7 Questions

7 Questions with Andrey Kryvosheiev, MPT PAY

1. Please tell us a bit about yourself, both at work and leisure.

My name is Andrey, I am the founder of MPT PAY digital bank for business.
I have assembled a team of specialists with experience of more than 10 years in banks and intech companies to develop and implement such an ambitious project.

Industry Sector: Payment Institution, Bank, digital escrow, retail, e-commerce, acquiring, debit  cards.

 

2. Which services do you sell and who are your competitors?

Digital bank service for SME where each payment for a product or service protects both the buyer and the seller. By increasing sales by 56%, and the instant buyback feature of the customer, increases user loyalty by more than 70% and encourages more purchases.

 

3. How did you get your startup idea and how did you go about launching it?

As founders, we also have our own business, facing daily problems of international payments and distrust between buyer and seller, we studied the market and came to the conclusion (analytics: Deloitte, PNP bank groups, etc.) that this problem practically all companies have
domestic so foreign market.
But technical solutions already exist on the market – this is escrow and Letter of credit, they are very complicated in design and work only for one transaction, and what if you have 20, 100, 1000 operations a day is a special account for each transaction … ask your buyer to send money
to him …. agree on a refund or transfer of funds … pay a commission of 3% or more, etc.
So the idea of dynamic escrow was radiated – as a payment order, your buyer pays the purchase in a convenient way, the seller “sees” the payment, but cannot use the money until the delivery of the goods or services (we work with postal operators (DHL, Fedex, etc) and
receiving API we know exactly what happened with the goods), if the buyer has not received the goods – the system automatically makes a refund within 10 seconds (not a day, a week or a month!).

 

4. How did you finance your startup, and what learnings would you like to share from the fund-raising journey?

The project team paid for trips, conferences and performances with its own funds, but this is not enough, we cannot pay for such expensive conferences (20/20 money), etc., we receive new business customers at every visit who are ready to use our bank in daily operations.

 

5. What areas within FinTech do you personally find most interesting and why?

The MPT PAY system uses technical models: bank core, e-wallets ,AI, SAAS, etc

The use of these technologies makes it possible to maximally protect system users, provide data for analysis (without disclosing customer data), quickly scale the solution and adapt protocols for other markets.

 

6. What opportunities do you see for FinTech startups in Europe, and how can we help?

We are always grateful for any help to our business! Of course, we need banks as the main users of our system, private companies, small and medium-sized e-commerce, which will allow us to more quickly enter the market of banking transactions.
To start operations and connect our customers (today we have 15 companies with more than 100,000 users who are ready to use our bank), complete the registration of EMI licenses – financing is required.

 

7. What tip would you like to give FinTech entrepreneurs?

Each project is unique, the idea requires hard work, but everything depends on the team and the desire to go in front and change the accepted standards.
15 years ago, You couldn’t imagine that you could send and receive money through a mobile phone, email. mail or QR, it is YOU- who are changing the world and bring technologies that can change it. (CEO MPT PAY Andrii Krivosheiev)