Fintech Friday: Paybase

Paybase’s CEO, Anna Tsyupko, spoke with Efma’s Boris Plantier about the company’s mission to empower modern businesses through simplifying the complex payments industry.

What led to the creation of Paybase?

Before founding Paybase, I was working in venture capital, overseeing an investment within the FinTech space. During this project, I recognized the rigidity of the traditional payments sector and the limited payments options available to businesses that required more than a simple one-to-one payments flow.

Modern businesses (such as platforms businesses, FinTechs or cryptocurrency businesses) need funds to be routed around their product ecosystem - and this process must to be smooth, simple and compliant.

I saw that there was a gap in the market for an accessible, modern, flexible payments provider that could enable businesses to closely intertwine their payments flow with their product flows, and do so without costly custom development. So along with my co-founder, Chris, that’s what we built.

Today, the Paybase team is more than 20-people strong, and we’re all working together with the collective goal of making payments more innovative, more flexible and more accessible for businesses.

Could you present Paybase’s offering?

At Paybase, we have an ambitious mission. We want to empower businesses to design the economies of tomorrow. To do this, we focus on two capabilities: matching our clients’ payments flows exactly with their product flows, and standout product enhancement. For the platform economy, FinTechs and cryptocurrency businesses, payments are not a simple plugin.

Owing to the complexity of their products, money is accepted, held, split between multiple parties and routed around their product ecosystems. An online marketplace, for example, cannot simply accept payments in. They must accept payments from multiple buyers, send them to multiple sellers and deduct their own commission automatically from each transaction. This is no simple feat.

Traditional payments providers do not have the technological bandwidth to sufficiently serve modern business models. Modern providers who are able to route payments, alternatively, either offer a limited off-the-shelf solution or require costly custom development which, for many businesses starting out, is unfeasible for their budget.

At Paybase, we’re changing this. We’re democratizing the payments industry with our solution by offering unprecedented levels of flexibility out-of-the-box. Our Rules Engine is one of the standout features of our platform.

Using an if-this-then-that framework, our clients can access infinitely customizable capabilities without the need for costly custom development. Reducing fees on a seller’s birthday, refer-a-friend rewards, API annotations and percentage reductions are just a few examples of the customizable options.

We want to empower businesses to disrupt their industries and, in doing so, we will support them in building Europe’s future economies.

What’s coming next for Paybase?

We want to be able to help as many businesses as possible but currently we are only able to serve the UK market. On our roadmap for early next year is our expansion into the European market. This will bring us closer to achieving our mission of empowering businesses in the European market to design the economies of tomorrow, giving clients across the EEA access to our industry-leading payments technology. 

We’re also excited to be raising our next funding round in the coming months. The investment will help to both fund our upcoming European expansion and fuel our continuing growth as more clients are integrated into our system. 

Finally, we are rebranding our website and will be unveiling our new look at the end of this year. Our prospective clients will be able to navigate around a fuller site that reflects our ever-developing offering and will have access to a more in-depth ecosystem of product descriptions, capabilities, blog articles and a developer center to ensure that every stakeholder from any company can understand exactly how Paybase could make their business stand out.