Getting an e-money license from any European country is no easy feat. It is a very long and strenuous process that requires a lot of resources put in. Add to that, the time, expertise and funds needed to apply for an affiliation with any of the major payment networks, like Visa and Mastercard, and build an infrastructure for the electronic transfer of funds between banks or other financial institutions can be colossal. No wonder, for fintech startup companies who want to enter into this field, these requirements can be a significant barrier to entry.
Our client, a Warsaw-headquartered FinTech start-up, is on a mission to offer specialised payment solutions to their niche clients. They have designed a cutting-edge programme that allows payment flows as seamless as possible. As part of their offering, they wanted to provide both virtual and physical cards with their branding on it (as opposed to using their intermediary banks’).
With a growing market that spans outside Poland and across Europe, they needed to go-to-market quickly.
They are a team of just under 20 staff, mostly with banking and finance backgrounds and expertise. Although they have highly experienced AML team members, they lacked the legal and finance infrastructure and skills to obtain their own e-money license. With a number of subsidiary companies, including each subsidiary’s clients, waiting to be onboarded, they did not have the time to hire and train legal and technology experts within the firm.
How PayAlly Helped
They tapped PayAlly’s BIN Sponsorship + Debit Card Co-Branding solution. As a Principal Member of MasterCard, PayAlly is properly placed to provide a full card issuing solution under the BIN sponsorship programme. This allowed them to offer their customers a full range of payments and fund management services.
On top of that, they were able to market their payment cards as their own, not PayAlly’s. Their debit cards were proudly branded as their own.
Swift Turnaround – In just under eight weeks from application to execution, this start-up fintech firm was able to start offering their privately branded cards to their customers on time and on budget. The firm’s profitability hit the forecasted mark from month one.
Flexible Rates – Our client was able to negotiate with PayAlly bespoke fees under special terms and agreement that suited their needs. Our Account Management team took the time to understand their requirements and proposed a bespoke solution.
Dedicated Support Team – With a dedicated PayAlly Relationship Manager, the implementation process was frictionless, whilst the on-going day-to-day operations and maintenance of their business was supervised by an expert who has industry knowledge and experience.