The partnership will address the increasing demand for contextual insurance experiences at the point of sale (PoS), thereby providing a product-agnostic solution to enable businesses to launch and scale bespoke insurance programmes at short notice, while keeping pace with sustainability, innovation, and evolving client needs.

Unlike conventional models of insurance sector tie-ups, the Willis-Qover partnership will focus on the embedded and affinity space, allowing United Kingdom-based businesses, irrespective of their industry verticals, to directly incorporate insurance products into customer journeys.

With disruptive methods like APIs, real-time dashboards, and AI-enhanced claims, Qover has redefined the practice of embedded insurance orchestration (a modular, technology-driven framework allowing businesses to seamlessly integrate tailored insurance products directly into their customer journeys), while Willis is known for providing market access, insurance design capabilities, and local execution through its advanced tools.

Anthony Borgman, Head of Affinity, GB at Willis, told the media, “Strengthening our ecosystem is a core part of how we continue to meet the evolving needs of our GB Affinity clients and deliver agile distribution capability. Partnering with Qover enhances the connected infrastructure behind our propositions – giving us greater flexibility, improved speed to market, and more ways to support clients’ brands operating in a wide range of industry verticals. It’s an important step in our journey, and there’s more to come on this in the year ahead.”

“Insurance experiences must be seamless, contextual and simple. We are excited to support Willis’ GB Affinity ambitions as they continue to build the next generation of partner solutions,” Quentin Colmant, CEO and Co-Founder at Qover, remarked during the occasion.

However, the partnership will meet an immediate test, in the form of both British and European regulators scrutinising the tie-up for add‑on and bundled products, placing more emphasis on product governance, fair value and clear communication of coverage and exclusions. Both Willis and Qover may have to explain how their products are sold, how customers use them and whether they receive appropriate outcomes over time.

The post Insurance brokerage Willis expands GB Affinity ecosystem through Qover tie-up appeared first on International Finance.

According to Lean CEO Hisham Al-Falih, the company wants to increase its product offerings in financial domains such as money transfers, alternative credit, insurance, and pensions. In 2024, the Riyadh-based company secured USD 67.5 million in Series B funding led by Silicon Valley-based venture capital group General Catalyst.

Established in 2019, Lean is building an integration layer on top of the Middle East’s banking infrastructure, helping financial industry players in the region execute their digital transformation goals by leveraging the start-up’s cutting-edge applications.

Supporting The Financial Industry’s Transformation

Taking a digital-heavy route is not an easy task for any financial venture. It comes with its own set of complex challenges, such as infrastructure management. Lean handles this task on behalf of its client banks (and fintech peers) by localising and transforming data on a regional basis. When transforming data from multiple sources across various jurisdictions, Lean provides a single universal plug-and-play API.

In the fintech industry, APIs (Application Programming Interfaces) act as the connective tissue, enabling seamless and secure communication between different software systems such as banks, third-party apps, and payment processors. They serve as the backbone of modern financial services, allowing for innovation, efficiency, and a connected ecosystem where new products can be built without starting from scratch.

However, as appealing as APIs may sound, developing them is full of challenges and frustrations. Lean was built specifically to handle these complexities so that fintech players can dedicate their efforts entirely to innovation.

Lean, integrated with a variety of advanced financial apps across the MENA (Middle East and North Africa) region, enables apps on customers’ smartphones to create services that help them build budgets, secure better loan rates, transfer money to friends, and more. These apps then provide powerful experiences for consumers when connected with payments and data from their bank accounts.

The Key Products

The start-up standardises different data formats from various banks into one easily readable format. This structured data helps Lean’s clients build prediction models, risk-scoring algorithms, and much more while reducing the risk of fraud or human error by automatically verifying customers through their account/IBAN (International Bank Account Number) information.

On the customer identity verification front, Lean uses APIs to help banks and fintech ventures capture all customer information with a single API call (the practice of making a solitary request to an API to perform a specific action or retrieve particular data). Financial institutions also get to capture information for all individuals linked to a single bank account.

Lean’s financial insights services categorise transactions using APIs that automatically assign categories based on 16 pre-assigned sections to standardise outputs. A set of API endpoints provides unique insights to help financial institutions simplify and improve their risk-scoring models.

The ultimate goal is to enable financial ventures to go beyond financial data and build more meaningful, business-critical tools, such as in-depth risk-scoring models, recommendation engines, and more.

Solutions Using Data

On KYC, AML (Anti-Money Laundering), and customer onboarding fronts, Lean is helping financial institutions maximise conversions by simplifying and speeding up first-time user experiences on their platforms. The start-up’s clients no longer need to maintain large, budget-heavy onboarding teams.

Functions such as validating customer identities and verifying their financial track records are achieved through a simple integration of Lean’s digital solutions into bank systems. In addition to automatically capturing and extracting all relevant information (such as name, phone number, and address) from customers’ bank accounts, Lean’s matching engine ensures the name provided by a customer matches the account holder to protect against fraud and money laundering.

Credit and risk scoring is another crucial area where Lean’s API-based expertise is proving invaluable, as the start-up helps financial institutions speed up the process of collecting, verifying, and scoring customers’ financial data. The company has focused on two areas: accurate risk profiling and automated income verification.

The “Financial Data API” cleans and standardises crucial customer data for Lean’s clients, while the data insights algorithm identifies and assigns each transaction into one of 16 pre-defined categories. This workflow reduces onboarding time and enables a real-time picture of creditworthiness, thereby boosting customer conversions.

Building meaningful insights from financial data that’s collected, collated, and standardised in a cleaner, simpler way is another area where the financial industry often struggles. Raw banking data is unstructured, and cleaning and standardising it is complex. Managing connections to multiple banks is also time-consuming and costly.

Financial Data API is proving useful here as well, turning streams of transactions from multiple accounts into structured financial data. This not only helps banks and fintech players generate meaningful insights but also helps them act on them and build new value-added services.

Making B2B And C2B Transfers Easy

Bank transfers to digital wallets often require customers to use third-party apps. Additionally, card payments result in high fees for both parties, leading to slow onboarding and lower conversions. To address this, Lean has introduced its fully native in-app payment experience, covering everything from bank connection to payment execution and reconciliation. This friction-free onboarding directly boosts customer conversions, and direct bank transfers eliminate high fees and chargebacks.

The start-up’s “Connect SDK” allows Lean’s clients to build a simple bank connection on their platform that not only captures customer data but also adds themselves as a beneficiary in the customer’s account for payments. The mechanism is fully configurable for all client platforms. From connecting the customer’s bank account to initiating payments, everything happens within a single platform.

E-commerce companies, which often face payment challenges such as cash collection costs, card-processing fees, and settlement delays, are also being supported by Lean to conduct real-time payment settlements through direct bank transfers. This reduces costs for both customers and businesses while lowering delays in order processing.

