Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Category Archives: Digital, NEO, Open Banking, Open Finance
BCG: APMs Set to Outpace Market Growth by 2X
Payments | Sep 18, 2023
Image: BCG Global Payments 2023 Report
The global payments landscape is on the brink of a major transformation with non-cash alternative payment methods (APMs) to grow twice as fast as the market.
In an era marked by rapid technological advancements, the global payments landscape is undergoing a monumental shift. As we stand at this crucial crossroads, the recent BCG report on Global Payments 2023 'Investor Scrutiny Provokes Moment of Truth' sheds light on the transformative trends shaping the industry. Dive in as we delve deeper into the key takeaways from the BCG report and explore the future of payments.
1. Growth of Alternate Payment Methods (APMs) is pressuring infrastructure providers to diversify
See: Autonomous IoT Transactions and Micropayments
With the global shift towards digitalization, APMs are gaining significant traction. From person-to-merchant transactions to cross-border payments, APMs are expanding their reach. Initiatives like the Immediate Cross-Border Payments (IXB) pilot and the Asian Payments Network (APN) are testament to this growth. As APMs continue to evolve, infrastructure providers must adapt to cater to diverse use cases, from consumer transactions to government payments.
2. Central banks are all over Central Bank Digital Currencies (CBDCs)
Over 90% of central banks are currently exploring the potential of CBDCs. Predictions from the Bank for International Settlements suggest that by 2030, we could witness up to 15 retail and 9 wholesale CBDCs in circulation. These digital currencies promise to reshape the payments ecosystem, offering benefits like enhanced monetary autonomy, financial inclusion, and broader industry applications, including programmable payments and integration into decentralized finance.
3. Open banking is unlocking new possibilities
Open banking is set to revolutionize the way financial data is shared and accessed. With its potential to streamline processes, from customer onboarding to digital identity verification, open banking is poised to offer a plethora of opportunities for both banks and fintechs. Infrastructure providers can play a pivotal role by offering solutions that simplify regulatory compliance and leverage open banking innovations for commercial applications.
See: NatWest Group’s Vision for the Future of Open Banking and 3 Potential Ways Forward
4. Regulators are setting new standards that balance innovation and security
As the payments industry evolves, regulatory bodies worldwide are stepping up their efforts to ensure a secure and level playing field. From the European Commission's draft proposals for Payment Service Regulation to local data storage rules, regulators are setting new standards. Infrastructure providers must stay abreast of these changes, ensuring compliance while also advocating for policies that foster innovation.
Strategic Recommendations for the Future
Choose a Strategic Direction
- Amidst the myriad of opportunities and challenges in the evolving payments infrastructure, it's crucial for players to identify a primary focus.
- While card schemes have built robust networks over the years, diversification is now essential. Exploring areas like B2B payments, account-based payments, and open banking will be vital for sustained growth.
See: UK Government Publishes Recommendations for the Next Phase of Open Banking
- Banks and financial institutions need to ensure their ongoing infrastructure projects are aligned with value creation.
- Tech players should be poised to address emerging trends in decentralized finance and related innovations.
Facilitate Modernization
- Infrastructure providers, with their deep insights into the payments ecosystem, are uniquely positioned to drive modernization.
- They can offer specialized solutions, whether "as a service", embedded finance, or other models.
- Leaders can customize data for open banking, CBDCs, and other explorations to cater to specific target groups.
Forge Partnerships with Policymakers
- Collaboration between industry stakeholders and regulators is paramount to shape the future of payment infrastructure.
- Entities like banks and card schemes can play a pivotal role in enlightening policymakers about the potential risks and rewards of CBDCs, tokenized deposits, and other advancements.
- Regulators, in turn, should be receptive to industry insights, ensuring that their policies bolster rather than hinder innovation and promote the adoption of new payment infrastructures.
Diversify Revenue Streams
- Given the potential commoditization of core infrastructure strategies, providers should pivot towards orchestration-layer propositions and value-added services (VAS) at scale.
- Card schemes have already demonstrated the advantages of transitioning to VAS.
See: The Transformative Impact of Instant Payments on Financial Crime Mitigation
- A diversified solution portfolio can serve as a safeguard against downturns in any specific product segment.
- To deliver these enhanced offerings, a shift from a business-centric approach to a product-centric one is essential, fostering continuous innovation and ensuring consistent value delivery to clients.
