FinTech company Monavate launches new division to target massive markets
Cambridge-based payments solutions provider Monavate has launched a new Supply Chain Payments division.
It is designed to bring new, vertical-specific payments solutions to businesses in sectors such as travel, where legacy payments infrastructure and practices limit growth, add friction and increase risk.
The FinTech business has appointed Anant Patel, an established payments expert with over two decades of global experience, as President of the new division.
The company, founded in 2020, has already achieved impressive growth, with over four million cards issued and more than £2 billion processed in customer spend on Monavate-issued cards.
Management say the business has achieved rapid status as a principal member for Mastercard, Visa and Discover. It has gained dual licence as an e-money institution in less than two years from both the FCA in the UK and Bank of Lithuania in the European Union.
Patel joins Monavate after almost two years as President of International Markets at ConnexPay, a US headquartered payments FinTech that connects payment acceptance and issuance for marketplaces and intermediary companies.
During his time at ConnexPay, he led the charge to build one of the world’s largest portfolios of travel sector payments and successfully launched the company’s European business.
He plans to swiftly scale Monavate’s new Supply Chain Payments division, with the mission to create innovative and effective payments solutions to help businesses in key verticals, to alleviate the challenges faced due to inefficient payments and their associated processes.
He has in-depth experience in payments solutions for key sectors such as travel, where online travel agencies and intermediaries are battling legacy payments infrastructure in an industry worth over $1.5 trillion in volume and growing double-digits each year.
He says: “In today’s dynamic business landscape, where the global B2B payments market ranges from $100 trillion to $150 trillion, there is a growing need for efficiency, innovation and a departure from outdated workflows and practices that pose barriers and add risk to businesses.
“My decision to join Monavate is rooted in my first-hand experience as one of their valued customers. Throughout this journey, I have witnessed the exceptional culture at the organisation, making it a place where excellence flourishes.
“Together, we will drive innovation and create solutions in supply chain payments, empowering businesses across the globe to thrive in an ever-evolving market.”