Spanish FinTech Pecunpay has launched a new digital payments innovation centre named FINTANK.
Founded in 2016, Pecunpay is the trademark of E-money firm Pecunia Cards and specialises in innovative payment solutions and E-money processing.
According to Pecunpay, FINTANK is the company’s FinTech builder and will be a laboratory for innovation in payment methods and neobanks. The firm added it was created with the aim of finding viable and efficient business models in the new financial industry.
The new innovation centre will be based out of Pecunpay’s offices in Madrid. Pecunpay claims the two floors dedicated to the project will be focused on ‘finding hacks’ to improve user experience and new hardware and software developments.
The project will be led by Fazil Pay co-founders Elbio Nielsen and Ignacio Santos, a company that will be the first to graduate from the FINTANK. Fazil is a 100% digital wallet where every euro spent will result in a tree being planted or one kilo of plastic being collected from a beach.
Pecunpay CMO Ángel Alonso said, “Having Elbio and Ignacio leading FINTANK is a very important qualitative leap for us. They are very close to the end user, they know very well what users need and how they want it, and they certainly know how to get it to them. Therefore, that knowledge and experience is going to improve our service offer for the rest of our customers through new products and better functionalities.”
Nielsen added, “Since the beginning of our neobank Fazil, we have been focused on disruptive innovation, we started analysing technologies that seemed like science fiction and today they are already a reality.
“From day one, Antonio García Cruz, CEO of Pecunpay, encouraged us to strive to break the limits, and soon after we were integrating 100% with Pecunpay, which defines our strong business relationship. The natural objective is very clear: that the mother of the Spanish neobanks has its own innovation hub, -for us the tank- where we evaluate and debate hypotheses to immediately validate solutions.
“We want to create advanced products that are able to understand users in their constant evolution, something that traditional banks have already lost. Our innovation ratio is very high and we are going to implement it with our focus on Fazil Pay to make the business model viable as soon as possible.”
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