Products: ConnectPay’s main activity and focus is banking payment services for business and institutional clients, and includes:
- Initiating payments: eurozone (instant) and cross-border
- Accounts: business and segregated
- APIs: online banking and merchant
- Accepting payments: banking and card payments (currently limited to the following geographies: NL, FI, DE & LT)
- Corporate cards
- BaaS (Banking-as-a-Service)
Overview: While only four years old, ConnectPay has grown from a team of five to a fintech family of 75. According to the 2021 Q4 public report by the Bank of Lithuania, the company holds the number two position among 82 Lithuanian electronic money institutions (EMIs) by turnover. Based on customer funds held with ConnectPay, it’s the third-largest EMI in the country, safeguarding more than €200m.
Clients: Since ConnectPay is oriented to serve online-based businesses, most of its customers operate in the following business fields: online media (marketing and affiliate marketing, gaming, advertising, and consulting); software/IT; trading (infrastructure and communication).
Revenue: The company increased its revenue from €4.6m in 2020 to €6.1m in 2021.
Active region(s): EU, EEA
Partners: These include Wallester, Western Union, PrestaShop, Shopware, WooCommerce, Magento, and OpenCart.
Funding: Funded by a single shareholder
Ownership: Deependra Singh Bhartari
Elevator pitch: “ConnectPay is a financial service provider for online businesses and platforms offering convenient, easy-to-use financial services through an integrated omnichannel experience.”
Phone:+356 279 22875
TMI view: With any solution, usability is the watchword. ConnectPay’s client approvals confirm that the vendor is aiming straight at the heart of ‘easy’.
Verdict: In a crowded market, it’s often easy to fall into the trap of over-complicating a platform to stand out. ConnectPay has taken the route of making things simple.