KiwiTech supported the development of new payment solutions
In October 2020, startup MPT Pay successfully passed the first stage of investment and was valued by US venture and technology investor KiwiTech at USD 10 million. KiwiTech has supported the development of new financial products, such as business payment systems, which every entrepreneur need.
KiwiTech and MPT PAY anticipate a surge in business accounts opening in the next few years. This is due not only to the arrival of COVID-19 and the transition to online, the closure of businesses and the emergence of new companies that one way or another will need banking services, but also to a user experience that needs to be simplified, allowing the business to focus on their processes rather than the complexities of banking procedures.
As a reminder, the main focus of MPT PAY, a UK-registered company, is the development of financial products designed to simplify the compliance process and payment procedures for an internationally oriented business. Today, the startup's activity is to build a unified financial ecosystem for both European and non-European companies, allowing them to conduct business with clients from Europe, by providing them with an EU IBAN (bank account).
Today, no one can be surprised by the Compliance system (checks) and remote verification for registering an account. On the other hand, the Pre-compliance system from MPT PAY, built on their basis, allows drastic reduction in the decision-making time for opening a bank account while providing only basic information about the company and the owners.
Continuing to work in this direction, the company strives to reduce the time of business verification to several minutes. Bank payments of business clients in the MPT PAY system have already become instant, and if it is necessary to use SWIFT, services are provided in more than 20 currencies.
KiwiTech's investments will be used to refine existing solutions and develop new financial products such as Dynamic Escrow Payment Protocol (DEPP) and the Pay & Go App, which are unique payment solutions with easy and quick integration into the existing banking financial system.