Apexx, a fintech startup founded by former staffers at Zapp, Evo Payments and Xcordia, is launching in London with the goal of creating a transparent marketplace where merchants can browse and plug in to competing services from a network of acquirers and payment brands.
Using the Apexx platform, merchants can see how costs compare and get expert advice on the payment providers that will best suit them. The founders say the approach could save merchants upwards of 15% on the cost of processing credit or debit card payments and alternative payments.
Apexx has been created by a trio of industry veterans, including CEO Peter Keenan who previously ran Zapp, the VocaLink-backed mobile payments start-up that was sold to a Mastercard earlier this year. A former banker at HSBC and MD at electrical retailer Currys, Keenan has a track record that combines banking, retail and payments experience.
He is joined at Apexx by Rodney Bain as deputy CEO who was previously vice president of partnerships at EVO Payments International. Rob Atkin, CIO and designer of the platform, was founder & CEO at XCORDIS Fintech development agency, as well as holding senior roles at Societe General and NatWest.
Apexx is launching with the support of a host of high profile international partners including Alipay, iZettle, Mastercard, NTT DATA, Visa iPay88, Payvision, Credorax, SIX payment services, Paysafe Group, Processing.Com, Transact Europe, CardStream and JetPay. The company says it expects to announce its first merchant customers in the coming weeks.
Says Keenan: “Navigating the global payments maze is a real headache for merchants and is especially painful for growing e-commerce businesses that are expanding around the world and quickly need multiple acquirers. We’re simplifying the process and, in the same way that price comparison sites have opened up competition in the retail banking space, we believe this will introduce much-needed competition and innovation into the market. Payment providers also benefit from a way to win new business in a market where new customers are often hard to come by.”
He says that Apexx is privately funded and is currently in discussion with a number of private equity partners.