These businesses can also process customer withdrawal and refund requests with confidence and speed using Lean’s end-to-end bulk payments system, which consolidates all incoming withdrawal and refund requests in one place.

Lean is also helping financial institutions quickly and easily disburse loans to verified customers by digitising the disbursement process, which saves time and money and reduces human error.

While the start-up’s clients can seamlessly disburse multiple loans from a single interface, they can expedite the process further by setting up custom automations for payouts to be processed as they are requested, instead of manually authorising each one.

The post Start-up of the Week: With a proven expertise in API domain, Lean now eyes IPO route appeared first on International Finance.

Prior to his role at Monex Canada, he held senior leadership positions at top financial institutions, including Cambridge Global Payments, where he served as Senior Vice President, Managing Director, and Chief Commercial Officer. There, he led strategic initiatives that significantly expanded the company’s regional footprint and positioned it for rapid growth.

Most recently, Sawrup was Head of Sales (Americas) at Moneycorp, where he reshaped the company’s sales operations and optimised market strategies across North America. Known for his growth-focused approach and expertise in competitive market dynamics, Sawrup continues to lead Monex Canada with a vision for innovation, efficiency, and expanding the company’s market presence in the financial sector.

In an interview with International Finance Magazine, Anil Sawrup, the Chief Executive Officer of Monex Canada, discusses the company’s financial strength and governance. He also elaborates on the FX solutions available, the security measures in place to protect client data, and various other topics.

How does Monex Canada differentiate itself from other companies in the commercial foreign exchange market?

At Monex Canada, we set ourselves apart through a combination of client-centric service, advanced technology, and a deep understanding of market trends. While some of our competitors may rely solely on automated solutions, we pride ourselves on offering a more hands-on approach, offering our clients tailored advice from experienced currency specialists, ensuring our clients not only receive the best rates but also strategic insights to help mitigate risk. What also makes us unique is our global reach, supported by our parent company, Monex Group, which allows us to leverage a vast network and liquidity, providing competitive pricing and enhanced execution capabilities. Furthermore, our commitment to transparency and innovative solutions, such as our proprietary risk management tools and currency hedging products, positions us as a trusted partner for businesses navigating the complexities of international payments and currency fluctuations.

What types of clients does Monex Canada typically serve, and what unique needs do they have?

We work with a diverse range of clients, from large corporations and financial institutions to private equity firms and growing SMEs, across industries like manufacturing, import/export, retail, and professional services. Each client has unique needs that revolve around mitigating foreign exchange risk and improving their overall financial efficiency.

Take importers and exporters, for example; they require precise timing and cost certainty in their international transactions to protect their margins from fluctuating exchange rates. Financial institutions depend on us for liquidity and seamless execution to hedge their portfolio risks. Then some SMEs often lack the resources of larger firms, so we provide the flexible solutions and personalised support they need to navigate the complexities of currency markets.

How does the financial strength and governance of the Monex group impact its operations and client offerings?

The financial strength and governance of the Monex Group provide a strong foundation for Monex Canada’s operations and greatly enhance our client offerings. Being part of one of the largest international FX specialists means we greatly benefit from robust financial backing and global liquidity. This allows us to offer highly competitive pricing across the board, even for large and complex transactions. But it’s not just about rates for our clients – It’s the confidence in knowing they’re working with a partner that’s stable and reliable, particularly during periods of market volatility.

Not only that, but Monex Group’s governance standards, driven by a global framework of regulatory compliance, risk management, and operational excellence, ensure that Monex Canada operates with the highest levels of transparency, security, and accountability. Our commitment to governance not only protects our clients but also enables us to provide forward-thinking, compliant solutions in an ever-evolving regulatory landscape. Ultimately, the strength and governance of Monex Group empower us to deliver best-in-class services, supporting businesses in confidently achieving their international growth objectives.

Can you explain the various FX solutions Monex Canada provides and how they help mitigate currency risk for businesses?

Here at Monex Canada, we offer a wide range of FX solutions tailored to meet businesses’ unique needs and help them navigate and mitigate currency risk in today’s volatile markets. Our core solutions include spot transactions, forward contracts, and currency options.

For businesses needing to settle immediate payments, we offer spot transactions with competitive pricing and fast execution to ensure clients can manage their day-to-day foreign exchange needs seamlessly.

We also offer forward contracts, which allow businesses to lock in exchange rates for future transactions, enabling them to hedge against currency fluctuations. By fixing rates in advance, companies can safeguard their margins and protect themselves from adverse currency movements that could impact profitability.

For clients looking for flexibility, we provide currency options that allow businesses to protect against downside risks while still benefiting from favourable rate movements. This is especially valuable for companies that operate in highly volatile markets.

To address these needs, our experts at Monex Canada provide our clients with customised currency risk management strategies, competitive exchange rates, and innovative payment solutions that allow businesses to operate globally confidently, reducing volatility and safeguarding profitability.

What are the process and benefits of using FX forward contracts for businesses?

First, we discuss the currency pair, the amount, and the future settlement date for the forward contract. This locks in the exchange rate for a specific date or over a range of future dates.

Then, the exchange rate is fixed for the future transaction. This means the business knows the exact amount they will pay or receive in their local currency, regardless of market fluctuations.

When the contract reaches its maturity date, we deliver the agreed-upon currency at the previously agreed rate, completing the transaction. This gives the business financial certainty and protects it from market volatility.

From a benefits perspective, businesses are protected from unfavourable currency movements, helping them avoid unexpected costs and preserve their margins, especially when dealing with large, cross-border transactions or long-term international contracts. By locking in exchange rates, companies can accurately forecast their cash flows and budget for future expenses or revenues without worrying about currency fluctuations.

How do market orders, limit orders, and stop-loss orders work, and what advantages do they offer?

A market order executes a currency transaction immediately at the current market price, ensuring quick completion. This is ideal for time-sensitive payments or when clients want to secure the current rate without delay.

A limit order allows clients to set a target exchange rate for buying or selling. The order is only executed when the market reaches the specified rate, helping businesses maximise profits or savings without constant monitoring. This is particularly useful in volatile markets or when timing is not critical.

A stop-loss order protects against unfavourable market shifts by setting a minimum exchange rate. If the market drops to or below this level, the order triggers, preventing further losses. This tool provides a safety net in uncertain environments while still allowing clients to benefit from positive movements.

These tools help businesses manage currency risk effectively by automating transactions based on predefined conditions, reducing the need for active market monitoring. With better control and flexibility, clients can focus on core activities, take advantage of optimal exchange rates, and improve financial performance in international markets.

How does Monex Canada utilise technology to enhance its FX services, particularly in the context of its online platform and Monex Pay?

Monex Canada leverages advanced technology to provide a seamless, secure, and efficient experience for our clients through our online platform. Our online platform is built with tools that simplify every step of the process—from analysing market trends to executing transactions and managing risks.

