Dubai and Riyadh-based FlexxPay, which according to their website, offers an online platform to employers whose employees can access their earned salaries & commissions instantly before the regular payday. We sit down with Michael Truschler from FlexxPay to understand more about the company and their future aspirations.
Can you give us a bit of background about yourself and your role at Dubai/Riyadh-based FlexxPay?
I am Michael Truschler, co-founder and CEO of FlexxPay. I have been in the Gulf region for about 16 years. Prior to FlexxPay, I built citrussTV, the largest TV home shopping network in the MENA region. We sold the company in 2017 and I then started FlexxPay in late 2018.
What Makes Your Product Unique in the Fintech Ecosystem both in the GCC and Potentially in the Global Market?
FlexxPay gives access to any sort of earned income, anytime. This includes salaries, commissions and soon pensions and end of service benefits. We believe that everyone should be able to access what they have already earned, whenever they need to. There are companies around the world that let you access your salary early, but FlexxPay is the only company give access to any sort of earned income. We aim to positively impact society and the overall economy of a country.
Dubai’s story from a small fishing and trading post to a global hub across various sectors (including fintech) is both remarkable and admirable.
Being based in Dubai and Riyadh, can you give some insights to our international audience who might not be familiar in detail with Dubai and Riyadh, and their roles in fintech specifically?
Dubai International Financial Center is a top ten global financial centre, and the leading financial hub in MENA. DIFC and FlexxPay share the vision to drive the future of finance and create value for the economy. Dubai is home to most of the well known international firms and provides a great infrastructure for conducting business.
Saudi Arabia’s 2030 vision is a strategy to reduce the country’s dependency on oil and the FinTech sector plays a vital role in this. All government institutions and private sector companies support that vision and that’s why we have chosen to open our co-headquarters in Riaydh. There is a massive potential for FinTech companies in Saudi Arabia and the support given is significant.
Dubai International Financial Centre (DIFC), the main financial hub of Dubai as well as where you are based at, has recently announced that Flexxpay (as well as three other companies) has received a significant investment. How will that help you both manage the current global situation that is Co-VID 19 and also continue to grow in the future?
We are based at in5 Tech, a Dubai based innovation centre as well as in Riyadh, the capital of Saudi Arabia.
The investment we received will mainly be spent on the technology development and the business expansion to acquire new corporate customers in various countries in the region.
Especially during stressful times such as the current one cause by COVID-19, people need a solution such as FlexxPay more than ever. Unexpected expenses, emergencies, family support etc. – all this is very relevant.
COVID-19 forces companies (and society) to digitally transform. Many companies knew that they have to digitize their businesses and processes but were reluctant to invest or simply took too much time. These are the companies that suffer now. COVID-19 is a sort of catalyst or accelerator forcing companies to take the necessary steps immediately to survive and grow in the current (new) reality.
Globally – where do you see the fintech sector heading in the future? Also, specifically with the payday model that FlexxPay is looking to disrupt?
Not only FinTech, but any digital business will grow. Remote work is the new normal. Flexibility and quick adoption of trends are key to success. FlexxPay revolutionizes the way we get paid. The times of waiting for a month or 2 weeks (such as in the US) for your pay will soon be over. You will access what you have earned through an app such as FlexxPay.
The following is an original interview done by The FinTech Times