Daniel Muller, CEO of Aeropay highlights more on the advancements AI is enabling across the global fintech market while talking about Aeropay’s recent funding journey:
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Hi Daniel, tell us about yourself and more about your role at Aeropay…
Prior to starting Aeropay in 2017, I spent a decade guiding software development teams across digital retail, eCommerce, and finance. I encountered firsthand the inefficiencies in payment systems affecting businesses and consumers. This realization led to the vision of Aeropay, which gives people better, faster, and more affordable ways to move money.
Our path has been one of continuous innovation and evolution. Today, we deliver account-to-account payment solutions that surpass traditional banking methods in speed, efficiency, and affordability. By exceeding client expectations in a rapidly changing financial landscape, we’re building the next-generation digital payments network.
We’d love to hear about the Aeropay’s recent funding (the challenges around it), the excitement the team has around it and of course, what can users expect down the line as the brand grows its product and serviceÂ
Fundraising is never without its challenges, although we’ve always been intentional with our growth: and as a result of our fundraising strategy, we reached profitability at the end of last year. Our existing investor base, including Chicago Ventures and Continental Investment Partners, are just as committed to the health and success of the business as we are, and by bringing in Group 11 to lead the latest round of funding, we are in a solid position to continue our growth path.
Of course, users can expect new features, products, and services to continue streamlining how they move money. One of the things that sets us apart from traditional card payment methods is our commitment to customer support and giving a personal touch to our clients. That level of service will remain.
What are the top 5 factors influencing the state of global fintech and digital banking today?
Technology Advancement: Artificial intelligence, machine learning and data science are some of the advancements revolutionizing the financial industry. These technologies are enhancing financial services by making it more efficient, safe, and personalized.
Regulatory Landscape: Regulatory frameworks are shaping and actively fostering the fintech and digital landscape. Regulatory bodies are partnering with banks and fintechs to promote innovation, ensure consumer protection, and maintain financial stability. At Aeropay, we embody a compliance-first mindset, which we see as a framework for doing business correctly and as a gateway to new opportunities.
Changing Consumer Behaviors: Consumers are shifting towards digital channels for financial services. Why? Because they are convenient, accessible, and personalized to them. It’s about giving customers what they want, how they want it. As a result, there is a growing demand for seamless and user-friendly digital payment solutions that cater to customers’ diverse needs.
Collaboration and Partnerships: Collaboration between fintech startups and traditional banks is becoming more common. Traditional FIs are partnering with fintechs to leverage their tech, while fintech startups benefit from banks’ established infrastructure and customer base.
Global Economic Trends: Economic trends and geopolitical developments significantly impact fintech and banking. Economic growth, inflation, and interest rates all impact consumer spending habits and investment decisions, which in turn shape the overall growth and direction of the fintech industry.
Read More : Future-Proofing Your Fintech: Essential Strategies for Mitigating Risk
When it comes to digital payments: what new trends and tech innovations have piqued your interest from the global fintech marketplace?
When we look at the American financial system, it’s clear that there are areas in dire need of modernization. The system often channels individuals towards reliance on loans and credit cards, creating a debt and financial strain cycle. A heavy dependence on manual verification processes also slows down transactions and introduces inefficiencies and vulnerabilities. Simply put, our financial system lags behind its global counterparts, particularly in terms of embracing technological advancements and user-centric approaches seen in banking systems elsewhere.
At Aeropay, we’re helping modernize our infrastructure head-on. Our approach involves integrating cutting-edge technologies and best practices from diverse industries to create a more personalized, efficient, and seamless experience for both businesses and consumers. We aim to set new benchmarks for excellence in financial services. Our vision extends beyond just fixing what’s broken; it’s about reshaping the foundation of our financial ecosystem to empower individuals, businesses, and the economy at large.
If you had to share five potential predictions on the future state of banking and fintech as well as the impact of AI on this segment: what would you highlight?
Given the pace of AI advancement, I anticipate a shift in the race to keep up. What’s considered “cutting-edge” today could quickly become antiquated. Traditional payment methods and governmental bodies may need help to adapt to the changing pace. The failure to adapt could manifest in a spike in partner activity as financial organizations seek expedited pathways for integration.
We may also see more regulatory action and the establishment of industry-wide standards as stakeholders grapple with the implications of an evolving landscape.
AI will likely emerge as the cornerstone of many startup ventures. While some will genuinely push the boundaries of innovation, others may leverage the buzzword to gain traction in a crowded marketplace.
Navigating this dynamic will require a critical eye from consumers and more education to help consumers distinguish genuine expertise from “shiny and new” in the fintech sector.
Five fintech funding learnings you’d share with us before we wrap up?
Stay focused on the value you’re delivering. It’s easy to get distracted by bright, shiny objects, but the companies that remain intentional about what they build are the ones that succeed in gaining investor trust. We focus on better, faster, and more affordable payments, and our clients come back because we do it better than anyone else.
Part of our success is because we take time to build products the right way. Whether driven by cost-cutting measures, the desire to expedite time-to-market or other pressures, it’s not uncommon to see companies compromise on product quality for the sake of growth. We know that the best chance to convert a customer for the long haul is the first time they onboard and that product experience is critical to retention.
For example, we used existing bank connection platforms before building Aerosync, our homegrown bank aggregator. The platforms we were using failed to meet our standards, so we built our own. Now, we offer customers an aggregator with the best possible customer bank connection rates because we learned “what not to do” from other aggregators.
Intentional growth. Spikes and dips in revenue might land you investor dollars, but they don’t land you investor partners. More than that is needed to stand out from an oversaturated and competitive market.
That also leads to profitability, which is the best risk-reducing factor you can show a potential investor. It takes product market fit, the right team, and patience. But it’s worth it to go slow and raise at the right time.
Find the right investor. Our existing investors, including Chicago Ventures and Continental Investment Partners, are great partners, and we were excited this round to partner with Group 11. They bring an incredible amount of collective industry knowledge to their portfolio companies, and we knew they were the right people to help us reach our next stage.
Read More : Global Fintech Series Interview with Yoseph West, Co-Founder and CEO at Relay
[To share your insights with us, please write to psen@itechseries.com ]
Aeropay is a next generation digital payments network
Daniel Muller, is CEO of Aeropay