Through our online platform, clients have access to live exchange rates and up-to-the-minute market insights, enabling them to make informed decisions quickly. This is especially valuable for businesses managing multiple currencies or operating in volatile markets.

Our platform also allows clients to schedule and automate payments, ensuring they meet their cross-border obligations on time. Clients can manage their transactions effortlessly, whether it’s a single payment or batch processing. Through our platform, clients can set up market orders, limit orders, and stop-loss orders to automatically execute transactions based on predetermined criteria. This automation allows businesses to capitalise on favourable exchange rates and protect themselves from market volatility without constant oversight.

Our clients can access detailed reports and transaction history, giving them better visibility and control over their FX activities. The reporting tools also help businesses with financial planning, forecasting, and compliance requirements.

What kind of support does Monex Canada provide to clients using the Monex API for their payment processes?

We are dedicated to ensuring our clients have everything needed for seamless API integration and usage in their payment processes. Each client is assigned a dedicated team to assist from initial consultation to testing and deployment. We provide detailed technical documentation outlining connection, authentication, and various payment functions, guiding clients every step of the way.

Scalability is a priority, as we recognise that different businesses have unique and evolving needs. Our team customises API functionality based on specific requirements, such as currency pairs and payment methods, while ensuring our APIs can handle increasing transaction volumes without infrastructure concerns.

For technical support, our team is available for troubleshooting, updates, and optimisation. We proactively monitor API performance and provide notifications and resolutions for any issues to minimise downtime. Our APIs adhere to the highest security standards, including data encryption and secure authentication, to protect client transactions and sensitive information.

Lastly, we actively listen to client feedback and stay updated on industry trends to ensure our API solutions remain current. We regularly release updates to enhance functionality, equipping our clients with the latest tools to thrive in today’s dynamic financial landscape.

How does Monex Canada ensure the security of sensitive data and payment instructions for its clients?

Security is non-negotiable for us. We take a multi-layered approach to protect our clients’ information throughout the transaction process. Our commitment begins with end-to-end encryption, ensuring that all data transmitted between clients and Monex Canada is securely protected. This means sensitive information, such as payment instructions, is rendered unreadable while in transit.

We also safeguard client data stored within our systems through at-rest encryption, preventing unauthorised access. To enhance security further, we implement multi-factor authentication (MFA) for all users accessing our online platform, requiring both a password and a second verification method.

Access to sensitive information is restricted based on user roles, limiting exposure to only those individuals authorised to handle it. Our APIs feature built-in security measures like secure token-based authentication and encrypted communication channels, while our online platform incorporates session management, encrypted logins, and timed logouts to protect client accounts.

We adhere to strict global standards, including GDPR and AML regulations, to ensure the secure handling of client data. Continuous system monitoring and advanced threat intelligence tools allow us to detect and respond to potential threats in real-time. By implementing these stringent measures, we build trust and deliver reliable services to our clients at Monex Canada.

How does the team at Monex Canada stay updated on regulatory changes that affect its operations and client offerings?

Our team also ensures that the API adheres to the highest security standards, including data encryption and secure authentication, to protect client transactions and sensitive information.

Finally, we listen carefully to the feedback of our clients and stay on top of industry trends to ensure our API solutions are always up-to-date. We regularly release updates to enhance functionality and ensure our clients are equipped with the latest tools to stay ahead in today’s rapidly changing financial landscape.

What innovations or improvements do you foresee for Monex Canada in the coming years, especially in relation to FX solutions and technology?

We are continually innovating to stay ahead of market trends and provide enhanced solutions that meet the evolving needs of our clients. We foresee critical growth areas in technology integration, client experience, and expanded FX solutions.

For example, we are investing in our digital platform to offer advanced, automated tools for managing FX needs, such as AI-powered forecasting tools for accurate market predictions and automated hedging strategies that optimise currency risk management in real time. We also plan to introduce smart contracts via blockchain technology for transparent and secure cross-border transactions, reducing settlement times and operational risk.

Our enhanced API offerings will enable clients to seamlessly integrate these FX solutions into their systems, featuring flexible payment options, multi-currency account integration, and improved reporting capabilities. This will automate payment workflows and real-time risk management, simplifying strategy adjustments as market conditions change.

Recognising the unique challenges SMEs and businesses in emerging markets face, we are developing cost-effective tools, including low-cost micro-hedging products for smaller businesses to protect against currency volatility without large contracts.

Finally, we are building strategic partnerships with fintechs, banks, and payment processors globally, expanding our payment networks for faster cross-border transfers and localised FX solutions tailored to specific regions and industries.

The post Monex Canada provides highest level of security: CEO Anil Sawrup appeared first on International Finance.

In contrast to what was anticipated, the market has changed, leading to fragmentation and endangering PSD2’s sustainability to the point where the European Commission felt obliged to intervene and release a report on the use and effects of PSD2.

The report’s examination of the role that application programming interfaces (APIs) play in authentication and granting access to the back-end data needed for open banking services is particularly noteworthy.

Screen scraping, which made it challenging to identify who was logging into the account and considerably more difficult to offer richer data sources, has been replaced by APIs. Concerns are now raised by the way the industry has decided to use APIs.

A damning verdict

According to the report, there is a lack of cohesion and cooperation in the market as “APIs vary greatly from bank to bank, even though they sometimes claim to use the same standard.”

It continues by saying that a lot of these APIs occasionally “do not work properly.”

For instance, third-party providers frequently do not receive accurate status feedback for scheduled payments made by PISPs (Payment Initiation Service Providers), and some claim that because regulators have not taken action regarding API flaws, these providers are unable to provide services that they are legally required to provide under PSD2 regulations.

Finally, it concludes that “the reliability of the eIDAS certification is inconsistent throughout the EU, the availability of APIs remains patchy, and the scope of the data being accessed remains unclear.”

PSD2 establishes performance standards for APIs, but the industry sets the standards, which hinders access rather than helps it, leading to problems with interoperability. Multiple variations of a standard API are produced by banks’ freedom to adopt and modify various API standards.

It then becomes necessary for a third party doing business with these banks to establish special connections, which is a labour-intensive procedure. The report acknowledges that “the absence of a PSD2 API standard and the large number of APIs” are to blame for the emergence of aggregators, which create a single API on top of multiple APIs and then sell it to third parties.

Two-tier system

The complexity of the situation has increased with the introduction of Premium APIs. These make it possible to provide PIS (the capacity for third parties to initiate payment) or AIS (access to transaction data). Nevertheless, they may lead to unlicensed parties being able to access data that licensed APIs compliant with PSD2 do not, thereby weakening the standard.

Furthermore, unlicensed third parties are even able to offer AIS and PIS through an aggregator’s license-as-a-service offering. This creates an “uneven playing field” where two parties may provide the same service under different circumstances, potentially giving the unlicensed party a competitive advantage, because Premium APIs can offer services beyond those defined in PSD2.

