Fintech Friday: Xace – a payments solution for the gaming industry
18/12/2020
Perspective
David Hodkinson, is a co-founder of Xace, and he spoke with Efma’s Boris Plantier about his company’s quest to make payments in the gaming industry more seamless and inclusive.
What led to the creation of Xace?
We founded Xace to solve a very targeted industry problem through our own experiences within the gaming industry. Our niche clients were in a constant state of battle when it came to bank accounts and transactions, even though they were licensed and compliant entities from across Europe. This was costing significant time and money for so many companies, with even institutions who were publicly considered gaming friendly regularly closing accounts or rejecting compliant applications.
With Xace, we set out to win the battle for this industry through experience, understanding, and delivering a compliant solution the regulators would be happy with. When you take on a challenge like this, you face barriers every step of the way but it only makes you deliver a better product and service as a result.
Could you present Xaces offer?
Xace is a proprietary suite of account and payment products for GBP and EUR, backed by the leading account providers in the UK. Our understanding of the gaming industry enabled us to develop these relationships, which makes opening payment accounts possible for those being overlooked by traditional banks.
Our compliance checks are thorough, but with a deep understanding of how gaming business and platforms operate, making initial conversations and the final onboarding process smoother than they may have experienced elsewhere.
As we continue to scale, our strong customer support with in-house gaming knowledge will eventually make Xace a part of the day-to-day business operations for these companies.
What’s coming next for Xace?
We have a long way to go, we’re really only just getting started. Our plans are big as with most startups but right now we just want to provide the right accounts to the right businesses and get them operating with less payment barriers. As we get into the final weeks of the year, we have some big platform updates to come, which will benefit existing customers but also enable far more flexibility for us when onboarding new customers.
The growth opportunities for gaming as a whole only goes to demonstrate that this challenge has been one worth taking and we’re now in a position to be there to support companies with whatever direction gaming takes them in.
We founded Xace to solve a very targeted industry problem through our own experiences within the gaming industry. Our niche clients were in a constant state of battle when it came to bank accounts and transactions, even though they were licensed and compliant entities from across Europe. This was costing significant time and money for so many companies, with even institutions who were publicly considered gaming friendly regularly closing accounts or rejecting compliant applications.
With Xace, we set out to win the battle for this industry through experience, understanding, and delivering a compliant solution the regulators would be happy with. When you take on a challenge like this, you face barriers every step of the way but it only makes you deliver a better product and service as a result.
Could you present Xaces offer?
Xace is a proprietary suite of account and payment products for GBP and EUR, backed by the leading account providers in the UK. Our understanding of the gaming industry enabled us to develop these relationships, which makes opening payment accounts possible for those being overlooked by traditional banks.
Our compliance checks are thorough, but with a deep understanding of how gaming business and platforms operate, making initial conversations and the final onboarding process smoother than they may have experienced elsewhere.
As we continue to scale, our strong customer support with in-house gaming knowledge will eventually make Xace a part of the day-to-day business operations for these companies.
What’s coming next for Xace?
We have a long way to go, we’re really only just getting started. Our plans are big as with most startups but right now we just want to provide the right accounts to the right businesses and get them operating with less payment barriers. As we get into the final weeks of the year, we have some big platform updates to come, which will benefit existing customers but also enable far more flexibility for us when onboarding new customers.
The growth opportunities for gaming as a whole only goes to demonstrate that this challenge has been one worth taking and we’re now in a position to be there to support companies with whatever direction gaming takes them in.
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