Israeli FinTech PayMe Wants to Tap Into EU “Gold Rush”

PayMe, FinTech, Israel, EU

Israeli FinTech PayMe is planning to expand into the European market, capitalizing on a change in regulations that have led to a “gold rush.”

As The Jerusalem Post reported Wednesday (Dec. 29), the company hopes to offer its services to small business-focused platforms, organizations and marketplaces in Europe, allowing them to integrate services such as credit clearing, financing and fraud protection into their products.

“Until recently, there was no way to calculate risk in the European market,” said PayMe co-founder Adam Kogan.

But things have changed with reforms in regulations, Kogan added: “The entire European market has become more popular; it’s a gold rush right now.”

However, PayMe, which provides financial services to more than 70,000 businesses around the world, says it has goals beyond just Europe.

The company recently launched a collaboration with the payments processor Stripe, allowing customers working with PayMe to get a financial solution that works in every territory and with every payment method Stripe supports.

“The FinTech industry in Israel has grown greatly in recent years and includes amazing companies that are expanding into the global market,” Gur Byron, Stripe’s operations manager in Israel, told The Jerusalem Post. “PayMe has definitely stood out as a financial technology company with a significant value proposition for marketplaces, platforms and start-ups as reflected in the company’s rapid growth and payments volume.”

“It’s very hard to build your own financial services,” said Kogan. “Everyone wants to be a one-stop shop, and we help them achieve that within the financial space.”

Read more: EU’s ‘Single Market for Data’ Could Take Cues from British Open Banking Rules

PYMNTS explored the changing EU regulatory landscape earlier this month in a conversation with Juan Delgado, director of the Chicago-based Global Economics Group.

“The intention of this regulation is to create a big pool of data that every company can use, all over Europe, in order to create their own products and to innovate with new data products,” Delgado said.

What the EU is doing, he added, is “adopting two types of strategies. One of them is this idea of adopting specific remedies on data regulation for big tech companies. And then, simultaneously, they’re trying to create a single market for data.”