Year launched: 2018
Management team: 2
Number of employees: 18
Introduction to Paybase:
Paybase is the payments platform that leverages payments to work for businesses. Our platform is ideal for marketplaces, gig/sharing economy platforms and any business that needs to facilitate payments between multiple parties.
Paybase covers payments, compliance and risk - all under one unified API - allowing you to focus on your core business.
How did the idea for the business originate?
Paybase began life as a P2P
payments app. We were astonished at how difficult it was to build the product
we wanted to build whilst remaining compliant and user-friendly. We knew electronic
money was the best solution for us, but simply getting an eMoney licence took
us over a year. Even when you have the licence and are registered as a
financial institution, there is a host of other elements you need to meet
Aside from compliance and regulation, making so many service providers fit together was a huge challenge. We were attempting to build an innovative product in an industry fraught with legacy technology and legacy thinking. We came to realise how much of an obstacle payments can be for businesses needing to facilitate payments between multiple parties - there was no all-in-one solution.
We decided to build one. We felt that we could not only offer an end-to-end payment solution, but through the use of state-of-the-art technology and electronic money, we could offer businesses a far more flexible, tailor-made approach to payments than anything else available. Through this, Paybase was born.
Do you have customers yet? If not, how far into your business
lifecycle are you?
We do! We’re currently partnered with one firm, with several others currently at LOI stage. We’re looking to bring many more clients on-board throughout the rest of the year.
How have you funded your growth to date?
We are comfortably funded through private investment and also received a £700k grant from Innovate UK to contribute towards the work we are doing to change the finance sector.
would a successful 2018 look like for you?
Given that we have launched our platform, on-boarded our first partner and made several key hires to the team, I would argue that 2018 has already been successful! However, we are keen to partner with more businesses and help them get the most out of payments.
Outside of your own
business, which start up do you admire the most and why?
Clearbank is a company I admire due to their tech-first approach to banking. I also think Deliveroo deserve a lot of credit for nailing such a big logistical challenge in such a user friendly way.
Anyone interested in speaking with the Paybase team can meet them onsite at FinTech Connect 2018, 5-6th December at the ExCeL London, at start-up booth P32!
For more information on Paybase, please visit here