The company, formed in 2018, calls itself the “Payment Hub of the New Economy,” and wants to provide “comprehensive functionality, improved economics and quicker time to market” during the increasingly complex payments world of today, the release says.
Qolo supports a number of different functions related to payments, including gig-worker payouts, neobanking and associated or prepaid debit cards. The service also aims to support even more complex areas such as wage access and international marketplaces, all of it based on one API.
According to the company, this is accomplished through a rules-based structure that looks at advanced card processing and cross border and foreign exchange capabilities.
The service will also use secure fraud detection systems and keep data safe, the press release says.
CEO Patricia Montesi said the structure is “holistic.”
“By offering all this functionality on one platform, we enable our clients to own the payments P&L,” she said, according to the release. “And our unique mix of capabilities allows us to create solutions never before seen in our industry.”
Montesi said the idea is to keep the innovation going.
“Innovation is in our DNA, and we’ve put it to use building a company bent on driving enhanced and better payment practices for the New Economy by providing diverse functionality all on one platform,” she said.
The team behind Qolo boasts decades of experience in payments platforms, and alongside Montesi, the team is run by President Steven Bishop, Chief Product and Strategy Officer Darren Beyer, and Robert Pincus, COO, according to the release. Together, they've introduced numerous patents and worked with numerous loyalty, prepaid card and B2B programs, bringing them to market.
The coronavirus pandemic has drastically sped up the shift for B2B payments into digital means. FinTechs that have bypassed the now-outdated paper processes of old have been doing well lately, embracing the cloud and offering new, more automated services that help businesses during the pandemic.