Q: Can you share the story behind Finance Incorporated Limited, the founding principles, key milestones, and the missions you aim to achieve?

Cenk Kahraman: The company was established and started operations in 2015. The idea at the time was to issue prepaid cards to lots of people, as the prepaid card issuing business was the definitive business model of the company. Due to changes in the economy and fintech landscape, that plan didn’t work so well. In 2017, the founder of the company wanted to exit, so he sold the shares to a new shareholder, and I came in with the new shareholders. Before that, I was a career banker, working with different banks at the executive level. From 2017 onwards, I started working for Finance Incorporated Limited. At that time, we were only six people. Now, we are over seventy operating in four different locations.

We redefined the business plan, added new products to our offerings, and tried to add more value to our clients. The business started to grow. In 2017, our assets were three and a half million euros. By 2023, they had grown to 400 million euros, which exceeded my expectations. We are a profitable company and still have the same shareholder structure. Additionally, the company is principal member of both Visa and MasterCard covering card issuing and acquiring, which are demanding licenses to obtain and maintain. Throughout this journey, we have continuously added products and services to help our client base grow faster. That’s the background of the company.

Q: In your perspective, distinguishes the array of services Finance Incorporated Limited offers in the international market?

Cenk Kahraman: Between the 1980s and 1990s, the financial world was united, with one company offering multiple products. For instance, you could go to a Citigroup branch and get accounts, payment cards, bank loans, trade finance, insurance, and auto finance all in one place. After consecutive financial crisis, regulators targeted focal points in the banking industry to prevent any one giant from controlling the entire space. This led to the segregation of companies into investment, insurance, and banking firms. The same trend applied to fintech companies, which mostly specialized in one product and did it well.

However, we realized that for an end user to have a good financial product experience, they needed at least three or four apps to manage different aspects of their finances. This is a hassle. With changes in regulations, especially after PSD2, we saw an opportunity. What sets us apart from other players is that under one roof, we cater to four different client categories: retail clients, corporate clients, merchants, financial institutions and other banks. We offer a range of integrated products including personal and corporate accounts, cards, POS, virtual POS, and payment systems. These multiple set of services makes us different from other EMIs.

Q:How do these services cater to the diverse needs of clients and position the company as an attractive partner for those seeking innovative solutions in financial services, especially in the context of cross-border transactions?

Cenk Kahraman: We have strong partnerships around the world for cross-border payments and are looking to expand beyond Europe to regions like the UK, GCC, Africa, and India. Our immediate priority is the GCC region because of the cross-border flows. When considering potential collaborations, we prioritize creating value for our clients. Our focus is not on fees or immediate profits, but on establishing sound business practices. Profits are a consequence of doing good business. This has been our approach since day one and hasn’t changed.

Q: Can you give an example of a successful partnership that illustrates your commitment to innovation and ability to overcome challenges in cross-border transactions?

Cenk Kahraman: We have a strong partnership with Currencycloud, a Visa company in the UK, for cross-border payments. One notable innovation is our POS devices that turn smartphones into POS machines for card acceptance. This is done entirely digitally, from onboarding to payments, and we provide a card so clients can spend the money they receive immediately. This service was launched in February in Germany, specifically in the Berlin market, and has received excellent feedback. We continuously upgrade the product based on client feedback.

Q: In the GCC, what is your current priority, and what message do you want to send to potential partners and clients?

Cenk Kahraman: We are looking for an M&A partner in the GCC, someone we can work with in a strong, equal partnership. Alternatively, we are open to establishing our own structure and growing organically. We aim to provide our services to non-European companies as well, assisting them in their European ventures on a referral basis.

Q: Would you tell investors in the GCC to encourage them to get in touch with you?

Cenk Kahraman: Our ambitions are big. The digital banking scale allows us to extend our reach globally without a physical presence in every country. Malta has been a strong test market with tough competition and strict European legislation. If we can thrive here, we can thrive anywhere with the necessary resources. Our biggest asset is our diverse human resources, with 70 people from 20 different nationalities. For any investor looking to join our journey, we’ve made Finance Incorporated Limited the biggest in Malta and one of the top 30 in Europe in just four years. With the right connections and resources, we can grow even further.