Fintech software provider ShareIn has launched a new product “ShareIn Pay.”
ShareIn is a software company that can power crowdfunding and peer to peer lending services. Today, ShareIn is offering a payments product to “address a gap in the market.”
The Edinburgh based investment software and compliance company is initially targeting platforms holding ISA money. ShareIn has been an Innovative Finance ISA (IF ISA) manager since December 2016 and many of their investment platforms offer IF ISA products.
CTO and Co-Founder, Andrew Pickett explains:
“We needed a solution for our platforms to hold Client Money that wasn’t e-money. We searched everywhere and couldn’t find an API driven Client Money solution. So we decided we needed to build this ourselves.”
ShareIn reports that it has obtained the regulatory permission to hold client money from the Financial Conduct Authority (FCA) earlier this year.
ShareIn CEO Jude Cook adds that holding client money is difficult.
“There are few things in the financial regulatory environment more important than holding other people’s money.”
Prior to the launch of ShareInPay, the company offered direct investment platforms. This new product is said to mark the start of a modular software approach for ShareIn to enable investment business more generally. Modules that work together or separately with an existing platform.
ShareIn is an FCA authorized investment platform software service. ShareIn is one of the founding members of the UK Crowdfunding Association.