Fintech Qolo Processed Over $1B in Total Payouts in Q4 2022

Qolo recently revealed that it processed more than $1 billion in total payouts in Q4 of 2022.

As the world’s “first” and “only” fully cloud-based payments and card issuing processor, Qolo powers various Fintechs and banks “with flexible, scalable payout solutions.”

Qolo delivers direct access “to card networks and major payment rails through our omnichannel payments platform— advanced payouts are at your fingertips with Qolo.”

Qolo helps clients simplify their payments journey so they can focus on their business.

As covered last year, Quavo Fraud & Disputes, the provider of cloud-based fraud and dispute management SaaS solutions for issuers, announced its partnership with the omnichannel payments platform Qolo “to reduce dispute processing costs and fraud losses for issuing financial institutions.”

Quavo’s Disputes as a Service™ offering “features automated software, AI technology, and back-office investigation services capable of fully automating the fraud and dispute process.”

As a first-party provider of core payment functionality and the “first and only” 100% cloud-based issuing processor, Qolo’s client-first approach to uncomplicating payments “removes the multiple players and pain points historically found in the industry.”

As reported in April 2022, Qolo, the omnichannel payments platform for Fintech, recently announced a strategic partnership agreement with MX, a key player in open finance.

Qolo and MX offer “fast-track” solutions to “help businesses, particularly neobanks and fintechs, stand up a core mobile banking experience.” This allows them to “get to market quickly while also future-proofing their growth.”

As covered in August 2021, fintech omnichannel payments platform Qolo closed a $15 million Series A round led by The Raptor Group. Additional professional investors and strategic partners also participated.

The funds were earmarked for staffing, international expansion and product development.

In a November 2020 interview with Crowdfund Insider, Qolo’s management noted:

“In terms of 5-10 years out, we feel international B2B payments is the biggest and most underserved area. Nearly $25 trillion a year of international trade and services business is conducted through banks. Companies are paying 3% in fees – they are overpaying, it isn’t automated, it is horribly inefficient and is ripe for disruption. When you combine this with an advanced AR/AP capability (something we have filed patents on), the opportunity is there to dramatically streamline and lower costs of business payments.”

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