UK-based bank challenger MultiPass was established in 2017, and went live in 2019 with the aim of providing business-oriented banking solutions through personalised phone services, eliminating the need for physical visits to banks. With the annual transaction volume of over € 2BLN, their Fintech solutions are focused on serving the needs of SMEs who want to transact globally. MultiPass is part of the global Dyninno Group, which has been serving millions of customers in over 50 markets for nearly two decades.
From the start, MultiPass sought a partner who would be able to support them across multiple jurisdictions, especially in the EU/EEA region which sees a lot of overseas deals with the US. They chose to partner with Currencycloud because Currencycloud’s products and licences met the immediate needs of MultiPass’ internal group customers, and are a foundation for the global payments solution they are implementing and constantly improving.
In order to be able to offer Fintech solutions that would enable businesses to transact globally, MultiPass first to build the scalable infrastructure, compliance processes, and payment rails needed to serve these clients.
MultiPass initially used several providers who were limited to single currencies: EUR and GBP. As they didn’t have an FX or multi-currency capability MultiPass wasn’t able to offer the truly global service they wanted.
There were solutions on the market that serviced elements of MultiPass’ needs like Single Euro Payments Area (SEPA) transfers-only, or Bankers Automated Clearing Services (BACS) payments in GBP. Yet onboarding and integrating with each partner was a no-go as it would cause huge delays in their proposed time-to-market, as well as being cost-prohibitive.
MultiPass wanted to be able to get to market quickly and offer a comprehensive suite of products to their customers. They needed a partner that could scale with them, who wasn’t niche and could offer a range of services that would enable MultiPass to offer multi-currency solutions and FX to their global client base. Currencycloud was able to offer them this reach through their APIs.
By integrating with Currencycloud’s APIs, MultiPass could offer their customers instant access to a multi-currency global account that can accept more than 30 currencies, payment acceptance schemes and competitive FX rates. The open API allowed their customers to seamlessly incorporate these payment capabilities into an existing infrastructure – adding true value to their services.
“Currencycloud is a perfect fit for us. We aren’t currently prioritising the licensing pieces and infrastructure rails, so being able to have access to this and put it on top of our existing infrastructure is a win-win.”
Since first partnering with Currencycloud two years ago, MultiPass has grown as a company ten-fold in team size, revenue and customers. The MultiPass team credits Currencycloud’s suite of products playing a significant role in this.
Since partnering with Currencycloud in 2020 MultiPass has enjoyed:
Using Currencycloud’s APIs, MultiPass were able to service their global business giving their clients access to multi-currency IBAN accounts and competitive FX rates.
MultiPass has had a huge increase in volume since partnering with Currencycloud, seeing their revenue, staff and clients increase ten-fold in just two years.
With the continuing uncertainty for everyone in the market around Brexit in 2020, Currencycloud’s Netherlands’ entity has freed up MultiPass to serve their EU-based customers and keep within regulations, giving them access to new clients while effectively serving their existing ones.
“We have grown as a company five fold over the course of the last 12-months both in terms of revenue and size of the team. Currencycloud’s suite of products played a significant role in this.”
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