Monneo, a complete end-to-end payment ecosystem provider, recently announced the launch of its new central London office. The move is part of the company’s overarching global expansion plan.
Lili Metodieva is managing director and part of the successful leadership team at Monneo, an FCA regulated company.
Here she shares an insight into how she found new perspectives in card acquiring, merchant operations, banking and compliance throughout her career, as well as why she loves her role in the fintech industry.
Tell us more about your company and its purpose
Monneo is a virtual IBAN provider which works to fill in the gap between traditional banks and online businesses. By working with international, EU and UK banks Monneo has built an accessible, flexible solution which is beneficial for the e-commerce sector.
Through our innovative technology platform, Monneo allows merchants to accept settlements from acquirers into dedicated IBAN accounts at different banks, while retaining control of the accounts in one single platform, rather than through several banks. This makes accessing capital more straightforward, and removes the complications of international payment transfers.
“Everyday is different in fintech, which is refreshing and unlike any other role I’ve had”
What are some of your recent achievements you’d like to highlight?
Recently, I’ve been delighted to see Monneo going from strength to strength. We’ve recently expanded our operations by opening our first London office, giving us access to some of the best fintech talent in the world while connecting us to other innovative fintech businesses. To coincide with this, Monneo recently won ‘Best Cross-Border Payments Infrastructure’ at the Payments Awards, which is testament to the wonderful work of our growing team.
How did you get into the fintech industry?
I got into fintech purely by chance. I’ve worked within the online payments space since 2006, and during my career I have developed a deep knowledge of how to deal with challenges within the e-commerce industry. I always knew I wanted to work in an industry which was always changing and connected to innovation, so fintech was the perfect career path for me.
What’s the best thing about working in the fintech industry?
Working in an industry filled with such innovative, like minded individuals is a real privilege for me, and is one of the main reasons I love working in the fintech industry. I also like that there is room to grow within this dynamic space, with no restrictive routines. Everyday is different in fintech, which is refreshing and unlike any other role I’ve had.
What frustrates you most about the fintech industry?
It’s less of a frustration and more of a challenge, but one of the biggest issues within the fintech industry is that regulators and administrators struggle to keep up with the ever-evolving, dynamic nature of the e-commerce sector. Unfortunately, in some countries the regulators are years behind on their knowledge of the fintech industry, causing a gap in the understanding of the proposition. This has been the root cause of many missed opportunities and increased risk, all of which may have been avoidable if regulators had adapted and developed a knowledge on how to support the sector.
How have your previous roles influenced your career?
In all of my previous roles, I strived to learn new things which helped me to resolve every challenge that stood in my way. By getting to know the industry through different roles, I gained new perspectives into card acquiring, merchant operations, banking and compliance. I also gained these perspectives across various international markets, including Europe and APAC. These experiences have massively helped me to deal with anything that comes my way as MD of Monneo.
What’s the best mistake you’ve ever made?
I make mistakes each and every day, but I can’t think of one in particular that was the ‘best ever’. By making mistakes, I am able to learn new things and push myself out of my comfort zone, into new realms which I may not have been able to venture into before. Mistakes give you the opportunity to make the changes you need to make to make yourself or your business more successful, so I try not to see mistakes to be a bad thing – instead, I think they’re wonderful and amazing!
What has the future got in store for your company?
Our goal is to offer a complete end-to-end payment ecosystem for the e-commerce sector which is fast growing and unlike any other offering on the market. This means we are always on top of the latest innovations and happenings within the industry, while continuing to develop the product in line with our client’s needs and the changing regulatory landscape.
What are the next key talking points or challenges for your industry as a whole?
Cross-border payments are still a hot topic within the fintech industry, as there are many challenges to overcome from various different angles, for example the implementation of regulation, new technologies becoming available and the fast growth of the e-commerce sector. It’s going to be interesting to see how these advancements will compare to the traditional payment solutions on offer.