It has been an exciting year for FinXP. Since its establishment eight years ago, the company has built a solid reputation for providing clients in so-called high-risk industries with market-leading payment solutions that offer an alternative to traditional banks. Now, it is seeing demand for its signature products spiking, while bringing exciting new offerings to market.

For FinXP co-founder and CEO Jens Podewski, it all comes back to an issue the iGaming sector knows all too well.

“iGaming operators continue to seriously struggle with their existing banking relationships,” he explains. “They have problems receiving settlements, clearing funds from their acquirer partners, and even processing the payments of winnings to their clients. For us, it’s a challenge but a positive one, because it’s an area where we can really step in and make a difference.”

Having himself gained experience in the sector before starting FinXP, Mr Podewski understands the challenges operators face, and the solutions they require, on a personal level. He is therefore pleased – but not surprised – that the demand for FinXP’s dedicated Euro IBAN accounts, IBAN4U, continues to grow, while discussions with major new strategic partners are taking place, bringing the company into greater focus. “There is strong interest not only in what we are doing but in the solutions we can offer,” he says. “We have already realised a number of tailor[1]made solutions with our clients. Above all, we are listening to them.”

Meanwhile, FinXP’s product portfolio continues to grow with the development of multi-currency accounts – a growing necessity as businesses increasingly operate across borders – as well as with the XP White Debit Mastercard. “Our experience has shown that there is a strong interest in the market; not just for a dedicated IBAN account, but for a way to actually spend the money,” Mr Podewski explains.

He describes the new product as part of a wider vision to further develop the IBAN4U offering. FinXP already offers a unique B2B2C solution for instant pay-outs, allowing iGaming operators to settle winnings with clients in a second using FinXP’s technical banking infrastructure. By linking players’ IBAN4U accounts to personalised debit cards, customers can use the funds in their accounts at ATMs, points of sale, online retailers – and of course, to place their next bet.

“All this is possible because we are the issuer,” Mr Podewski says. “There’s no third party that the operator has to work with: it’s all FinXP. And of course, because we are the issuer, it also means we can guarantee that the card can be used for gaming transactions.”

The card also offers a practical solution for companies – and larger organisations in particular – looking to empower employees by making it easier for them to purchase services and products for the company.

Of course, for all the exciting developments of the last year, it has not been without its challenges. Mr Podewski says one of the biggest difficulties he has faced has been finding the right people to support the company’s growing operations. “It’s not easy to find experts in the market, people who understand the business and go the extra mile, and who aren’t there just to check boxes,” he says. “Looking at our roadmap, we know well in advance what team members we need to add, but finding the right people quickly, remains difficult.”

FinXP co-founder and CEO Jens Podewski

Keeping up with changing compliance regulations has also been a challenge. “It feels like every week there is something new that you have to adjust to and deal with,” Mr Podewski says with a smile. “But the good news here is that we invested a lot in compliance to fulfil the requirements coming from the regulator. We had an external audit to ensure we meet our requirements 100 per cent, and it’s something we’re able to say we handled very well.”

Mr Podewski stresses the importance of keeping ahead of the ever-changing landscape in this regard. He highlights the positive development of Malta’s removal from the FATF grey list earlier this year, as well as the associated changes to the anti-money laundering (AML) rulebook.

Also foremost on his radar is the anticipated PSD3, the next evolution of the EU Payment Services Directive and Open Banking legislation. “It may be some way away, but it’s a major development and one we need to start taking stock of right away,” he says.

So, what lies ahead for FinXP? Well, the company, Mr Podewski reveals, has signed a partnership with some of the biggest players in the market to create a unique pay-out solution expected to be made available by the end of Q1 2023, and which will allow FinXP’s clients to settle payments worldwide whether by wire, bank transfer, card, mobile, or cash.

In the meantime, he is looking forward to further physical events and face-to[1]face meetings now that the impact of the pandemic is much lower. “It’s all about our clients,” he concludes. “Listening to them, providing tailor-made solutions, and serving them as they know we have always done in the past.”

This feature was first carried in iGaming Capital magazine 2023, the sister publication to iGamingCapital.mt, produced by Content House Group

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