The fourth season of the Visa Innovation Program is running full steam ahead. The participants are actively working on their innovative solutions, and we continue to present them in more detail. In part 3 of our “Meet the fintechs” series we are happy to present two promising startups – Skipit from Denmark and the Turkish MonoPayments. Continue reading and get to know them better!
At a glance:
The Problem
Each city in Europe has its own rules, regulations, and infrastructure when it comes to paying for public transport. Trying to understand and navigate these different systems is not easy. Especially if you are a newcomer.
The Solution
Skipit is a fintech startup combining urban mobility and leisure activities to reimagine the way to visit another city – Skipit’s universal digital public transport card empowers visitors to skip the hassle of moving around. The consolidated planning and payment of multiple public transport networks into one centralised interface and mobile application, allows users to pay in local currency and avoid international transaction fees.
Why is this important?
Skipit’s team believes in the importance to tackle climate change and nudge travellers to choose greener modes of transport. They feel it is their responsibility to make sustainable transportation more accessible and a preferred choice for getting around.
Founder Blitz
In order to learn more intriguing insights, our team met with Skipit’s founders for a quick “founder blitz”.
1. What inspired you to start Skipit?
We have a strong passion for sustainability in the team. After witnessing and experiencing first hand the pain of using public transport in another city, we decided we wanted to do something about it. Ultimately, by nudging people towards more sustainable transport, we help create greener cities in the process.
3. What is the biggest challenge you have come against since you established Skipit?
Our biggest challenge no doubt has been the pandemic. People stopped travelling overnight and our market ceased to exist. However, instead of quitting and closing down, we dedicated our time to building a network with public transport providers across Europe, a product that is ready to scale, and a partnership ecosystem of hotel groups, local, and international partners.
2. What is your next big milestone?
Our next big milestone will be the closing of our investment round and expansion into the major cities of Europe.
4. What does success look like for Skipit?
To be in multiple cities across Europe, empowering travellers to pay for public transport easily, and making sustainable transport the best choice for the traveller and the planet.
At a glance:
The Problem
Complex processes for electronic money and payment institutions, holdings, start-ups and neobanks, using too many tools for different transactions.
- Software and hardware costs are high;
- Difficult to find and train a qualified workforce;
- Keeping digital assets up-to-date requires both experience and costs;
- Long integration processes cause disruptions at every stage;
- Processes and legislation are changing faster.
The Solution
MonoPayments is an all in one NO CODE white label digital fintech platform suited for fintechs, especially e-commerce, e-money institutions, payment facilitators, and digital banks. It provides modular and adaptable solutions for different business models:
- Digital wallets (Close & Open Loop, Half-Open and Shared Wallet);
- Acquiring Solutions and Payment Gateways;
- Digital Banking and Open Banking;
- Money Transfer (Domestic and International);
- Billing as a Service for any business end to end.
Why is this important?
The initial set up cost for MonoPayment’s infrastructure and go to market time are minimum so that clients have enough time to act about business and marketing. Nowadays, the ecosystem focuses more on their business with MonoPayments’ ‘’No-Code’’ solutions.
Founder Blitz
Meet MonoPayments’ founders and learn more about their vision and the next milestones for the company in our “founder blitz”.
1. What inspired you to start MonoPayments?
Before we jumped into the fintech train, we were a software house. We’ve repeatedly built payment gateways for big companies and startups, and at this stage, the product turned into MonoPayments. Our vision and mission switched from development company to product company. After converting our happy customers to our product subscribers, our company became the de facto interface for fintechs in Turkey.
3. What is the biggest challenge you have come against since you established MonoPayments?
Recent global inflationary pressure and rising recession expectations will be challenging over the coming period. However, we know very well that every crisis is a new opportunity.
2. What is your next big milestone?
We have a good presence in our country on both the ecosystem and regulatory sides. So our first action item is global expansion. We’re close to the European market and the United States to reach out to our vertical.
4. What does success look like for MonoPayments?
Our dream is to be known as the de facto platform for any scale fintech to start business around the world.