CTalk“We are building a payment platform fit for the post-pandemic world”
“We are building a payment platform fit for the post-pandemic world”
“We took a very complex industry with regulation and different jurisdictions and are trying to take the heavy lifting from the merchant and to automate every piece of the process,” noted Pay.com Co-CEO Tom Vaknin
“We build simplicity. From the onboarding, into the APIs and the integration, we are building the smoothest and fastest way to accept payments,” said Pay.com Co-CEO Tom Vaknin in an interview with CTech during the Mind the Tech conference in London.
Pay.com, founded by Vaknin and entrepreneur Teddy Sagi, came out of stealth earlier this month. The two were joined by Assaf Cohen, who served previously as VP Sales at Checkout.com and Director of Business Development at Payoneer. Pay.com employs 45 people and recently received a $100 million line of credit from Sagi in order to make acquisitions.
Pay.com’s solution is based on full automation with no need for any human intervention from the moment that a merchant does a Google search for a payment solution for his/her business, through the entire testing, identification and verification process and ending with the sign-up process, similar to Stripe. The solution offers quick access to payment methods such as PayPal, Apple Pay, Google Pay, Skrill, Klarna and Paysafecard, with plans to expand to include access to hundreds of alternative payment methods (APMs) in the coming days.
“Teddy is a strong believer in fintech in general and Pay.com was a dream of his as he wanted to get back into fintech,” said Vaknin. “He has great experience and deep knowledge in fintech and we are glad to have him as part of the team.”
According to the company’s forecasts, by the end of 2022 it expects to have facilitated transactions worth $4 billion. Pay.com’s offices are located in London and the U.S., and a development center is located in Cyprus.
“We took a very complex industry with regulation and different jurisdictions and are trying to take the heavy lifting from the merchant and to automate every piece of the process,” explained Vaknin. “We want to allow businesses to accept payments within a few minutes and to help them be focused on growth and less on payment and the bureaucracy behind the scenes. I think we have a very unique methodology and position. Creating a new company in 2021-2022 allows us to use the right technologies, to be based on the cloud from day one and to design a solution and platform fit for the post-pandemic world.”