MICROCAPITAL BRIEF: TradeCore Platform Facilitates Process of Launching New Fintechs

TradeCore, a financial technology (fintech) firm that assists retail fintechs in navigating regulations, licensing and payment systems, recently established a platform to expedite the launching of new digital financial services providers (FSPs). The platform assists businesses in legal matters, payments and billing related to services such as digital banking, cryptocurrency, investment, know-your-customer (KYC) protocols, and issuing digital and physical Mastercard-branded payment cards. TradeCore CEO Stefan Pajkovic argues, “For too long fintechs have faced too many barriers to market in the form of regulation, compliance or costly processes to reach the market. This has stifled innovation, cost far too much money, and has had a detrimental effect on the ability of fintechs to move quickly.”

TradeCore’s partners include the UK-based companies ComplyAdvantage, Modulr and Truelayer. The CEO of Modulr, Myles Stephenson, holds, “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. 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.”

Established in England in 2015, Modulr is a financial services company specializing in automated programming interfaces (APIs). Founded in 2013 with offices in Serbia and the UK, TradeCore assists companies such as online stock brokers and fund managers in allowing their customers to use payment methods including payment cards, cryptocurrency and other digital formats. Financial data on Modulr and TradeCore remain confidential.

Founded in the UK in 2014, ComplyAdvantage provides KYC and other client-onboarding services for fintechs. The company operates in approximately 75 countries, with about 200 employees serving 500 customers as of 2020.

Established in the UK in 2016, Truelayer is a privately held technology company that creates APIs for fintechs. Financial details on the firm have not been released.

Headquartered in the US state of New York, Mastercard is a payments and technology company connecting consumers, financial institutions, merchants and governments in approximately 210 countries and territories. For the 2019 fiscal year, it reports adjusted net income of USD 8.1 billion.

By Jessica McLeod, Research Associate

Sources and Additional Resources

B2B Payments article
https://www.pymnts.com/news/b2b-payments/2020/tradecore-introduces-platform-speed-fintech-launch-process/

Financial IT article
https://financialit.net/news/fintech-startups/tradecore-launches-new-platform-uk-help-fintech-start-ups-innovate-and-get

TradeCore homepage
https://www.tradecore.com/

TradeCore platform
https://www.tradecore.com/platform

Modulr homepage
https://www.modulrfinance.com/

Comply Advantage homepage
https://complyadvantage.com/

Truelayer homepage
https://truelayer.com/

Mastercard homepage
https://www.mastercard.us/

Previous MicroCapital article on Mastercard
https://www.microcapital.org/microcapital-brief-jazzcash-mastercard-partner-to-expand-card-based-digital-payments-in-pakistan/

Previous MicroCapital article about the use of APIs in microfinance
https://www.microcapital.org/microfinance-paper-wrap-up-api-deployments-in-inclusive-finance-recommendations-to-optimize-api-deployments-between-banks-and-fintechs-for-financial-inclusion-published-by-accion/