In a survey done for the report, 58% of respondents said they were in favour of a global API standard to make payments easier and only 9% were against it. However, the qualitative interviews that were also conducted did not match the quantitative data.

According to that research, there were several reasons why the adoption of a single API standard was seen as controversial. It was thought that this might hinder banks’ ability to innovate and create their interfaces. Although there are several competing API standards, these have limited rather than impeded progress, and it was thought to be too late to introduce them.

Others proposed that in order for Premium APIs to overtake and compete to establish de facto APIs, the market needs to be opened up for business. This makes sense because some people have continued to scrape less secure data because they believe that the PSD2 requirements are too restrictive regarding the access they allow. The issue of unapproved third parties having access to banks would still need to be resolved, though.

Need to add carrot and stick

The issue with the current business model for API development is that banks are not incentivised to invest in high-performing APIs, which means that security won’t advance further. Account Servicing Payment Service Providers (ASPSPs) i.e., banks are the ones that must invest in APIs to provide access, whereas the third parties effectively get access to that data for free.

It makes sense that banks are choosing to “limit or at least complicate access to their data” and that third parties are reporting implementations have “mostly been poor (by banks)…with a significant number of obstacles built-in” given the lack of financial incentives, the slack enforcement, and the ambiguity of the regulations themselves.

Although opinions on the need for a single standard may differ, it is certain that the current approach is ineffective and that the industry is experiencing API sprawl as a result of the standard’s fragmentation. Due to the lack of incentive for banks to enhance API connectivity, third parties are becoming more dependent on aggregators.

Additionally, the system as a whole has allowed competitors’ offerings to grow, leading to the emergence of unlicensed providers and non-standard alternative APIs with greater functionality. As a result, we can anticipate that this year will see action from the European regulators. They will actively look into ways to get PSD2 back on track, so all of the participating providers should get ready for the regulations to tighten up and be strictly enforced.

Meanwhile, the “Payments Services Package” is a new regulatory framework that the European Union (EU) is introducing to update its payment services regulations. The European Commission released a set of legislative proposals in June 2023 to improve and modernise the EU’s digital financial environment.

The Payment Services Package consists of the Payment Services Regulation (PSR), the Payment Services Directive III (PSD3), and the Regulation on a Framework for Financial Data Access (FIDAR), which must be enacted in tandem. The goal of PSD3, an update to the current Payment Services Directive (PSD2), is to broaden and improve the payment services regulatory framework.

Additionally, it will replace and repeal the Electronic Money Directive (EMD2), creating a single regulatory framework that will control e-money services in addition to payment services. Since e-money institutions will be licensed as payment institutions under PSD3, there will be a single set of requirements for licensing, business conduct, and prudential supervision.

The post Is Open Banking suffering from API sprawl? appeared first on International Finance.

Velmie was founded in 2010 as a software development company, initially delivering solutions across diverse industries including banking and fintech.

Over time, Velmie gained a profound insight into the technological landscape of finance and identified the significant challenges organisations face in meeting customer demands and staying competitive.

Motivated by this understanding, Velmie shifted our focus to developing products specifically designed to empower financial companies to innovate, maintain agility, and prioritise customer-centricity. Since 2018, the company’s dedication has been exclusively centred on fintech.

Slava has been instrumental in shaping Velmie’s growth trajectory, overseeing everything from strategic direction to hands-on involvement in sales, marketing, partnerships, product development, and customer support.

He is passionate about leveraging technology to revolutionise the financial sector, driving innovation and unlocking new opportunities for businesses and consumers alike.

In an exclusive interview with International Finance, Slava Ivashkin, Founder and CEO of Velmie, discusses the company’s digital banking platform, its recent partnership with Unlimit, advancements in the fintech industry, innovative initiatives, and much more.

How does Velmie’s modular cloud-native digital banking platform differentiate itself from traditional banking software solutions?

Our platform differentiates itself from traditional banking software solutions by being designed to serve next-generation products focused on delivering superior user experiences, maximising efficiency, and scaling through expanded partnerships. These principles have been the foundation of our product from the beginning and continue to guide us as we develop new versions of the software.

Additionally, we follow very different policies and procedures for software delivery and configuration. What used to take many months with legacy platforms due to their overall complexity now takes just days or weeks.

This makes Velmie the top choice for institutions and ambitious startups seeking to enter the market quickly and scale their products seamlessly.

Can you provide details about Velmie’s API orchestration layer? How does it facilitate streamlined access to payment services?

Bank-fintech partnerships are cumbersome nowadays, and we provide technology to facilitate this process. As part of our platform offering, the API orchestration technology allows streamlined access to leading banks and other service providers. Through our focused efforts in building and maintaining a robust partner ecosystem, our clients receive tremendous advantages when launching new products with us.

What are some key features of Velmie’s digital banking platform that contribute to its scalability and performance?

Our platform boasts a modular cloud-native architecture, guaranteeing consistent and efficient deployment across diverse environments while offering effortless customisation and scaling. Additionally, our advanced load-balancing and auto-scaling capabilities, combined with an API-first approach, ensure seamless integration and optimal performance, even under varying demands. This makes our platform the ideal choice for financial institutions seeking reliability and scalability.

Can you provide examples of the types of fintech solutions that Velmie has helped to build for established financial institutions?

There are primarily two types of solutions we offer. The first involves digital transformation as companies realise their current tech stack no longer meets their needs and is difficult to maintain. This is a very common problem, and we solve it by offering a solution that allows companies to start using a modern platform without requiring a complete migration, which is the most daunting prospect for any organisation. With us, both platforms can operate and evolve in parallel.
The second type of solution is for new projects we build for startups. Here, you will find a great variety of solutions, including neobanks, Web3 banks, microlending, remittance, savings and investments, private banking, and more.

In what ways does Velmie customise its banking software solutions to align with the unique requirements of ambitious startups?

There are endless customisation possibilities. Our portfolio showcases numerous projects that go beyond the scope of a typical banking app. Unlike many companies that offer customisation services reluctantly, we thrive on helping startups build unique and innovative solutions. We not only love this challenge, but we also excel at it, thanks to our extensive in-house team and vast experience. We reject the notion that one size fits all and instead focus on creating products that are easily customisable. Both our backend and frontend apps feature modularity, allowing us to implement even significant changes with ease and efficiency.

Additionally, we were among the first in our industry to adopt Flutter, a cross-platform mobile technology that simplifies and enhances the process of building new features, running trials, conducting A/B tests, and more—all without compromising security or performance. This approach ensures that we can quickly and effectively tailor our solutions to meet the unique requirements of ambitious startups.

Could you tell our readers about Velmie’s recent partnership with Unlimit?

We’re excited to commence our partnership with Unlimit, as many of our clients select it as their financial services provider. However, they often face challenges in finding a suitable technology partner to implement their product vision with the assistance of Unlimit BaaS.

