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Corporate Fintech
A Corporate Fintech is a startup built by or for a corporation, which bundles all digital payment activities within one organization. A Corporate Fintech is either regulated by financial authorities or is cooperating with payment and banking service providers to offer fintech solutions for the whole corporation. It usually requires expertise across different departments, e.g. Technology, Treasury, Compliance and Operations. Examples for Corporate Fintechs are Mercedes Pay, REWE Payment Tools and OTTO Payments GmbH.
A Corporate Fintech is staffed by professionals with both expert and technical backgrounds, enabling innovative financial services to be developed, rolled out and established across the group more quickly and efficiently thanks to a bundled interdisciplinary team.
What many Corporate Fintechs have in common is that they offer their own financial services, often with a license under the Payment Services Supervision Act, a so-called small banking license. Although this license does not allow them to grant loans, they can independently define payment processing and the related customer processes. Such a license is therefore used, among other things, to offer more customer-friendly processes to manage certain forms of payment, such as open invoices, and to act more independently when it comes to deciding which processes should be handled internally and which should be outsourced to external partners, for example the financing topic.
Setting up a Corporate Fintech can take anywhere from a few months to several years. The duration and effort involved increase significantly, especially if a separate payment license is required. The development of Corporate Fintechs can be observed across various industries. In the first wave, it was mostly online retailers, but as of the year 2023 industrial companies also established their own Corporate Fintechs in order to offer integrated payment solutions for marketplaces.
References:
1) PYMNTS - Why Booking.com has Made Payments a Strategic Priority, 22 November 2021,[1]
2) Frank Surholt - OTTO enters the payment market and founds OTTO Payments, 2022[2]
3) Andreas Krämer - REWE Group presses ahead with digital business models, 1 July 2021[3]
4) aye4fin.com[4]