FINTEX Interview with Dr. Ozan Özerk: Pioneering Embedded Finance in Europe

Introduction

Dr. Ozan Özerk is a Norwegian fintech entrepreneur, best known as the founder of OpenPayd and European Merchant Bank (EMBank). With a background in medicine and a passion for technology, Dr. Özerk has been instrumental in shaping the embedded finance landscape in Europe.

Interview with Dr. Ozan Özerk

1. Can you share your journey from medicine to fintech entrepreneurship?

I began my career in medicine, but my interest in technology and innovation led me to explore opportunities in the digital space. This journey eventually led to the founding of OpenPayd and EMBank, aiming to bridge the gap between traditional banking and modern financial solutions.

2. What inspired the creation of OpenPayd?

The vision was to create a Banking-as-a-Service (BaaS) platform that enables businesses to offer financial services seamlessly. We saw a need for a modular, API-driven infrastructure that could support various financial products.

3. How does OpenPayd differentiate itself in the BaaS market?

Our focus is on providing a comprehensive suite of services, including payments, FX, and banking, through a single API. This simplifies integration for our clients and accelerates their time-to-market.

4. Can you elaborate on the services offered by EMBank?

EMBank provides a range of financial services, including business loans, payment accounts, and treasury services. Our goal is to support SMEs and fintechs with tailored banking solutions.

5. How do OpenPayd and EMBank complement each other?

While OpenPayd offers the technological infrastructure, EMBank provides the licensed banking services. Together, they create a synergy that allows clients to access a full spectrum of financial services.

6. What challenges have you faced in scaling these ventures?

Regulatory compliance and building trust with clients are ongoing challenges. However, our commitment to transparency and security has been key in overcoming these hurdles.

7. How do you see the future of embedded finance?

Embedded finance is poised to become ubiquitous, with financial services integrated into various platforms and applications. This will enhance user experiences and open new revenue streams for businesses.

8. What role does technology play in your companies?

Technology is at the core of our operations. We leverage advanced APIs, cloud computing, and data analytics to deliver scalable and secure financial solutions.

9. How do you ensure compliance with financial regulations?

We work closely with regulatory bodies and have dedicated compliance teams to ensure adherence to all relevant laws and standards. This proactive approach helps us maintain integrity and trust.

10. Can you discuss your approach to customer service?

Customer satisfaction is paramount. We offer dedicated support teams and prioritize feedback to continuously improve our services.

11. What impact has OpenPayd had on the fintech ecosystem?

OpenPayd has enabled numerous businesses to launch and scale their financial products efficiently, contributing to the growth and diversification of the fintech landscape.

12. How does EMBank support SMEs?

EMBank provides SMEs with accessible banking services, including tailored loan products and payment solutions, helping them manage their finances effectively.

13. What are your thoughts on the current fintech trends in Europe?

Europe is witnessing rapid fintech innovation, with increased adoption of digital banking, open banking, and embedded finance solutions. This creates a dynamic environment for growth.

14. How do you foster innovation within your teams?

We encourage a culture of experimentation and continuous learning, allowing our teams to explore new ideas and technologies that can enhance our offerings.

15. What partnerships have been significant for your companies?

Collaborations with technology providers, financial institutions, and regulatory bodies have been crucial in expanding our capabilities and reach.

16. How do you address cybersecurity concerns?

We implement robust security measures, including encryption, regular audits, and compliance with international standards, to protect our clients’ data and transactions.

17. What advice would you give to aspiring fintech entrepreneurs?

Focus on solving real problems, stay adaptable, and prioritize compliance and customer trust from the outset.

18. How do you see the role of AI in fintech?

AI has the potential to revolutionize fintech by enhancing risk assessment, customer service, and operational efficiency. We are exploring its applications within our services.

19. What are your future plans for OpenPayd and EMBank?

We aim to expand our services globally, continuously innovate our offerings, and support the evolving needs of our clients in the digital economy.

20. How do you measure success in your ventures?

Success is measured by the value we provide to our clients, the growth and stability of our companies, and our contribution to the broader fintech ecosystem.

Services Overview

OpenPayd

Banking-as-a-Service (BaaS): Modular financial services through APIs.
Payment Processing: Efficient and secure transactions.
Foreign Exchange (FX): Competitive currency exchange solutions.
Compliance and Risk Management: Tools to ensure regulatory adherence.

European Merchant Bank (EMBank)

Business Loans: Tailored financing options for SMEs.
Payment Accounts: Comprehensive account services.
Treasury Services: Cash management and financial planning.

Competitor Analysis

Competitors

Solarisbank: Offers BaaS solutions with a banking license.
Railsbank: Provides embedded finance platforms.
Bankable: Specializes in payment solutions and digital banking.

Positioning

OpenPayd and EMBank distinguish themselves by offering a unified solution that combines technological infrastructure with licensed banking services, providing clients with a seamless and compliant financial ecosystem.

FAQ

Q1: What is embedded finance?

Embedded finance refers to the integration of financial services into non-financial platforms, allowing companies to offer banking, payment, or lending services within their existing products.

Q2: How can businesses benefit from OpenPayd’s services?

Businesses can quickly integrate financial services into their platforms, enhancing customer experience and creating new revenue streams without the need to build complex banking infrastructure.

Q3: Is EMBank regulated?

Yes, EMBank operates under a banking license, ensuring compliance with European financial regulations and providing secure services to its clients.

Q4: Can startups use OpenPayd’s platform?

Absolutely. OpenPayd’s modular services are designed to cater to businesses of all sizes, including startups looking to incorporate financial services into their offerings.

Q5: What industries can benefit from embedded finance?

Industries such as e-commerce, travel, real estate, and gig economy platforms can leverage embedded finance to offer tailored financial services to their customers.