Name: Igor Tsybolyuk
Title: CEO
Company: Papaya Ltd
Website: www.papaya.eu
Founded: 2012
Headquarters: Gzira, Malta
Description: Papaya is a young and vibrant player in the electronic money domain, with a hard-line philosophy of giving all clients the highest levels of service possible, through our on-going commitment to excellence and integrity.
Innovating Financial Solutions for Underserved Small Businesses
Igor is the CEO and COO of Papaya Ltd., a young and vibrant player in the fintech domain, that delivers innovative financial solutions, particularly for underserved small businesses that traditional banks often overlook due to high operational costs. Igor leads the company’s strategic vision and operations, leveraging his extensive experience in financial services for small and medium-sized businesses across Europe and the UK. His expertise includes business development, regulatory compliance, and strategic planning, allowing him to drive Papaya Ltd.’s mission to deliver top-tier financial capabilities.
Founding of Papaya Ltd.
Papaya Ltd. was founded in 2012 with the aim of providing innovative financial solutions, especially for small businesses that traditional banks often neglected because of high operational costs. “As the FinTech landscape evolved, we saw a growing need for digital-first products that could better serve both B2C and B2B clients,” observes Igor.
FinTech growth – Challenges galore
As financial companies handle sensitive financial and personal data, they are prime targets for cyberattacks and fraud. With the Fintech sector rapidly getting digital it becomes unprecedentedly important to introduce robust security measures and protect against data breaches, phishing attacks, and other cyber threats. “With the finance sector getting more and more digitized, it faces challenges that all the other IT companies face. At Papaya, we welcome these regulations and work closely to cooperate closely with regulators to ensure we’re fully aligned with DORA and all other rules. We’re also working with our third-party providers and ensuring we’re all on the same page for this act.”
Faring in the FinTech industry
Papaya is distinguished by its unwavering commitment to inclusivity and innovation. “Our location in Malta allows us to serve a diverse range of industries, including those that are often underserved by traditional financial services. This inclusivity is at the heart of our approach, enabling us to provide customized, transparent financial solutions that meet the unique needs of various sectors.”
One of the standout innovations within its ecosystem, the Blackcatcard Pay payment gateway is a state-of-the-art solution that provides a cost-effective alternative to traditional card acquiring by enabling seamless account-to-account (A2A) transfers. “This is particularly valuable for industries such as e-commerce marketplaces, iGaming, gambling, hospitality, and other sectors where embedded fintech solutions are essential. What truly distinguishes us is our ability to customize this solution to meet the unique needs of each industry, ensuring that our clients receive the most effective and relevant services tailored to their specific demands.”
Staying ahead of regulatory changes
Staying ahead of regulatory changes in the fast-paced FinTech landscape is essential for our success. We achieve this by maintaining strong relationships with regulatory bodies and continuously monitoring global developments. Our dedicated compliance team works closely with all departments to ensure our solutions are always aligned with the latest regulations. By leveraging advanced technology, we proactively manage compliance, allowing us to adapt quickly and effectively to any changes.
Partnerships and collaborations
Together with our ecosystem partners – Manerio UAB and Baltic Technology Solutions OU – we power an incredible fintech brand – Blackcatcard. Manerio UAB provides crypto services, Baltic Technology Solutions OU is responsible for cashback services and loyalty programs. This ecosystem approach helps Blackcatcard to diversify risks and provide a fuller experience.
Cybersecurity threats
Papaya Ltd ensures proper safeguarding of its users’ data, and it also addresses cybersecurity threats as the top priorities. “We employ a multi-layered security strategy that combines advanced encryption, real-time monitoring, and robust access controls to protect sensitive information. Our systems are regularly audited and updated to ensure they meet the highest industry standards and can adapt to emerging threats. We also invest heavily in our cybersecurity team, which works tirelessly to identify and mitigate risks before they become issues.”
Fostering a strong company culture
“Balancing a strong company culture with the demands of a fast-growing business is indeed a challenge, but it’s one we prioritize at Papaya Ltd. We believe that our culture is the foundation of our success, so we actively invest in nurturing it as we scale. This involves clear communication of our core values, ensuring they resonate throughout the organization, from leadership to new hires.”