The New Payments Landscape is Here
The payment infrastructure revolution is here, and it promises to reshape the future of finance. By staying informed, being strategic, and embracing innovation, industry stakeholders can navigate this transformative era and emerge as leaders in the new financial landscape.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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A Scaling Fintech’s Decision “To Bank or Not to Bank?”
Digital Banking | Sep 18, 2023
Image: Unsplash/Susan Q Yin
As the industry matures, the decision to become a bank or remain an independent fintech entity is becoming increasingly significant. The recent decision by Figure, led by its visionary CEO Mike Cagney, to withdraw its bank application has ignited a fresh debate on this topic.
Mike Cagney's leadership at Figure (and Co-founder of SoFi) has always been characterized by forward-thinking and innovation. His decision for Figure not to become a bank wasn't a reflection of the company's inability to do so, but rather a strategic choice rooted in a broader vision for the fintech industry. Cagney's perspective offers valuable insights for other fintech leaders grappling with similar decisions.
When my startup, Figure, recently withdrew our OCC bank application, many in the media took it as a sign that fintechs like us need to become a bank to survive—but that the process is simply too hard. They got it wrong.
- While becoming a bank can simplify licensing processes, it also brings with it a slew of regulatory hurdles and licensing challenges. For fintechs like Figure, which already hold numerous state licenses, the allure of a single banking license might be outweighed by the regulatory constraints that come with it.
- Traditional banking models come with stringent capital requirements, especially for specific loan types. These requirements can make certain financial products uneconomical for banks but lucrative for fintechs.
- Fintechs, unlike banks, trade on earnings, allowing for more dynamic growth opportunities. Banks, on the other hand, often trade on a multiple of book value, potentially limiting their market capitalization growth.
- One of Figure's standout achievements under Cagney's leadership has been its pioneering work with public blockchains. Regulatory views on such innovations can be restrictive for banks who are less flexible, potentially stifling the very innovation that fintechs thrive on.
See: The OCC is Facing Calls to Pull Guidance That Allows Banks to Do Some Crypto Business
Having said that, there are numerous pros of becoming a bank that we shouldn't overlook!
- Fintech companies often have to manage multiple state licenses for various financial services. Becoming a bank would simplify the licensing process, allowing them to operate under a single banking license across states.
- Having one regulator can lead to significant operational and compliance savings.
- Banks have the ability (and the requirement) to accept deposits insured by the FDIC. This can provide a more stable and predictable source of financing compared to wholesale capital markets.
- Banks can access funding backstops such as the FHLB and the Fed Window, which can offer lower costs.
Where Does the Rubber Hit the Road for Growing Fintechs?
For many fintechs, the decision to become a bank is not just about regulatory and capital considerations. It's about identity. Fintechs, at their core, are disruptors. They challenge traditional financial models, introduce innovations, and often operate at the cutting edge of technology.
See: When Big techs and fintechs own banks
The real question is: Can fintechs maintain their innovative edge within the confines of a traditional banking model? Or do they risk losing their unique value proposition by becoming too enmeshed in the very system they set out to disrupt?
As more fintechs reach the crossroads that Figure encountered, they would do well to consider not just the immediate benefits of becoming a bank, but the long-term implications for their brand, their innovation potential, and their role in reshaping the financial landscape.
While the allure of becoming a bank is undeniable, as Mike Cagney's leadership at Figure illustrates, sometimes the boldest move is to chart a course that aligns with the company's core values and vision for the future of finance.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Tap-to-Pay Transactions and Big Tech Dominance Is A Thorn for CFPB
Regulation and Competition | Sep 11, 2023
Image: Unsplash/Rahul Chakraborty
The article titled "Report Highlights Role of Big Tech Firms in Mobile Payments" from the Consumer Financial Protection Bureau (CFPB) discusses the influence of Big Tech companies on mobile payments, particularly tap-to-pay functionalities on mobile devices.
The Problem: Tap-to-Pay and Big Tech
Tap-to-pay usage in the U.S. has seen substantial growth, nearing an estimated $300 billion across Apple Pay, Samsung Pay, and Google Pay. It's predicted that digital wallet tap-to-pay transactions will grow by over 150% by 2028.
Apple and google are dominant in U.S. mobile: As of the second quarter of 2023, Apple's iOS was on 55% of smartphones shipped in the U.S., while Google's Android was on 45%.
See: Policy Blind Spot: The Interdependencies of Big Tech and Their Foothold in Financial Services
Regulating access: Apple's iOS devices do not allow third-party payment apps to access NFC technology, making Apple Pay the only option for tap-to-pay on iOS devices. Google's Android, on the other hand, does not restrict third-party payment apps from accessing the NFC chip, but this could change.
