Cambridge-based FinTech firm, Monavate, is setting the pace for accelerated growth by unveiling its new Supply Chain Payments division.
This strategic move aims to streamline and simplify payment processes for B2B companies, many of which are plagued by complications and inefficiencies in their current payment practices.
Anant Patel, a revered figure with more than 20 years of global experience in payments, has been selected as the President of this newly-minted division. His appointment speaks to Monavate’s dedication to driving innovation in the vertical-specific payments solutions sector.
Established in 2020, Monavate emerged from the collaboration of a group of adept payments industry professionals. Their combined acumen led to rapid accomplishments, including significant partnerships with financial giants like Mastercard, Visa, and Discover. Monavate’s prowess is further underlined by its achievement of dual licensing as an e-money institution from both the UK’s FCA and the Bank of Lithuania within the EU in less than two years. With the issuance of over four million cards and processing of over £2bn in consumer transactions, Monavate has charted an extraordinary growth trajectory, backed by a team of standout experts.
Anant comes on board after nearly two years at ConnexPay, a US-based FinTech firm, where he served as President of International Markets. During his tenure, he spearheaded initiatives that led to the construction of one of the world’s most expansive travel sector payment portfolios and was instrumental in launching the company’s European operations.
With his unparalleled expertise in FinTech, embedded finance, and supply chain payment tech, Anant is tasked with propelling Monavate’s new division. He aims to devise cutting-edge payments solutions to assist businesses in pivotal sectors, addressing challenges caused by outdated payments systems. His vast experience includes the travel sector, where entities grapple with obsolete payments frameworks in a market valued at over $1.5tn and growing annually.
Monavate Supply Chain Payments President Anant Patel said, “In today’s dynamic business landscape, where the global B2B payments market ranges from $100 trillion to $150 trillion, there is a growing need for efficiency, innovation and a departure from outdated workflows and practices that pose barriers and add risk to businesses.
“My decision to join Monavate is rooted in my first-hand experience as one of their valued customers. Throughout this journey, I have witnessed the exceptional culture at the organisation, making it a place where excellence flourishes. Together, we will drive innovation and create solutions in supply chain payments, empowering businesses across the globe to thrive in an ever-evolving market.”
Monavate CEO Michael Rolph shared, “Monavate stands for simplifying the payments technology and strategic choices needed in the path to market for innovative, ambitious businesses.
“We 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. I welcome Anant to the Monavate team, we’re all excited by what comes next, as we scale our tech and make it available to more clients, new products, and new markets.”
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