This is where we step in. Collaborating with Unlimit, we offer a plug-and-play solution that significantly reduces time-to-market and streamlines the process of going live. Instead of attempting to develop apps and back-office systems independently, clients can access a ready-made technology solution that is proven, supported, and easily customisable.

In what ways does Velmie ensure that its platform remains secure and compliant with financial regulations?

At Velmie, we employ proven methods and solutions to ensure our platform remains secure and compliant with financial regulations. One of our key initiatives involves the successful implementation of ISO 27001 policies, which guarantees information security at every level of our operations. This framework allows us to establish and maintain robust security controls, ensuring the confidentiality, integrity, and availability of sensitive data.

Furthermore, we adopt a single-tenant approach within our platform architecture. This approach allows us to isolate each client’s data, providing greater control over its security and minimising the risk of unauthorised access. By maintaining dedicated environments for each client, we can tailor security measures to their specific needs and ensure compliance with regulatory requirements.

How does Velmie stay ahead of the curve in terms of innovation and technological advancements in the fintech industry?

Staying ahead of the curve in innovation and technological advancements is ingrained in our approach. Our clients serve as the catalyst for our continuous innovation journey, as they often push the boundaries with their implementation of highly innovative solutions aimed at disrupting various sectors within financial services.

Thanks to their inspiration and feedback, we’ve expanded our offerings to include a diverse array of cutting-edge technologies such as AI, digital currencies, advanced biometric authentication methods and more.

However, our commitment to innovation extends beyond technology alone. We also recognise the importance of updating policies and processes to support our clients in achieving better efficiency and scalability. By constantly refining our operational frameworks and adapting to evolving regulatory landscapes, we ensure that our clients can leverage our solutions with confidence, knowing they are backed by robust governance and compliance measures.

In essence, our ability to anticipate and embrace emerging trends, coupled with our dedication to enhancing operational effectiveness, positions Velmie as a trusted partner for fintech innovation and advancement in the ever-evolving financial services landscape.

The post Velmie empowers startups with innovative solutions: CEO Slava Ivashkin appeared first on International Finance.

“As Principal Members of Visa & Mastercard, we provide an advanced payment infrastructure that allows you to focus on growing your business while we handle the technical work,” stated the start-up.

Knowing The Company In Detail

NymCard was established in 2018 with the idea of bringing a modern and flexible payment platform that could serve the needs of consumers and businesses in the MENA region.

As of January 2024, NymCard’s payment platform is covering everything from card issuance and programme management to mobile payments and beyond. Its modular approach allows the clients to build their custom workflows as per their business needs.

NymCard simplifies the function of launching payment cards and lets its clients issue Visa/Mastercard credit, charge, and prepaid cards.

On the Prepaid Card front, NymCard’s API allows its users to easily integrate card issuing functionality into the latters’ products, without much complexity. The client venture can customise the design of their payment cards as per the branding needs. NymCard offers two types of cards, prepaid and credit, allowing its clients to choose the option that best fits their customers’ needs.

NymCard also ensures the safety of the cards through its ‘Sophisticated Risk Tools’.

NymCard is taking care of the priorities of the finance industry stakeholders like banks and corporations with an enhanced credit solution for their customers. The venture’s ‘Charge Card’ component provides the user with credit access without the burden of interest payments.

The customers can also control their transactions, update the cards in real-time through APIs and enjoy benefits like low fraud rates and a frictionless user experience.

The prepaid card, for example, takes the game to the next level by offering flexible solutions that let its users create single-use/multi-use cards. The financial institutions which use NymCard’s services to roll out their prepaid cards can provision their products into digital wallets and mitigate the risk of payment fraud while improving adoption rates. They can also create a customised prepaid card product by selecting features and services from NymCard’s modular offering.

Next in line, we have NymCard’s multi-currency offering, which comes with frictionless integration and end-to-end programme management. With NymCard’s Multi-currency as a Service (MaaS) offering, financial institutions and fintech companies can offer their customers a flexible and convenient way to manage their money across multiple currencies. Our platform provides access to a wide range of multicurrency services, including card issuance, payment processing, currency exchange, and more.

NymCard’s APIs allow its clients to integrate into the fintech venture’s platform and offer a comprehensive multi-currency solution to their customers. NymCard’s product offers full treasury management in collaboration with its business partner Fexco (a prominent financial services company), apart from simplifying complex integration processes with plug-and-play APIs.

NymCard is also known for its ‘Wallet Management System’, which is user-friendly and allows for easy control and prioritisation of currencies for internal use.

The venture also helps its clients to maintain control over finances. The FX mark-ups, currency wallet fees, and optional issuer fees, apart from offering easy transaction management services like exchange rate control, transaction history tracking, and integration with exchange houses/third parties.

NymCard is also making the BNPL (By Now Pay Later) game simpler by letting the client ventures access a plug-and-play lending platform that empowers the latter with advanced technology tools and deploys their loan programmes at any sales point.

The venture’s customisable technology enables NBFIs (Non-Banking Financial Institutions), banks, retailers, start-ups, and fintechs to seamlessly offer instant instalments. Be it shorter duration BNPL or longer duration credit, NymCard enables its client financial businesses to offer embedded finance solutions in a risk-controlled and regulatory-compliant manner. Its API-based integration also ensures quick and scalable deployments globally.

Other Services

To make payments simple, efficient, and cost-effective, NymCard has launched initiatives in the fields of V-IBANS (Virtual International Bank Account Number), TaaS (Telecommunication-as-a-Service) and BIN Sponsorship (mechanism allowing fintech businesses to access the payment processing and card management services).

The fintech venture is enabling its client businesses to offer remittance services in over 200 countries, apart from partnering with agent locations around the globe, so that the customers can withdraw into bank accounts, wallets, and cash. The venture is also offering seamless top-up pre-funding accounts with lower cost and time.

NymCard’s state-of-the-art treasury management services have introduced built-in real-time settlement, optimisation and digital wallet services, all within the scope of the existing offerings across different card schemes. The fintech venture also possesses a team of international compliance and legal experts to verify that the client’s financial programmes are meeting the requirements of sponsored banks and card schemes. Following this, NymCard’s onboarding team will help the clients get their programmes up and running.

Apart from all these, NymCard is also providing its expertise in arenas like Youth Banking, Gift, Corporate and Travel Cards.

Whether the client is a financial institution, a fintech start-up or an established brand, NymCard is there to help the business out (on the digital banking front) with its proven fintech tools. Youth Banking helps teenagers with an allowance management tool, which helps them manage, save and make money in a smart and safe environment.

NymCard In News

In August 2023, NymCard joined the Visa Ready to Launch (VRTL) programme, which will simplify the process of issuing payment products for fintech and non-banking organisations, with NymCard’s plug-and-play platform helping the MENA region to transform its payment credential issuance capabilities.