Restrictions on tap-to-pay can limit consumer choice and hinder the move towards a more open banking ecosystem. For instance, Apple's NFC policy does not allow direct integration of tap-to-pay into existing banking apps and other payment apps like PayPal, Venmo, and Cash App.
CFPB Efforts
The spotlight is part of CFPB's broader initiative to monitor the transition to open banking in the U.S., including trends in consumer payments and the introduction of multi-service super apps.
See: ISED Launches Competition Act Review: Consultation on the Future of Competition Policy in Canada
The CFPB is working on a rulemaking required by Section 1033 of the Consumer Financial Protection Act to clarify consumers' personal financial data rights. This could speed up the shift towards open banking in the U.S., emphasizing interoperability across consumer financial products and services.
Striking A Balance and Competitive Landscape
The evolving landscape of mobile payments, driven by the policies and practices of tech giants like Apple and Google, underscores the intricate balance between innovation, consumer choice, and market dominance. As tap-to-pay transactions surge in popularity, the regulations set by these leading mobile operating systems play a pivotal role in shaping the future of retail payments.
Read: Canada’s Competition Problem: 7 Reasons
While these regulations can offer streamlined and secure payment solutions, they also raise concerns about reduced consumer choice and potential stifling of innovation. It's imperative for stakeholders, from policymakers to consumers, to stay informed and engaged in this rapidly changing domain to ensure a fair and competitive mobile payments ecosystem.
FAQ
1. How might the restrictions imposed by Apple on tap-to-pay functionality impact the competitive landscape of mobile payments?
Answer: Apple's restrictions on tap-to-pay functionality, particularly its decision to limit access to NFC technology to only Apple Pay on iOS devices, can create a competitive advantage for Apple Pay in the mobile payments market. Given that Apple's iOS holds a significant market share, this can lead to reduced choices for consumers who use iOS devices. Additionally, third-party payment apps and banks might find it challenging to compete on an even playing field, potentially stifling innovation and competition in the mobile payments sector.
See: Monopoly-Friendly Canada ‘Does Not Treat Competition Policy Seriously’
2. How does the growth of tap-to-pay transactions correlate with the increasing dominance of mobile operating systems like iOS and Android in the U.S.?
Answer: The dominant market shares of iOS and Android, combined with the rapid growth of tap-to-pay transactions, highlight the pivotal role these operating systems play in shaping the retail payments landscape. As more consumers adopt smartphones with these operating systems, the policies and practices set by Apple and Google directly influence how consumers make payments. The increasing shift towards mobile device payments underscores the importance of their policies, especially as they can either promote or hinder the adoption of tap-to-pay solutions, impacting consumer behavior and the overall growth trajectory of the mobile payments industry.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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UK Neobank Zopa Reaches 1M Customers and Raises $93M
Funding | Sep 11, 2023
Image: Unsplash/Colin Watts
Founded in 2004, Zopa has now achieved a milestone of 1 million customers and recently raised a $93 million funding injection.
- While waiting for IPO markets to reopen, Zopa, the neobank has successfully raised £75 million ($93 million) in a tier 2 debt fundraise. This fund will be utilized to strengthen its financial position, explore potential acquisitions, and continue the development of new products.
- This recent funding round was spearheaded by IAG SilverStripe, along with participation from other investors.
- Notably, Zopa has raised a total of £530 million to date.
Performance and Focus
- Zopa has a rich history, being in operation since 2005, and was the first peer-to-peer lender in the UK. However, it transitioned to an online-only bank in 2020, offering a diverse range of products, including personal loans.
- Zopa recently announced that it has reached a milestone of 1 million customers.
See: ClearScore and Zopa ink deal to bring open banking to the credit industry
- Zopa has showcased a positive financial trajectory, already achieving EBITDA positive status. The company anticipates turning profitable for the entire year for the first time. The company has projected an annualized run rate of £250 million ($312 million) for the current year.
- The company's value proposition has become increasingly relevant, especially as the UK grapples with the cost-of-living crisis and rising interest rates. Zopa aims to provide a superior alternative to traditional banks, offering fairly priced credit and savings options.
- Despite its growth and expansion, Zopa has no immediate plans to launch services outside the UK. The CEO, Jaidev Janardana, emphasized the vast opportunities within the UK market and mentioned the introduction of two new products this year. The company aims to launch two additional products the following year.
