Three years after selling payment solutions company SafeCharge to Canada's Nuvei for $889 million, Teddy Sagi is back in the world of online payment clearing, through Pay.com. The startup began operations last month when it filed with the EU to receive a payments clearing license but until today had remained in stealth. Pay.com has 45 employees and is headquartered in London and Cyprus with a development office in Israel.
Pay.com has not raised money from outside investors and according to cofounder and co-CEO Tom Vaknin is based on a line of credit of $100 million, which has been extended by Sagi. Vaknin said, "From this we have invested $5-10 million in technological development and the rest in obtaining licenses. We are also in talks to conduct acquisitions."
Vaknin is confident that Pay.com will be able to compete with the big players in the payments clearing sector and said that one its big advantages is its website address. "It's a domain that Sagi bought many years ago and it is a crazy asset that will bring us traffic."
In addition, Pay.com's aim is to simplify even more the process of connecting up with and using clearing, even beyond what companies like Stripe offer, and it will also provide a broad range of clearance tools.
The startup is currently in its first stage and is yet to receive an EU clearing license, which will allow it to transfer payments. Vaknin said that this will happen soon. The startup is currently using partners to provide clearing as well as accompanying services like a dashboard and analytics. The company's current focus is on the European market but Vaknin said that it plans to join with a partner, which will enable it to operate soon in the US.
In addition to Vaknin, who also founded the startup Engage, Pay.com's other co-CEO is Assaf Cohen, a former VP Payoneer and Checkout.com. Although the company is in its infancy, it expects to clear transactions worth $4 billion by the end of 2022.
Published by Globes, Israel business news - en.globes.co.il - on March 13, 2022.
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