We ended the year with about 500 customers. We don't market it all to small businesses or to individuals. Mike Laven (ML): We call ourselves an embedded cross-border technology company, as distinct from a remittance company or even other payment companies. Give us a quick background on the company, its origins and where you've brought it today and also a description of it. I want to contextualise what Currencycloud really is explore a number of themes on the evolution of financial services and fintech or innovation in financial services the role of application programming interface (API) and how players like Currencycloud might disrupt the landscape or may actually be working with the incumbents to make them stronger. We see payments in the remittance level, cross-border, and between institutions. The following is the edited transcript of the interview:Įmmanuel Daniel (ED): Mike Laven, CEO at Currencycloud, is here to distinguish Currencycloud from the host of many different players in payments today. Currencycloud achieved $30 billion run rate and handled 500 companies in 2020.More non-regulated companies are wanting to embed financial functions that are driving collaborations.The rise of challenger banks has transformed pricing and placed pressure on incumbent institutions to be competitive and reduce costs. Anything that is transaction-related gets commoditised over time thus scale is a critical success factor in payment firms.With software-as-a-service model, the value is the actual technology product embedded in the client’s businesses and relying less on transaction fees.One of the weaknesses of ACH networks is the ability to carry data prompting institutions to track the information that passes through every level of the transaction process.The following key points were discussed during the interview: He bares the expansion plans as the industry increasingly develops and matures, emphasising not just geographic reach but also the growth of market segments and clients. He shares his views on the evolution of financial services with innovative technology as a disruptive force and the increasing competition and commoditisation in the payments space.
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