders. ![]()
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