U.K. FinTech TradeCore rolled out a platform that helps new financial institutions (FIs) launch quickly and easily, according to a Financial IT report.
CEO Stefan Pajkovic founded the company to help emerging FinTechs find their way through the industry’s regulations and licensing requirements. The lengthy and complex process often ends when the companies run out of cash or lose relevancy before even launching. Pajkovic calls this the “spiral of death,” according to the report, and a hinderance to innovation in the sector.
TradeCore’s aim is to handle and accelerate the back-end processes and technological integrations, such as regulation compliance, so the emerging FinTech can focus on growing its business.
“For too long FinTechs have faced too many barriers to market in the form of regulation, compliance or costly processes to reach the market,” Pajkovic said. “This has stifled innovation, cost far too much money, and has had a detrimental effect on the ability of FinTechs to move quickly.”
TradeCore will handle billing, legal issues and integration of payments systems for participating FinTechs. The platform offers card issuing for virtual and physical Mastercard cards, an investment trading interface, digital banking processing, know-your-customer (KYC) strategies, and cryptocurrency capability.
“Modulr is on a mission to make money flow more efficiently through business and the economy, whether customers are using the Modulr platform directly or indirectly through our partners like TradeCore,” said Myles Stephenson, CEO of Modulr, one of TradeCore’s partners. “Powered by Modulr, TradeCore is able to embed payments functionality and provide customers with the same level of access as established banks to payment services.”
TradeCore’s partners integrated on the platform also include ComplyAdvantage, which offers KYC compliance and onboarding, and Truelayer, a provider of open banking infrastructure.
