Apexx, a FinTech startup, is reportedly launching in London, aiming to create a transparent marketplace in which merchants can browse and plug into competing services for a network of acquirers and payment brands.
In a report, Apexx said with its platform, merchants can see how the costs compare from one payment brand to the next and get advice on the payment providers that would be best suited for the merchant. Apexx founders’ claim the service can save merchants as much as 15 percent on the cost associated with processing credit cards or debit card payments and alternative payments.
“Navigating the global payments maze is a real headache for merchants and is especially painful for growing eCommerce businesses that are expanding around the world and quickly need multiple acquirers. We’re simplifying the process, and, in the same way that price comparison sites have opened up competition in the retail banking space, we believe this will introduce much-needed competition and innovation into the market. Payment providers also benefit from a way to win new business in a market where new customers are often hard to come by,” said Peter Keenan, chief executive officer of Apexx.
Keenan previously was in charge of Zapp, the VocaLink-backed mobile payments startup that Mastercard purchased earlier this year. Other executives at Apexx include Rodney Bain as deputy CEO, who was previously vice president of Partnerships at EVO Payments International, and Rob Atkin, CIO and designer of the platform, who was the founder and CEO at Xcordis FinTech development agency, as well as holding senior roles at Societe Generale and NatWest.
Apexx isn’t launching alone. According to the report, it has the support of partners including Alipay, iZettle, Mastercard, NTT DATA, Visa iPay88, Payvision, Credorax, SIX payment services, Paysafe Group, Processing.com, Transact Europe, CardStream and JetPay.
The company says it expects to announce its first merchant customers in the coming weeks.