A Few Competitors for Comparison
Zopa, the pioneering UK neobank, faces competition from several financial institutions and platforms in the UK. Here are their main competitors:
- Funding Circle Ltd.: A prominent peer-to-peer lending platform that focuses on small business loans. It has a significant presence in the UK and has been compared to Zopa in terms of size and reputation. However, it's worth noting that while Zopa offers personal loans, Funding Circle specializes in business loans.
See: French Neobank Startup, Green-Got, Collaborates with 1300 Crowdfunded Climate-Conscious Investors
- RateSetter: Once a major player in the P2P lending space, RateSetter transitioned a few years ago when it was acquired by Metro Bank. The bank integrated RateSetter's lending operations, allowing it to lend its savers' deposits using RateSetter's platform.
- Leap: Leap is another platform that offers small, bank-style personal loans similar to Zopa. With Zopa's transition from P2P lending to banking, Leap remains one of the few P2P lending companies in the UK focusing on ordinary personal loans.
Neobank On The Move
Zopa's impressive journey from its inception as the UK's first peer-to-peer lender to its current status as a leading neobank underscores the transformative power of fintech. With a robust customer base and significant funding, Zopa is poised to redefine digital banking in the UK. As the neobank continues to innovate and expand its offerings, it sets a benchmark for others in the industry, highlighting the potential of digital-first financial solutions in today's interconnected world.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Amber Buker at Totem is Pioneering Digital Banking for Native Americans
Digital Banking | Aug 30, 2023
Source: Totem website
A Personal Quest Turned Visionary Venture: 'Banking By and For Indigenous People'
In the vast landscape of fintech, where innovation is the norm, few stories resonate as deeply as that of Amber Buker and her groundbreaking venture, Totem. As financial institutions and investors scour the market for the next big thing, Totem stands out not just for its technological prowess but for its mission: bridging the financial divide for Native Americans.
Amber Buker, a proud member of the Choctaw Nation, knows firsthand the challenges faced by Native Americans in accessing financial services. From personal hurdles in buying a home to witnessing the broader community's struggles, Amber's journey is one of resilience and determination. Her experiences sowed the seeds for Totem, a neobank with a heart and a purpose.
Video: Redefining the Indigenous Experience through Innovation and Tradition (Lawrence Lewis, OneFeather, Founder)
Founded in 2022, Totem quickly made waves in the fintech world, raising over $2.4 million in venture funding. But for Amber, the numbers were just one side of the story. The real victory lay in launching the Totem app, a beacon of financial empowerment for Native Americans. With features like a debit card, mobile wallet, and direct deposit system, the app is more than just a banking platform; it's a statement that financial inclusivity is a right, not a privilege.
Partnerships with Purpose
Recognizing the power of partnerships, the neobank has forged ties with various tribal nations where tribes benefit from a share of Totem’s revenues, and Totem gains invaluable insights into the unique financial needs of the Native American community.
One of Totem's standout initiatives is its discussions about a payments proof of concept. This would allow ACH payments to be sent directly into Totem accounts, ensuring seamless and fee-free transactions for users. In a world where big banks often overlook the underserved, Totem's commitment to providing FDIC-insured accounts without hidden fees is a breath of fresh air.
FFCON23 Video: Advancing Fintech with Purpose
Amber and her team at Totem are challenging the status quo by addressing issues like the digital divide and the vast distances many Native Americans have to travel to access financial services, Totem is redefining what it means to be a community-based neobank. Their outreach extends beyond reservations, catering to the 70% of Native Americans living off them. In doing so, Totem is sending a clear message: financial empowerment should know no boundaries.
A Call to Financial Institutions and Investors
For financial institutions and investors, the story of Amber Buker and Totem is a clarion call. It's an invitation to look beyond profit margins and recognize the transformative potential of fintechs that prioritize social impact. As the fintech landscape evolves, stories like Totem's will undoubtedly shape its future. Amber Buker's vision, rooted in personal experience and fueled by a passion for change, serves as a beacon for all those looking to make a difference in the world of finance.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Behind the Delays and Push to Modernize Canada’s Banking and Payment System
OpEd Analysis | Aug 23, 2023
Image: Unsplash/Parker Johnson
In a recent op-ed piece from The Globe and Mail, authors David Dodge and Bob Fay shed light on Canada's outdated banking and payments system.
Highlighting the inefficiencies and delays faced by consumers, they emphasize the urgent need for modernization. Drawing comparisons with other nations that have successfully implemented real-time payment systems, the article underscores the potential benefits for both consumers and businesses in Canada. Amidst the backdrop of high transaction fees and a rapidly evolving digital economy, the authors call for a comprehensive overhaul of the country's financial infrastructure.