During the mid of December 2023, NymCard announced its partnership with CWallet, a fintech start-up with a Payment Service Provider (PSP) licenced from the Qatar Central Bank. NymCard will now provide technology and services to issue CWallet-branded prepaid cards for CWallet’s customers in Qatar.

The VRTL programme will provide an end-to-end credentials issuance capability, including product bundling, programme management and a scalable tech integration platform through APIs.

The post Start-up of the Week: NymCard is here to upgrade MENA’s fintech game appeared first on International Finance.

The Dublin-based venture, established in 2018, has close to 160 employees as of September 2023, with a total funding of USD 85 million. Fonoa is reportedly the first global tax automation platform that allows its client businesses to validate tax IDs, calculate taxes, generate invoices and e-invoices, report transactions and file tax returns through a single solution.

In today’s episode of ‘Start-up of the Week’, International Finance will talk about Fonoa, which is serving companies like Zoom, Uber, NetFlix and Booking.com.

Handling 21st Century Tax Challenges With Ease

Businesses in the 21st century constantly face headaches like ever-changing tax rules, no standardised government/vendor connections for digital reporting and e-invoicing and ‘multiple sources of truth for tax information’. Fonoa combats these with its solutions, which help its clients to remain updated with the tax regulations, while having global coverage with a standard integration, along with full control and visibility through a single source of truth for all the tax data.

In short, Fonoa makes the corporate tax filing procedure a paperless, digital and hassle-free one.

Among its solutions, ‘Global Tax ID Validation’ instantly validates Fonoa’s client business’ tax IDs in over 100 countries, in an automated manner, to ensure that these ventures are compliant with local tax regulations. By validating tax IDs, companies can file the correct amount of VAT/GST and steer clear of the penalties, apart from avoiding scenarios like unjust tax deductions and charging their customers too much or too little tax.

While businesses can directly retrieve tax IDs-related information from government sources, Fonoa also helps its client businesses to monitor and review validations from a simple, intuitive user interface, or integrate directly through its API.

Next is ‘Locally Compliant Invoicing’, where Fonoa’s client businesses can generate tax-compliant invoices and credit notes that include all required information globally, thereby avoiding operational risks like penalties, unnecessary compliance costs and frequent audits.

“Remove the need to build and maintain your own local tax templates and technology. Make it easy for your business customers to access accurate tax invoices and reclaim indirect taxes on their purchase,” the Dublin-based venture remarked.

Using Fonoa’s expertise, the client businesses can comply with country-specific invoicing rules, tax types and currency exchange needs, apart from applying specific invoice sequences, customizations, and handle promotions and discounts in line with local laws.

The businesses can also introduce unconventional formats like self-billing, third-party billing, and summary invoices, apart from using a digital signature to authenticate invoices. They can also generate invoices via Fonoa’s API, along with other methods like manual and batch invoicing from a CSV upload. Last but not least, these invoices can be customized as per currencies and over 50 languages.

Fonoa’s solutions have proved their worth in sectors like online marketplaces and e-commerce, when it comes to invoicing.

Hassle-free Tax Returns & Compliance

Fonoa helps its client businesses to automatically prepare, review and submit error-free VAT/GST returns from one single platform, thereby removing the bottlenecks like tax teams struggling with insufficient resources and relying on third-party data providers, while consuming both time and effort.

Fonoa improves tax return accuracy with automated logic and validations, while completing returns faster with central collaboration and streamlined workflows for tax return review, approval, and submission, through its collaboration with third-party service providers and tax advisors.

The tax return solution also provides real-time automated insight for its client ventures’ compliance calendar, apart from tracking the statuses related to tax returns and tax positions, drawing up simple and clean workflows for tax returns, also enabling thorough tax audits.

Along with tax returns, Fonoa’s solutions also come in handy for tax determination purposes. The Dublin-based venture helps its clients to identify the right sales tax, VAT and GST treatment of their transactions globally with a single solution that can be integrated into these businesses within 14 days.

Fonoa helps its client ventures to customize the tax rules as per their business needs, apart from eliminating the need to build and maintain their own solutions with a simple and scalable integration that has up-to-date global coverage. These businesses can also report transactions and generate real-time e-invoices with one standardized solution, while complying with the tax data-sharing laws across the nations.

A Promising Future Ahead

Fonoa founder Davor Tremac, while serving as a general manager at Uber, saw how changing tax requirements and regulations curbed the expansion of businesses in many markets.

The start-up, aimed to combat this roadblock, has emerged as the game-changing platform that has the ability to streamline and automate real-time tax workflows across the countries in one place, while helping tax managers handle their obligations in a hassle-free manner.

Fonoa’s hard work hasn’t gone unnoticed, with the venture’s fund-raising efforts being recently backed by Coatue, a Venture Capital fund started by American billionaire Philippe Laffont, who was among the first investors in TikTok’s parent company Bytedance, followed by similar investments in Snapchat and Spotify.

Fonoa, which has the feat of developing the world’s first cloud platform for the automation of tax calculations, is now nearing the status of being a ‘Unicorn’, as it aims to achieve a valuation of over USD 1 billion.

The post Start-up of the Week: Stepping inside Fonoa’s cloud solution for automated tax collections appeared first on International Finance.

Chipper Cash has grabbed the headlines for providing Africans with a user-friendly and innovative mobile application which facilitates cross-border fund transfers, apart from enabling global payments using virtual cards, and providing investment opportunities in global stocks and cryptocurrencies.

Through Chipper Cash, its users can send personal payments for free. Having a free Chipper account will help its African customers to unlock international transfers, payment cards and investing.

Knowing Chipper Cash In Detail

The venture’s app has over five million users, who can also invest their money in more than 6000 American businesses. Chipper Cash has also an impressive money processing volume of over USD 1.5 billion (per quarter).

Africans working in the United States can send money back home, directly to their loved ones’ bank and mobile money accounts, through the Chipper Cash app. Currently, the service is available in over 21 African countries.

Talking about money transfer, let’s discuss the venture’s ‘Send & Receive Cash’ feature, which helps the customers’ money to move across Africa, or across an ocean, in a fast and convenient manner. The whole capital transfer process happens in either of the ‘free transfers’ or ‘lowest cross-border rates’ mode.

“Securely link any mobile money or bank account. Cash in and cash out at no cost. Get 2% cashback on Airtime, every time. Instantly top-up from anywhere, on any network. Send airtime to anyone across Africa,” the venture commented.

Chipper Cash’s services can also be used to make instant bill payments, in an easy and secure manner, without paying additional fees.

“Everyone on Chipper verifies their identity for increased trust. Unique @ChipperTags make it easy to always be 110% sure you’re sending money to the right person,” the company stated further.

Another unique product from Chipper is its Chipper Card, using which one can pay both the regular bills and the subscription packages of streaming platforms (OTT platforms).

Since the card only operates with a pre-determined amount uploaded to it, it also helps consumers in maintaining their monthly budgets.

