payabl. Pioneers Flexibility and Expansion: A Spotlight on Fintech Resilience

Interview Ugne Buraciene

The main forecasts for 2024 and vision from Ugne Buraciene, Group CEO of payabl. 

Forbes Cyprus The Future Of Fintech Summit, held in Limassol, Cyprus, recently brought together key players in the financial technology industry, providing a platform for valuable discussions and assessments. This year’s summit stood out for its candid evaluations, reflecting the challenges many companies in the field have faced in recent years. Ugne Buraciene, Group CEO of payabl., shared her insights, expressing optimism for the future of FinTech despite acknowledging the current challenges.

Buraciene acknowledged the industry’s current state in her assessment: “I hope that the FinTech industry will experience better times in the future. Currently, the global economy is challenging, so valuations for payment companies are low. This makes it difficult for those who want to secure funding and deliver innovative solutions.” This honest acknowledgment of the industry’s challenges sets the tone for a reflective and forward-looking discussion.

Despite the prevailing challenges, payabl. is a privately owned company that effectively navigates the industry’s complexities. Buraciene highlighted the company’s distinctive approach, emphasizing flexibility as a key factor in its success. Unlike the common misconception that fintech companies are limited to payment processing, payabl. goes beyond by offering a diverse range of services. Borrowing an analogy from Lego, Buraciene explained, “What sets us apart is that we offer a comprehensive range of services, including banking, issuing and acquiring in one place. We can provide these products and services together or separately, depending on the needs of our merchants. We bring all the Lego pieces together.”

Flexibility is crucial in building successful partnerships and payabl. enables clients to customize their financial solutions to meet their specific needs. The company’s ability to offer comprehensive support for its merchants sets it apart in an industry where customer service is too often outsourced or automated.

Expanding UK market

A notable development for payabl. is its expansion in the UK market. With an FCA Electronic Money Institution (EMI) license to operate in Britain, the company can now provide its full range of services to British businesses without restrictions. Beyond the UK, payabl. It also has offices in Germany – where its tech hub is – the Netherlands and Cyprus. 

“Undoubtedly, the most significant challenge we’ve encountered is intricately tied to talent,” Ugne Buraciene stated during Forbes Cyprus The Future Of Fintech Summit. “Trust and loyalty in the professionals we align with has become paramount when venturing into new markets and jurisdictions. This topic is often overlooked yet indispensable for the sustained growth of our company and its divisions,” she added.

In the global landscape, payabl. operates in, the quest for the right talent to navigate diverse regions is a perpetual challenge. “Recruiting individuals who share our vision and comprehend the intricacies of different countries is pivotal for success.”

As payabl. expands its reach globally, the payment landscape becomes more complex. Each region, from Europe to the Americas and Asia, brings forth unique rules and challenges in payment acceptance. Operating seamlessly on a global scale demands an understanding of diverse local payment methods and the ability to navigate the regulatory landscape and cultural norms across borders,” Buraciene explained.

“As a payments company, we understand that our journey to success requires navigating human dynamics, regulatory intricacies, and operational hurdles. However, each step forward is an opportunity to learn and become stronger, making our pursuit of growth a strategic and well-informed endeavor.” 

FinTech Optimism and Innovation in 2024

Looking ahead, Buraciene expressed optimism for the future of FinTech in 2024. She anticipates more innovations within the industry, emphasizing the importance of companies adapting and implementing new tools and adhering to regulations, to enhance the user experience in financial transactions. She stated, “I hope that all payment companies will be doing better in the next few years and innovating to create brilliant solutions for clients.”

The optimism resonates with the broader sentiment among FinTech representatives entering the new year with high expectations for progress. payabl.’s success story is a testament to the industry’s resilience, showcasing how companies thrive even in challenging times. Gaining an EMI license in the UK further highlights the potential for growth and adaptability within the FinTech sector.

Ugne Buraciene’s recognition with the Forbes Cyprus Women in Tech Award adds another layer of significance to payabl.’s accomplishments. Her leadership and the company’s ability to navigate complex challenges position payabl. as a noteworthy player in the FinTech landscape.

As 2024 unfolds, the FinTech industry remains dynamic and ever-evolving. While challenges persist, the emphasis on innovation, adaptability, and pursuing new solutions bodes well for the sector. As companies continue to explore embedded finance and other emerging trends, the industry is poised to witness exciting developments in the coming months. Conferences and summits throughout the year will likely provide a platform for further discussions, and the industry eagerly awaits the game-changing factors that will shape the future of FinTech.


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