Monavate, established in 2020 by experienced professionals in the payments industry, swiftly gained recognition as a principal member for major card networks such as Mastercard, Visa, and Discover. They have also obtained dual licenses as an e-money institution from the FCA in the UK and the Bank of Lithuania in less than two years. The company has issued over four million cards and processed GBP 2 billion in customer spending, showcasing substantial growth and expertise.
The new Supply Chain Payments division has the mission to create innovative and effective payments solutions to help businesses in key verticals and to alleviate the challenges faced due to inefficient payments and their associated processes. The division’s head has ample experience in payments solutions for key sectors such as travel, where online travel agencies and intermediaries are battling legacy payments infrastructure in an industry worth over USD 1.5 trillion in volume and growing double-digits each year, as per the press release.
Company officials said that Monavate stands for simplifying the payments technology and strategic choices needed in the path to market for innovative, ambitious businesses. They have built, and will continue to build, a composable payments infrastructure platform that removes hurdles, frees businesses from inefficiencies, and helps them gain efficiency and tap new revenue streams.
In April 2022, Featurespace and Monavate have teamed up to integrate Featurespace's fraud solution, ARIC Risk Hub, into Monavate One, a comprehensive issuing platform. This collaboration enables Monavate's customers to access Featurespace's fraud services directly from the platform.
ARIC Risk Hub, equipped with self-learning technology, allows Monavate to employ adaptive machine learning models for fraud detection. This integration is crucial for Monavate's clients in markets like crypto, NFT, and DeFi, emphasising the significance of innovative risk management in these tech-driven sectors.
Additionally, ARIC Risk Hub meets transaction monitoring requirements outlined in the Payment Service Directive (PSD2) and offers a unified view of the entire payment journey, supporting expansion across various channels.
Monavate is a payments solutions provider helping innovative, ambitious businesses navigate the complex network of relationships and technology choices needed to launch card programmes and financial products.
A principal member and upper tier partner of Visa, Mastercard and Discover, Monavate’s card scheme sponsorship and payments platform is expertly curated to provide best-in-class technology and enable its customers to create and manage financial products with ease, scale and speed. Discerning fintechs and payment providers work with Monavate to power their start-up and scale-up journeys, removing the complexities and traditional barriers to entry in launching and scaling card programmes and financial products.
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