Making Fintech Possible for Everyone
“We believe that everyone everywhere should have access to technology that helps them improve their financial wellbeing,” says Inigo Rumayor Belausteguigoitia, Co-Founder of Arcus. Arcus is a FaaS (Fintech-as-a-Service) company he co-founded to help every business make fintech accessible for each of their customers. By being smart, strategic, and being ready to pivot, Rumayor was able to build an easy-to-use platform. The platform eliminated the complexity of launching a fintech business. This strategy has enabled Arcus to expand its operations across Latin America and the USA.
The Game Changer
Earlier, the fintech ecosystem was fragmented, diverse, and afflicted with inefficiencies. FaaS was the ultimate solution to this problem. FaaS has completely revolutionized the fintech industry by incorporating the power of technology into the legacy systems that drive most of global commerce. FaaS has unlocked a new playing field for financial innovators everywhere. Arcus has made it possible for any company to become a fintech company. Thanks to FaaS, now there are fewer barriers to enter the fintech market. However, building scale still seems to be a challenge. “In fintech, and specifically payments, building scale and volume is essential for any player looking to build a sustainable business,” says Rumayor.
Win-win for Everyone
“Back when we started, there was little to no collaboration between the incumbent, big banks, and fintechs,” says Rumayor. Earlier there was a misconception that fintech companies were competitors of banks. The reality is the exact opposite as Fintech creates a win-win situation for everyone. Quick innovation and certain enhancements of existing solutions are possible only through technology integration. Also, fintech plays an important role in collaboration across the entire finance ecosystem. Banks are recognizing these opportunities. The real opportunity lies within Fintech-as-a-Service. It enables any company to easily access existing financial infrastructure rather than building new infrastructure. Rumayor believes that in the next five years, companies that launch fintech services will see the largest growth.
COVID-19 Economic Crisis
“I really hate to look at the global pandemic as a situation from which anyone or any company will benefit,” says Rumayor. He believes that fintech has the unique opportunity to help people during this difficult time. Cashless, mobile and digital payments offer a way for people to manage their payments from the safety of their homes. The financial impact of this pandemic is unlike anything the world has seen before. Fintech companies must step up and use technology to find solutions, advises Rumayor.
Entrepreneurship in the DNA
Rumayor comes from a family of entrepreneurs. This encouraged him to take more risks and gain the skills needed to grow a business while facilitating the democratization of financial services. “Take the risk. There is no better time to try something out of your comfort zone than now,” advises Rumayor. Even if you fail, you learn more from your failures than successes. The faster you fail, the faster you can get up, is his advice to young entrepreneurs. Rumayor and his team at Arcus continue on their mission to make financial well-being possible for everyone.