Driving equitable financial inclusion with payments and banking service provider FinXP

As modern technology has evolved at breakneck speed, businesses have been quick to capitalise on the opportunities afforded by increasing digitisation. As a result, technological firms operating in financial services have burgeoned, filling the gaps left by those traditional institutions which have become increasingly risk-averse, refusing to work with operators in newer industries. FinXP has been part of this effort to compensate for the shortfall through the provision of digital banking solutions. “We’re always looking at how we can make things happen. We firmly believe in the right to financial inclusion for businesses which are compliant and adherent to regulations. This is our core value, and we’ve remained consistent across the years,” Jeffrey Romano, FinXP’s Head of Marketing asserts.

FinXP was, indeed, established 10 years ago to service companies in sectors such as iGaming that struggled to access support due to the conservative and hesitant strategies adopted by many traditional financial institutions. “We knew there were several businesses providing jobs and adhering to regulatory requirements which were struggling to access basic financial functions. It was hard for companies in certain industries to even process international payments. Our rationale then – and now – was that everyone deserves an equitable playing field; there was a fundamental need to access banking and payment utilities,” he explains.

Today, the firm is a principal member of Mastercard and is partnered with Shift4, a major global payment company. Such connections illustrate that the firm is trusted by other major fintech organisations, a testament to its professionalism and reliability.

Upon launching, the firm initially offered only payment services. However, as the situation evolved, they “expanded their product portfolio” and today businesses can open an IBAN account and use all SEPA schemes, including SEPA Instant, acquire virtual and physical debit cards for consumers and corporates, and also access cross-border payment functions, SEPA direct debits and e-commerce payments. “Today, there’s much more competition in the digital payment and banking space and, in tandem with these developments, we’ve diversified and bolstered our position,” Mr Romano states.

In distinguishing itself from competitors, FinXP brings “a decade of experience to the table; we’re more established than many of the other players,” Mr Romano attests. “We have specialised knowledge of regulated industries such as iGaming, and blockchain.

It takes considerable effort to stay on top of evolving regulations and developments, but we’ve hired specialists and carefully assess the risks of each individual merchant. We’re very diligent about whom we onboard as clients, and we’re mindful about compliance, ensuring we stay abreast of any regulations which impact the industry,” Mr Romano explains.

Furthermore, the company adheres to its philosophy of empowering clients by offering businesses the ability to open a dedicated IBAN account directly with the firm, without relying on third parties. “Payment companies often rebrand and offer services from other institutions as their own, a common practice known as white labelling. However, we operate differently: we’re licensed as an electronic money institution by the Malta Financial Services Authority (MFSA) and have a direct link with a Central Bank in Europe, enabling us to issue accounts ourselves. This shelters our clients from ad hoc changes imposed by third-party entities to which our clients would have no recourse. Businesses working with us are not dependent on a third party with whom they have little-to-no contact – .they deal with us directly. This provides our clients with an immense sense of peace of mind,” Mr Romano continues.

As a testament to its prominent position in the field, FinXP currently “processes around 250,000 SEPA Direct Debit payments per month,” with Mr Romano asserting that the firm is “one of the main players in this space”. In 2021, the company won Malta’s Best Alternative Banking Award at the Malta iGaming Excellence Awards (MiGEA) and, that same year, became a principal member of Mastercard, forming a strategic partnership that enables FinXP to issue cards directly.

“Through this collaboration, we also commercially launched our cross-border payment services last year, branded as FinXP Plus. Powered by Mastercard, this service allows us to pay out to over 120 countries. That wide coverage is important, as we’re able to process payments to accounts, cards and wallets, depending on the network in these territories. We’re still one of the few firms in this space which offer this capability, and we do so with speed – we can offer instant or next-day payments to all of these countries,” Mr Romano continues.

The firm also provides “tailor-made solutions for merchants. We often work with medium-to-large clients who have specific needs; sometimes they require a customised solution, and we have an in-house software development team which is able to incorporate bespoke features,” the Head of Marketing says. As a result of this growth in services and the company’s personalised approach, the firm is currently processing up to €2 billion annually, has opened more than 12,000 accounts, and has expanded physically. “At present, we have close to 50 employees working from offices here in Malta, as well as Cyprus and Lithuania, in addition to several remote team members,” Mr Romano attests.

Looking ahead, Mr Romano predicts that the digital payments space will continue to consolidate its position. “One trend we’re seeing is the increasing importance of instant payments. This started in the consumer market but has now migrated to the corporate world. We were one of the first in Malta to implement SEPA instant transfers, and there has been a strong uptake of these services,” the Head of Marketing attests. Another development is the rise in cross-border payments, particularly after COVID-19. “In 2022, the cross-border B2B market processed approximately $150 trillion, worldwide, and these numbers continue to grow year after year,” he says.

In light of these advancements, FinXP – which shall be exhibiting at Sigma (Europe) in Malta in November 2024 – is continuously exploring ways to “bolster [its] portfolio and coverage”.

“In terms of cross-border and instant payments, we aim to have the widest access possible in order to strengthen our value proposition.” This aligns with a broader strategy, Mr Romano says, as the firm is focused on consolidating its position as one of the most reliable and trusted partners in this space. “We keep growing year after year, developing our portfolio and establishing new client and partner relationships. We work with many of the Tier One operators in the iGaming industry, which speaks to our reputation, centred on trust and reliability – precisely the qualities you would want from a financial services provider,” he concludes.

This interview first appeared in the 2024/2025 edition of iGaming Capital magazine, the sister brand to iGamingCapital.mt, both produced by Content House