Investment Opportunities In Crypto & Stocks

Chipper users can buy, sell, send and receive cryptocurrencies through the fintech platform. In Uganda and South Africa, for example, one can start investing in digital currencies with a starting amount of less than USD 1. A similar service will be extended to Rwandan users as well.

“Buy and sell 10 plus crypto coins including Bitcoin, Ethereum, USDC, Avax, Matic, Solana, and Doge, which are available for purchase 24/7 with real-time pricing,” Chipper commented, while adding that the users can even invest in stablecoins, with the option of instant trade execution.

Talking about Chipper’s crypto services, anyone can trade in chain currencies like BTC, ETH, USDC and Doge.

“Send/receive from any third-party wallet address in Uganda and South Africa. Instantly cash out crypto to local currencies with no fees,” the venture stated further.

Also, the Chipper users, also can buy crypto using their ‘Chipper Balances’, apart from receiving crypto payments and converting them at the best rates.

Chipper users can build their stock portfolios further by investing in fractional shares of their favourite publicly traded companies.

Customers can buy fractional stock shares with as little as USD 1, while owning shares of tech and sports biggies like Facebook, Amazon, Apple, Google, Nike, Netflix and 1000 other publicly traded companies.

During the process, they don’t need to hurt their purses to pay high commissions.

Chipper Network API

“Chipper Network API is a payment method that gives you access to 5Mn+ KYC verified customers. We empower you to accept payments and send payouts across all our markets,” Chipper commented.

Chipper Network API’s key specialisation lies in its cross-border payments mechanism. Businesses, by using the Chipper Network API, can receive payments from their customers in multiple currencies. Transactions will come with low fees, thus ensuring more profit from every sale.

Businesses can also collect one-time/recurring payments from millions of verified customers.

“Use the Chipper Network API to create custom payouts to customers or suppliers. Issue instant refunds to your customers directly into their wallets. Access your multi-currency business wallet directly from the Chipper Cash app,” the fintech venture stated.

‘Chipper Network API’ comes with an easy and accessible dashboard, which helps businesses to have easy and quick access to their transaction data.

“Get instant insights on your sales, monitor transactions, download reports, and all-round account management to power your business. Generate API keys on the go,” the venture remarked.

Also, using ‘Chipper Network API’, businesses get access to the millions of “verified and KYC’d customers” in Africa and beyond the continent. Also, the encrypted business wallet of ‘Chipper Network API’ keeps the ventures’ money safe with a guarantee.

Tough Test Awaits Chipper Cash

In November 2021, the African cross-border payments company raised USD 150 million in a Series C extension round led by Sam Bankman-Fried’s cryptocurrency exchange platform FTX. Six months before that, the start-up closed its first Series C round of USD 100 million, led by SVB Capital, the corporate venture capital arm of SVB Financial Group.

However, things have changed since then. In 2022, FTX went bankrupt. A year later, SVB followed a similar path. Chipper Cash too felt the heat of the market headwinds. Since December 2022, the venture laid off its employees in three rounds. Alicia Levin, the company’s global chief operating officer, and Leon Kiptum, Chipper Cash’s country director for Kenya have left the business too.

However, in a much-needed positive development for its stakeholders, Chipper Cash has now expanded its African operations further in Rwanda. Will the venture ride out of this temporary blip and come back to the growth path in the 2023-24 financial year? We need to wait and watch.

Image Credits: Chipper Cash

The post Start-up of the Week: Chipper Cash continues to dominate Africa’s fintech landscape appeared first on International Finance.

Steve Huffman made the above observation while stating that the ongoing blackout of thousands of subreddits would eventually pass.

So what is going on in the social media company?

Knowing The Crisis In Detail

Reddit is community-driven, where people create forums called subreddits. Here, you can open your accounts with pseudo names and posts, and share engaging stuff like memes. These subreddits have categories like economy and politics, where suitable content can be posted. Based on audience engagement, Reddit’s front page shows the most popular posts from each default subreddits.

As per Finshots, there are over 130,000 such active communities, along with more than 400 million monthly active users.

Journalist Christine Lagorio-Chafkin, during an interview with the business journal ‘Knowledge at Wharton’, said that over 50,000 words are typed into Reddit forums every minute. The award-winning scribe also suggested that Reddit can very much be the information goldmine for generative AI tools like ChatGPT, with the chatbot getting most of its information from the subreddits’ conversations.

Coming back to the crisis, the blackout mentioned by Steve Huffman has seen over 7,000 subreddits, setting themselves private to protest Reddit’s API pricing changes.

Developers of third-party apps wouldn’t be able to afford Reddit’s updated API pricing. The developers for Apollo for Reddit and others announced the shutdown of their apps on June 30.

While some subreddits went private from June 12th to June 14th, some are planning not to become public until things change.

Let’s Talk About The Bone Of Contention

Reddit API policy changes will see its content being used to train artificial intelligence tools, and this content will be put under a paywall from now on.

Be it ChatGPT or Google Bard, generative AI tools are using Reddit sources to train their Large Language Models to provide credible responses to human prompts. While Reddit’s API will help tech companies to access and package useful data easily, the content aggregation company is now using the opportunity as a moneymaking one.

Reddit’s API, available since 2008, used to be open for developers to do activities like building moderation tools for subreddits, creating Reddit browsing clients, and making the content site a user-friendly one.

While the Steve Huffman-led venture will keep the API free for those building moderation tools or creating educational and research environments on Reddit, the company’s new terms will be applied for developers using the APIs in ways that require “broader usage rights”. Also, the new policy won’t grant automatic licenses for anyone needing to modify user content.

Training AI language models will now require interested parties “to enter into a separate agreement with Reddit.”

The ‘Data API Terms’ have also empowered the company to enforce limits on how many API requests can be made. The charges required for making the API requests will also be high for clients (developers), since the latter generally use OAuth tokens for Reddit user authentications.

Reddit is also planning for an Initial Public Offering in 2023. With generative AI being the talk of the town in 2023, analysts believe that the venture wants to build its financial health around its user-generated content, which will be used for training for LLMs.

Users and moderators here use third-party apps like ‘Apollo’ or ‘Rif is fun’ to access Reddit, as these tools reportedly provide better user experiences.

These apps were built using Reddit’s APIs. If they need to show Reddit’s content now on their portals, they will have to pay for it. Apollo has said the API fees alone would amount to a staggering yearly amount of USD 20 million, something which is not feasible for them.

This development has now riled up Reddit’s users. The community members and moderators are now showing solidarity with these third-party apps by taking the subreddits ‘dark’ or private.

The article titled ‘Is Reddit digging its own grave?’ by Finshots remarks, “Apparently, third-party Reddit apps don’t display advertisements. That means if most of Reddit’s users actually prefer these non-native apps, Reddit can’t go to advertisers and claim a higher user number. It will have to discount this. And advertisers will pay less.”

“So the only way to change that is to kill these third-party apps and get people on board the Reddit app. Then it can bombard them with ads and get advertisers to pay more as well,” the article stated further.

