Joompay Reaches 250,000 Users, Engages Banking Circle for Ongoing Growth

Joompay, a pan-European fintech start-up, celebrates the milestone of 250,000 accounts.

Users can open an account online in “a manner of minutes, get a Visa payment card and immediately start saving on their purchases with select merchants, such as Joom Marketplace.”

Joompay sees that among all European countries “the greatest demand for its payment solutions is among customers in France, Spain and Germany.”

As a next important milestone, Joompay has “established a relationship with Banking Circle, a next generation payments bank built for the modern economy.”

Banking Circle is “providing Joompay with access to local payment solutions for its merchant customers, delivered through Banking Circle APIs for more efficient and cost-effective payments that are fit for purpose in the digital economy.”

Ilya Shirokov, Chairman of the Board of Directors of Joompay, said:

“Our goal is to build a banking service that seamlessly covers 100% of the daily needs of our customers. In order to grow our business and user base, we find it logical to offer Joompay customers instant bank transfers for all European banks. We can do this thanks to the industry-leading APIs of Banking Circle, and we are very pleased to announce our cooperation.”

Jussi Lindberg, Chief Commercial Officer of Banking Circle added:

“It is tremendously exciting to see how Joompay has built its user base so quickly, and Banking Circle is delighted to now be part of the fintech’s future plans. Working with Banking Circle allows Joompay to offer local payments through our modern simple API integration. Removing intermediaries simplifies and streamlines the payment process, bringing down the costs and time often incurred with traditional banks.”

As reported in July of this year, Banking Circle, the tech-first payments bank, is shifting the dial in the virtual assets market with a new service for banks and payments businesses.

By adding USDC stablecoins to its payment rails for payment acceptance, processing and settlement, Banking Circle is “delivering an easy to implement solution that cuts out the need for significant IT or financial investment for businesses that want to get into the web3 market.” It is “a key step in democratizing global finance.”

Mishal Ruparel, Head of Virtual Asset Services, Banking Circle, said (in July 2022):

 “Digital assets are likely to be the ‘leveller’ for the global economy in years to come with potential to remove the friction that is inherent in conventional currencies. It’s critical, therefore, that Banks and Payments providers have the ability to process certain types of cryptocurrencies in the same way they do fiat currencies. With an already established reputation as an innovator in payments, it’s a natural next step for Banking Circle to add stablecoins.”

Ruparel added:

“We already have client demand for paying out in cryptocurrency, which they want to do in a way that is trustworthy and lower risk. We will, therefore, provide the facility to convert fiat to stablecoins in USDC, giving financial institutions the ability to send funds in stablecoin easily and with full regulatory compliance.”

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