Handling finances when you have a business is tough. It was tough then and is still tough now (expect less so, thanks to fintechs). When my dad had his business back in the day, there were forms, fees, and, worst of all, waiting. One mistake, and you’d either lose money, time, or both. It was stressful and inefficient, a burden on the company that could be better spent elsewhere.
Looking back now, I can’t help but think how much easier things would’ve been if companies like Fipto had been around. That whole ordeal feels almost absurd when you look at what Fipto is doing. They’ve created a platform that streamlines international payments for businesses, making them instant, transparent, and cost-efficient—all thanks to blockchain technology.
Fipto takes what used to be a frustrating, drawn-out process and makes it as simple as sending an email. For companies managing cross-border payments, it’s nothing short of a game-changer.
At this year’s edition of UNCHAIN, The Connector had the opportunity to talk with Patrick Mollard, CEO of Fipto, where he shared how his company is tackling the inefficiencies of cross-border payments.
A Shift from Traditional Banking to Entrepreneurship
Patrick Mollard didn’t start out with dreams of entrepreneurship. He admits:
During my studies, like a lot of people, maybe you don’t really know what you want to do, so you make non-decisions. You go for the options that close the least options and leave the most options open. So that’s basically what I’ve done for quite some time.
This approach eventually led him into M&A advisory at ABN AMRO, but it wasn’t long before he realized that his desire for impact wasn’t being fulfilled in that environment.
In 2015, Patrick took the leap into fintech by joining a Belgian startup, Ivan First.
I had a great run there for six years, and that’s when I really realized that I wanted to create something with a group.
This realization, combined with his drive to make a tangible impact, led him to co-found Fipto alongside Greg and Bertrand.
For Patrick, it wasn’t just about building a company but building it with the right team.
I’m not someone that is able or would like to do it on my own.
The collaborative environment at Fipto, much like his previous experience at Ivan First, is something he values deeply.
Building The Right Team – Key to Success
When asked about the most significant lesson he learned from his time at Ivan First, Patrick didn’t hesitate: the team. This focus on talent is something Patrick has carried over to Fipto.
We are still quite small. We’re 30 people now, two-thirds of them in product and tech.
They focus on hiring the best experts in their fields and giving them the autonomy to operate efficiently.
Everyone has to do their job, and that’s how we will get there.
Patrick described his management style as trusting his team to operate independently but staying aligned on the company’s goals.
We use this OKR technology—objective key results. We try to define them every quarter in order to make sure that everyone has in mind where we want to be.
This structure helps keep the team focused despite being spread across several countries, including France, Belgium, Portugal, and Tel Aviv.
The Problem with Traditional Cross-Border Payments
Fipto was founded to solve a very specific problem: the inefficiency of cross-border payments. Patrick was frustrated with how outdated technology was holding back corporate payments.
It’s strange to realize that in a world where you can order something from Amazon before 6 p.m. and have it the next morning, sending money from Belgium to Japan can still take several days.
The technology hasn’t kept pace with the global economy’s demand for faster and cheaper transactions. For instance, Patrick mentioned that sending dollars from one continent to another can still be slow and expensive due to the intermediaries and outdated technology involved.
The correspondent banking networks are performing well in some corridors but not everywhere.
Blockchain technology, which Fipto leverages, cuts out the middlemen and allows for instant, transparent, and cost-effective transactions.
We saw the potential for blockchain to do for payments what email did for postal services.
The Future of Payments – Instant, Transparent, and Global
Fipto’s mission goes beyond just speeding up payments. The company is also focused on making payments programmable and automated. Patrick sees a future where blockchain doesn’t just improve the speed of transactions but also simplifies the process through automation.
For us, payment technology will go to the next level. I think the idea of taking the hassle out of executing payments and putting it out of the hands of accountants is an interesting one for the future.
He emphasized that Fipto’s approach is about blending the best of both worlds: the reliability of traditional payment systems and the efficiency of blockchain.
We’re combining the best practices of traditional payments with the best of this new technology, which is blockchain.
Regulatory Challenges and Global Expansion
Operating in the fintech space means navigating a complex regulatory landscape, something Fipto takes very seriously.
We have registered as a VASP in France since March 2023. And we are also going for the payment institution license.
This regulatory structure is vital not just for compliance but also for building trust with clients.
The regulation part is very important in acquiring clients because it means that we take things seriously. We have the right resources and minimum equity in place.
Fipto’s global ambitions are also clear. They’re already operating in several countries, with partners in Latin America, Africa, and Asia.
But despite this global reach, Fipto remains committed to maintaining its regulatory standards and compliance across all regions.
Bringing the Future of Payments into Focus
As Patrick Mollard and his team at Fipto continue to expand their innovative platform, it’s clear they’re not just making cross-border payments faster and cheaper—they’re changing how businesses think about payments altogether. Patrick said, summing up the company’s mission:
Blockchain enables transparency, speed, and cost efficiency.
With a talented team, the latest technology, and a global vision, Fipto is set to be part of the next wave of innovation in cross-border payments. Things are definitely changing for companies that are still dealing with the problems my dad once faced.
What used to take days now takes minutes. What used to be a murky process is now transparent. And what used to cost a fortune is now much more affordable. For businesses dealing with international payments, Fipto is the upgrade they’ve been waiting for.
