The idea of creating a UK-based e-wallet intrigues Honor Gunday, the Founder & CEO of Fasterpay, and so he purchases the rights to the name from a previously operating e-wallet.
FasterPay obtained a license in the UK under the FCA. The company had to build the product next.
Unlike other e-wallets, FasterPay aims to play the role of an honest intermediary between the consumer and the merchant, making sure the transaction concludes satisfactorily for both sides. The first team for FasterPay is created and the product starts getting coded by a group of experts while leaving room for experimentation and trial and error.
FasterPay onboarded its first merchants and experienced massive growth in its first month.
The company becomes financially sustainable, without external investment.
FasterPay team grows in several countries.
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:
"The lightning bolt represents the Entrepreneurial spirit and the human desire to buy stuff, both are occurrences that can strike anywhere and any time.
Lightning doesn’t discriminate, it can strike anywhere and anytime, much like what our merchants can start a venture anywhere in the world and still use FasterPay, thanks to our global onboarding, our global language support, and currencies; and the buyers can be anyone, from anywhere. A transaction happens in a flash of a second and is captured by FasterPay."
The company made its first conference debut at ITB Asia in Singapore, followed by Money 20/20 in Las Vegas.
FasterPay makes its UK debut at the World Travel Market, introducing itself to over 50,000 attendees.
The company welcomed entrepreneurs, start-ups, and established companies from Berlin to its first networking event.
FasterPay releases a new version of their logo — switching from a 2D lightning bolt encompassed by a circle to a 3D lightning bolt showcasing different shades of yellow and orange.
"We're always finding ways to push ourselves and refine who we are as a brand. The refreshed logo looks dynamic and modern, two words which I would associate with the FasterPay brand."
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 that understands the needs of different people in the world. Without this perspective, we will only build a product for certain groups, and we will not achieve our goal of being truly global.
Although San Francisco was our home initially, team members from there relocated to London to make FasterPay a reality in the UK. We believe that Silicon Valley is not a place but a state of mind that can come to light anywhere in the world.
That's why you'll find amazingly bright, global and positive people working for us in Berlin, Kyiv, Lisbon, 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 when it comes to sending money back and forth or making online transactions, due to developing countries not having established credit bureaus, and their local ways to pay are not accepted by other countries' websites. We're here to fix that issue. With FasterPay, we're working towards having every currency and language on our platform as well as local ways to pay, all in one platform. Are you a bank, or a potential licensed payment partner? Contact our PS Bizdev team here.