Dynamic growth in just twelve months after DynaPay integrates with Currencycloud’s APIs.
The Background UK-based DynaPay was established in 2017 and went live in 2019 to bring bank-like solutions remotely to businesses via personal services over the phone. Their Fintech solutions are focused on serving the needs of SMEs who want to transact globally. Dynapay is part of the global Dyninno Group which has been serving customers in 50 markets for over 16 years and has an annual revenue of $500m. From the start, DynaPay sought a partner who would be able to support them across multiple jurisdictions, especially in EU/EEA that have a lot of overseas deals with the US. They chose to partner with Currencycloud because Currencycloud’s products and licenses met the immediate needs of DynaPay’s internal group customers, and are a foundation for the global payments solution they are implementing and constantly improving.
The ChallengeIn order to be able to offer Fintech solutions that would enable businesses to transact globally, DynaPay needed first to build the scalable infrastructure, compliance processes, and payment rails needed to serve these clients. DynaPay initially used several providers who were limited to single currencies: the USD, EUR and GBP. As they didn’t have an FX or multi-currency capability DynaPay wasn't able to offer the truly global service they wanted. There were plenty of solutions on the market that delivered elements of DynaPay’s needs like Single Euro Payments Area (SEPA) transfers-only, Bankers Automated Clearing Services (BACS) payments in GBP, or Automated Clearing House (ACH) payments in the US. Yet onboarding and integrating with each partner was a no-go as it would cause huge delays in their proposed time-to-market as well as being cost-prohibitive. DynaPay wanted to be able to get to market quickly and offer a comprehensive suite of products to their customers. They needed a partner who wasn’t niche and could offer a range of services so DynaPay could offer multi-currency solutions and FX to their global client base. Currencycloud was able to offer them this reach through their APIs. SolutionBy integrating with the Currencycloud Spark APIs, DynaPay could offer their customers instant access to a multi-currency global account that can accept more than 30 currencies, payment acceptance schemes and competitive FX rates. The open API allowed their customers to seamlessly incorporate these payment capabilities into an existing infrastructure – adding true value to their services. Even better, DynaPay was able to have this up and running in weeks, not months or years. DynaPay, with the help of Currencycloud, is able to open local accounts in the US for European Economic Area corporate entities to simplify and speed their transactions with their US-based counterparties. “Currencycloud is a perfect fit for us. We aren’t currently prioritising the licensing pieces and infrastructure rails, so being able to have access to this and put it on top of our existing infrastructure is a win-win.” Konstantin Zaripov, Managing Director DynaPay
ResultsWithin 12 months of partnering with Currencycloud, DynaPay has grown as a company five-fold in terms of team size, revenue and customers. The team has credited Currencycloud’s suite of products as playing a significant role in this. DynaPay has gone from processing £400,000 a month to over £10 million a month in transactional volume in just 12 months. Since partnering with Currencycloud in 2020 DynaPay has enjoyed: SPEEDUsing Currencycloud’s APIs, Dynapay were able to service their global business in weeks not months, giving their clients access to multi-currency IBAN accounts, local US accounts and competitive FX rates. VOLUMEDynaPay has had a huge increase in volume since partnering with Currencycloud, seeing their revenue, staff and clients increase five fold in twelve months. EXPANSIONLeveraging Currencycloud’s international partnerships, DynaPay has been able to open accounts and access the US market cost-effectively and efficiently. COMPLIANCEWith the continuing uncertainty for everyone in the market around Brexit, Currencycloud’s Netherlands’ entity has freed up DynaPay to serve their EU-based customers and keep within regulations, giving them access to new clients while effectively serving their existing ones.
“We have grown as a company five-foldover the course of the last 12-months both in terms of revenue and size of the team. Currencycloud’s suite of products played a significant role in this.”Konstantin Zaripov, Managing Director DynaPayhttps://www.currencycloud.com/company/case-study/dynamic-growth-for-dynapay-with-currencycloud/