PayPugs partners Muniy to launch a Fintech-as-a-Service solution

Friday 3 March 2023 13:50 CET | News

US-based online payment solution PayPugs has partnered UK-based neobank Muniy to launch a global Fintech-as-a-Service solution.


This new solution was designed to allow businesses to easily integrate financial services into their product offerings thus ensuring a plus of convenience and flexibility for their clients. The partnership aims to improve fintech adoption in the United Kingdom and Europe by blending the PayPugs account, payment and cards infrastructure with Muniy's front-end development expertise. 

The collaboration will result in a series of web and mobile banking applications, as well as back-end infrastructure development projects for financial and non-financial companies. Some of the main features of this new Fintech-as-a-Service product include different transaction types, IBAN accounts, various web and mobile interfaces, and an easy API integration. 

The incipient stages of the partnership will include a joint venture establishment and back-end system synchronisation. In the official press release, PayPugs representatives emphasised the difficulties that arise when launching a fintech product, particularly when it comes to operating systems of different service providers, as well as the resources that need to be spent on maintenance and development. 

The partnership with Muniy aims to deal with fragmentation and allow entrepreneurs and businesses to launch their own fintech products quickly, in a cost-effective manner and under one system. Muniy officials highlighted that they want to make it as easy as possible for people to use their platform and begin their fintech journey.


US-based online payment solution PayPugs has partnered UK-based neobank Muniy to launch a global Fintech-as-a-Service solution.


The state of the global neobanking market 

According to a recent Global Neobanking Market Size, Share & Trends Analysis Report by GlobeNewswire, The Embedded Finance market has been growing steadily over the past 5 years. Moreover, new Neobanks and money remittance companies are entering the market with the goal of capturing big customer segments.

The report predicts that the neobanking market will grow at a compound annual growth rate of 53.4%. The market growth is being driven by factors such as a faster process of loan approval and funding compared to traditional banks, with low-interest rates via banking applications. 

Furthermore, tech advancements such as artificial intelligence and IoT in online banking platforms are also expected to support the market growth over the 2022 to 2030 forecast period. The rising popularity of mobile-based applications for making international fund transfers and online payments is also fuelling the growth of the market. 

In this context, PayPugs and Muniy will focus on the rising and untapped market to provide a unified Fintech-as-a-Service solution that can help businesses to save resources spent on maintenance and development.

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Keywords: neobanks, partnership, fintech, online payments
Categories: Banking & Fintech
Companies: PayPugs, Uni
Countries: United States
This article is part of category

Banking & Fintech




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