Monavate has launched a new Supply Chain Payments division. The aim is to bring simplicity and clarity to B2B companies that the UK-fintech says are slowed down and burdened by unnecessary complexity and friction in payments practices in their sectors.
Monavate was founded in 2020 and has gained dual licence as an e-money institution in less than two years, from both the FCA in the United Kingdom and Bank of Lithuania in the European Union. To date, it has issued more than four million cards and processed over £2bn in customer spending on Monavate-issued cards.
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Travel sector: worth over $1.5trn in volume
The Supply Chain Payments division will target key sectors such as travel, where online travel agencies and intermediaries are battling legacy payments infrastructure in an industry worth over $1.5trn in volume and growing double-digits each year.
“In today’s dynamic business landscape, where the global B2B payments market ranges from $100trn to $150trn, there is a growing need for efficiency, innovation and a departure from outdated workflows and practices that pose barriers and add risk to businesses. My decision to join Monavate is rooted in my first-hand experience as one of their valued customers. Throughout this journey, I have witnessed the exceptional culture at the organisation, making it a place where excellence flourishes. Together, we will drive innovation and create solutions in supply chain payments, empowering businesses across the globe to thrive in an ever-evolving market,” said Anant Patel, President of Supply Chain Management at Monavate.
Michael Rolph, CEO, Monavate, added: “Monavate stands for simplifying the payments technology and strategic choices needed in the path to market for innovative, ambitious businesses. We have built, and will continue to build, a composable payments infrastructure platform that removes hurdles, frees businesses from inefficiencies, and helps them gain efficiency and tap new revenue streams.”
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