This posting in IBS Intelligence speaks to a partnership between Sila, a 2018 startup fintech out of Portland, Oregon with an API platform that provides banking and payment infrastructure-as-a-service for software teams, and Corpay, the newly branded Fleetcor payments business that combined several other assets including Comdata, Nvoicepay and Cambridge Global Payments. The partnership is about cross-border payments.
“As Sila has continued to grow, they have experienced increased demand from customers for the expanded global payment capabilities that Corpay provides,” said Andrew Howlett, Strategic Partnerships Manager, Corpay Cross-Border Solution. “Our reach in both geographies as well as currency pairs is expansive and will serve Sila’s customers well.”…
“Sila’s main goal has always been to provide entrepreneurs with the tools to realize their vision and build a successful business – more often than not with an international component. Corpay with its depth and reach in facilitating cross-border payments can be the perfect partner for our customers’ needs.” said Shamir Karkal, CEO and co-founder of Sila, Inc. “We see a lot of innovation from companies – particularly the ones focusing on emerging markets – that rely on phones and online apps, rather than bank accounts and ATMs, to enable cross-border transactions. Through partnerships like this one, Sila feels well prepared to help those companies succeed.”
As readers of these pages will know, we have been keeping up with cross-border developments through member research and ongoing commentary now for several years. There is a real innovation trend that has been in place for a while, and it continues as fintech and FIs push forward with reducing costs and improving the speed and visibility of these transactions.
‘While traditionally managed by banks or money transfer operators, innovative FinTech companies are stepping in and can provide cheaper, faster, more transparent alternatives. This is especially true in transactions that involve exotic currencies with limited liquidity. Fueling that development, more and more people use their mobile phones to access banking and e-payment solutions, particularly in emerging markets. These factors point to a vast potential to redistribute market share between incumbents and new entrants in cross-border and remittance payments.’
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group