Current CEO of FasterPay, Honor Gunday, purchases company from the original founder, Steve Biddick, in the UK.
FasterPay opens their first office in Amsterdam and starts to negotiate a licensed e-wallet with DNB. The company fails to obtain the license. Leaving Amsterdam with no license and an empty office.
Two years later, FasterPay was able to obtain a license in the UK under the FCA. The company begins to make slow progress towards a vision.
A gap in the market for a user-friendly e-wallet solution provides clarity on FasterPay's vision. Honor Gunday begins to assemble a team to work on developing FasterPay. Soon the product enters its first phase of development.
FasterPay starts onboarding merchants and uncovers massive growth in its first month.
The company becomes financially sustainable, without external investment.
In just a few short months, the FasterPay team expands from its Global HQ in San Francisco and European HQ in Berlin to Kiev, Manila, and Hanoi.
FasterPay introduces a new feature:
Recurring billing — becomes available for merchants who want to implement subscription payments for their service or product.
The team expands once more to new offices in Bangalore and Delhi in India.
FasterPay introduces its new logo — the lightning bolt. Founder and CEO, Honor Gunday had this to say:
"Amongst our competitors, we want to differentiate ourselves as bold, striking and confident. Lightning doesn’t discriminate, it can strike anywhere and anytime, much like what our merchants can do with the inclusivity FasterPay offers with multiple currencies and language support.".
The company makes its first conference debut at ITB Asia in Singapore, followed by Money 20/20 in Las Vegas.
Our FasterPay team believes that diversity is the key to success. Like our older sister company Paymentwall, we operate on a global scale. Why? From our perspective if we want to build a global product we need a globally distributed team.
Although San Francisco is our home, we believe that Silicon Valley is not a place but a state of mind which can come to light anywhere in the world.
That's why you'll only find open-minded people working for us in Berlin, Kiev, Manila, Seoul, Beijing, Bangalore and San Francisco.
As e-wallets became more popular over the past decade, we noticed a few issues arising:
This is what inspired FasterPay to take-on these issues. We want to provide an effective e-wallet solution for those who feel stuck. That's why we're working day and night to ensure FasterPay is user-centric.
Our goal is to be the company that provides local payment solutions to every region in the world asap. Why? Because we're pushing for equal payment opportunities for everyone.
Users from developing countries often experience discrimination because of their country's low economic background and lack of payment options — we're here to fix that issue. With FasterPay, we're working towards having every currency and language on our platform.
This is where the experience of our sister company Paymentwall has inspired us. They dealt with this user issue in SouthEast Asia a few years ago.
Ignoring the stigma, they chose to enter the market anyway and found tremendous success. Paymentwall became the first company to provide local payment options to game developers. This meant users were finally able to pay and obtain access to content they wanted.
The game developers were able to make money from these markets and suddenly SEA became a hot space for global payment providers. Today, content developers and e-commerce merchants can also target these markets and develop business opportunities thanks to FasterPay too and its payment acquiring capabilities.