FairFX Branches Out Into Cards, Business Lending
The FairFX Group had already had plenty of success with its line of international payments and e-banking operations, and now, it’s capitalizing on that success by rolling out new services. Now, FairFX is set to not only offer commercial lending, but access to one of the original and still most often-used breeds of mobile payments around: Mastercard-branded cards.
Since FairFX can now run self-issuance options, this allows multiple options to be put to work across its product suite, letting it take advantage of multiple economies of scale and at the same time keeping parts of the value chain completely in house. FairFX picked up an e-money license last year, and also brought in Mastercard as a principal member, which allowed it to better connect to the card powerhouse and offer the new line.
As for the commercial finance, that’s an extension of a collaborative effort with Alternative Business Funding, offering it access to a slate of vetted lenders. This connection lets FairFX offer a new service to its user base without exposing it to new risk.
FairFX CEO Ian Strafford-Taylor noted “Achieving the milestones of issuing the first cards under our Mastercard license, and adding a commercial finance capability to our digital Banking suite are important steps forward for the FairFX Group. The successful launch of self-issuance is testament to the Group working as a unified team with the CardOneBanking banking team in Chester, ably led by CEO and Banking Head Adam Rigler, alongside other areas in the Group. Together, these successes tie in with our twin strategies of increasing efficiency whilst adding new products.”
These new features should go quite some way toward giving FairFX some extra credibility in the market, allowing it to better take on its competition and ultimately come out ahead. Considering how many competitors are already in the commercial lending field, FairFX’s move to offer a whole lot more than that really should give it a leg up. Plus, its Mastercard connection will give it extra support from people who might otherwise be skeptical of dealing with a company that, by comparison, they may never have heard of.
FairFX’s move here into mobile payments and commercial lending should end well. With this many options in one place, it might even pull business from more established firms.