Reddit Sticking By Its Plans

“So the vast majority of the uses of the API — not [third-party apps like Apollo for Reddit] — the other 98% of them, make tools, bots, enhancements to Reddit. That’s what the API is for. It was never designed to support third-party apps. Let it exist. I should take the blame for that because I was the guy arguing for that for a long time,” CEO Steve Huffman told The Verge on the API issue.

The Reddit boss thinks that these third-party apps have made their own business models at the expense of his company. However, Apollo’s statement against the new API pricing suggests otherwise.

Reddit has now informed the subreddits moderators that it has plans to replace ‘resistant moderation teams’ to keep its spaces “open and accessible to users.”

A comment shared by r/Apple moderator @aaronp613 shows the social media platform citing its ‘Moderator Code of Conduct’ and warning its detractors that it has a duty to keep communities “relied upon by thousands or even millions of users” operational.

“Mods who do not agree to reopen subreddits that have gone private will be removed,” the company stated, while CEO Steve Huffman stated that the 48-hour blackouts hardly caused “any significant revenue impact so far”.

The Final Verdict

Reddit’s goal is to become a public company, by getting listed on the stock markets. The content aggregation company is eyeing a USD 15 billion valuation. So, the new API policy is part of Steve Huffman’s bigger monetisation goals.

However, analysts believe that these plans may end up killing Reddit, as the third-party apps, which Steve Huffman accused of building their ‘own businesses at the expense of Reddit’, have actually been the company’s support system.

Experts now fear a scenario where community members will start ditching the platform and in the worst case, may end up joining an alternative one (if it pops up).

The post IF Insights: Has Reddit pressed the ‘self-destruct button’ with its API pricing? appeared first on International Finance.

Adalo, whose easy-to-use interface lets app creators drag and drop simple blocks to create their dream application without a single line of code, recently got USD 8 million worth of funding, an initiative which was led by renowned Venture Capital company Tiger Global.

What does Adalo do?

‘Build custom responsive apps & publish anywhere — no coding required’, states Adalo on its website. The venture allows freelancers and business founders to build and publish custom responsive apps for the web and mobile devices.

Custom fonts, colour palettes, icons, logos, name any feature which enhances the website quality and helps the venture’s brand value to stand head and shoulder above its competitors, Adalo has all the answers.

For start-ups, freelancing and personal apps, Adalo has tailor-made solutions for everyone. The clients can get their digital presence further strengthened by adding features like marketplace payments, multi-sided apps, and profiles, all through Adalo.

Adalo clients can even build their online communities with features like chat, picture-sharing, and the ability to follow and like community posts. While developing their official websites through Adalo, businesses can enhance the customer experiences by adding facilities like appointment settings, reminders and easy payment options. These ventures can even develop internal operational tools.

In short, Adalo is the one-stop solution, when it comes to developing a website which will give a business the desired brand value and edge over its competitors.

And yes, you can get your app featured on Adalo, by filling out an online form. Adalo even rewards apps with the ‘App of the Month’ crown, thus helping the clients to get the much-needed business reach and networking on the online domain.

For customizing the apps with branding and designing suitable for business/personal purposes, Adalo has a scalable and powerful no-code backend in the form of Xano.

Xano can store and signup users, perform actions on a schedule, make API calls, and perform code functions, apart from allowing databases to be scaled based on need, location, and compliance.

Xano allows the Adalo users to periodically update records in a collection, sign-up and log-in users to the apps, save on action usage by stacking API calls into a single response, send scheduled or recurring notifications, perform complex math or transform text directly in the database, and last but not the least, create, update, or delete records in bulk.

Adalo also provides flexible monthly and annual billing models for publishing and running apps. It ranges from free to Starter (USD 45 per month for founders and first-time entrepreneurs), Professional (Monthly USD 65 for small and medium businesses), Team (Monthly USD 200 for freelancers and agencies) and Business (Monthly USD 250 for big businesses).

Adalo also has a team of designers & builders, who can pitch in, in terms of app building. All the client needs to do is to fill out Adalo’s ‘Experts Form’, with his/her project details, deadline, budget, and requested features. Adalo will review the project details and match the client with an expert who will fit the customer’s needs, in terms of building the app from scratch.

Customised Products, Components & Solutions

Creating apps on Adalo is very easy. First, you need to drag and drop reusable building blocks to create your app’s interface. Then you need to link the pages of your app together to bring the product to life. Then the project can be moved from the prototype phase to the live online one with simple database spreadsheets.

Adalo also has its own ‘Component Marketplace’ and ‘App Templates’, using which one can browse the community-created templates to begin his/her app-making journey. Also, the client’s demo templates can be reviewed by Adalo’s experts, before the projects go online.

For large businesses, Adalo provides an environment, where these ventures can create their websites as per the operational requirements. All they need to do is connect their apps to their existing workflows and expand functionality with thousands of integrations with a few clicks. Adalo will also provide its expertise to help the concerned client throughout the process.

Adalo’s ‘No-Code’ tools help big businesses to design, build, and publish apps on quick notice. Be it reaching out to new customers, improving customer engagement, building a website with payment gateways and initiating customer loyalty programmes, name any crucial function for making a company’s business lucrative, Adalo has answers for it.

Also, through Adalo’s help, these businesses can build and manage their own backend data source to house the information, a function that’s important for these businesses.

Adalo Experts Program For Freelancers, Agencies & Start-ups

To avail of the above service, the client needs to submit an Adalo Experts program application form highlighting his/her no-code experience. After the review of the application, the individual will receive an email with next steps. Adalo will then pair the client with individuals/entities, as the latter will collaborate on the website development process.

The start-ups can enjoy Adalo’s drag-and-drop editor or work with an Adalo Expert to build their customised website. From self-guided tutorials in the Adalo App Academy to end-to-end design, development, and maintenance with an Adalo Expert, the start-up is there to help its peers to register quick business growth.

Connecting the start-up’s app with third-party tools and services, getting it launched on a custom web domain, and helping the app to grow its engagement through targeted push notifications, and in-app messaging, Adalo guides its client to overcome all these business barriers.

Apart from providing guidance throughout the design and development stage and periodic coaching on product maintenance, Adalo also provides over 70 courses on various aspects of app building.

Conclusion

Developing a website or mobile app is no child’s play. Companies take months and years, when it comes to firming up their ‘dream’ presence on the digital space. The process is both time and cost-consuming (add the developer fees as well), something which the big businesses can afford, but not the small ventures, start-ups and freelance professionals.

Adalo has emerged as a viable and cost-effective option on this front. The prospective clients will get their tailor-made mobile app and business websites on very short notice of time, without compromising on the quality front. Expect Adalo to gain more from the uncertain business environment of 2023, where companies are in the mood of acquiring cost-effective solutions for their business challenges.

Image Credits: Adalo

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