Current System Limitations
- In Canada, daily transactions such as moving money between accounts or paying bills online can cause extensive delays due to the involvement of multiple parties and platforms.
- Transactions like paying for coffee with a debit or credit card seem quick, but they rely on outdated financial infrastructure. This results in credit-card processing fees that may be passed on to consumers.
Need for Modernization
See: How the Big Five Banks Control Canada’s Payment Systems
- Canada's delay in implementing a modern, national real-time payments system is costly for consumers.
- A modern system would allow immediate exchange, clearing, and settlement of payments. It would also be more secure, available 24/7, and have lower usage costs.
- Such a system would also allow for more information to be shared with the payment, which could drive competition and innovations in the Canadian economy.
Government Has Known for a Over a Decade
- A report from 2011 warned that Canada needed a modern digital payments system to engage in the digital economy of the 21st century. Despite this, Canada is still lagging behind.
- Payments Canada's Real-Time RAIL payments system faced significant delays, risking it being outdated by the time it's implemented.
- Other countries, like Brazil, India, and the US, have already implemented new real-time payments systems.
Canada's Delay is Attributed to a Lack of Political Will, Regulatory Challenges, and Incumbent Interests
- Canadians and small businesses face high fees, some of the highest in the world, every time they make a payment.
- Canada has the opportunity and talent to build a modern payments system. This requires a comprehensive vision, updated policies, and investments in cybersecurity and network resilience.
Takeways from the Article Comments
There is no shortage of comments on the piece. Summarized below are some key takeaways this far, which provides a more diverse range of perspectives:
- The Single Euro Payments Area (SEPA) is indeed a great example of how a unified payment system can facilitate business and reduce costs. It's a model that other regions could potentially adopt.
See: FinTech Executives Disappointed with Budget 2023’s Lack of Open Banking Update, Raising Doubts on Delivery Timeline
- The mention of COBOL applications highlights the challenge of modernizing legacy systems. These older legacy technologies can be a bottleneck for innovation and efficiency.
- The skepticism towards big banks "playing nice" is a concern shared by many. Financial institutions have a vested interest in maintaining their market share and may not be quick to adopt systems that could disrupt their revenue streams.
- The point about businesses benefiting more than consumers from reduced fees is valid. There's no guarantee that businesses will pass on the savings to consumers, as illustrated by the "bag and cup fee" example in Vancouver.
- The issue of hidden fees and lack of transparency is a significant consumer protection concern. It's something that regulatory bodies need to address.
- The delay in processing payments, especially during weekends and holidays, is another area that needs improvement. Real-time processing should be a standard feature of a modern payment system.
- The need for real-time compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations is crucial. Delays in such compliance checks can have serious consequences, as you mentioned with purchasing a house.
- Lastly, consumer awareness and advocacy can play a significant role in pushing for these changes. The more people voice their concerns and demand better services, the more likely institutions are to listen.
Read: Vass Bednar: Canada’s Glaring Banking Protections Gap and Implications for Consumers and Fintechs
The overarching theme is that while technological solutions exist to modernize payment systems and make them more efficient and consumer-friendly, there are various hurdles—be it legacy systems, vested interests, or regulatory challenges—that need to be overcome.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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The Hard Part of Building a Fintech Startup: A Conversation with Cato Pastoll, CEO and Co-Founder of Loop
Podcast | Jul 31, 2023
Image: Bank on loop
"The Hard Part" podcast with host, Evan McCann sits down with Cato Pastoll, the CEO and Co-Founder of Loop, for this discussion.
Loop is a company that offers tailor-made products including CAD/USD corporate cards, interest-free spending, corporate-level purchasing power, no-fee global payments, accessible growth capital, and real US dollar accounts to help businesses grow.
They delve into the journey of Loop, starting from its pivot from Lending Loop to what it is today. They explore why word of mouth has become one of their fastest growth channels and why caring about your customer is the ultimate flywheel for any business, and also discuss the changes needed in our banking regulations to foster a more conducive environment for businesses.
See: Process Flow Comparison: How VISA Works When Swiping a Credit Card at a Merchant’s Shop VS Digital Wallet
So, whether you're an entrepreneur, a business enthusiast, or someone interested in the dynamics of the financial industry, this episode is packed with insights that you wouldn't want to miss. Tune in and let's dive into the hard part of building and growing a business with Cato Pastoll.
Loop's new website: bankonloop.com
Connect with Cato Pastoll: Linkedin
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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