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Bigedirect

www.bigedirect.com

Fintech sector: Payments

Country of incorporation: Sweden

Year of incorporation: 2018

Team names, roles
and company contact

Mr Gert Funk, CEO

Mr Thierry Fromes, Deputy CEO

Mr Jonathan Reddin, CRO

Mr Marc Funk, COO

Elevator pitch

Bigedirect will provide payment initiation services to E commerce merchants. These will be direct Bank to Bank payments and will bypass card scheme payments. We will reduce costs increase successful transactions. Remove the requirements for reserves to be held, ensure merchants receive funds immediately and remove charge back liabilities. We have merchants waiting to move significant volume to us in excess of 40ME per month.

Problem solved

Merchants find card scheme payments expensive with complex rules requiring reserves to be held by banks, complex checkout processes leading to up to a 20% failure rate at checkout and on going liabilities lasting up to 6 months.

Solution / technology

PSD2 allows a new service of payment initiation allowing consumers to the choice and freedom to pay for goods and services directly from their bank account to the merchant bank account via the BigeDirect platform.

Competitive

We have an existing pool of merchants processing payments through card schemes in challenging verticals such as the travel sector waiting to move volume to us as soon as the platform is licenced and running, the business will generate cash very quickly.

Market size

25 Billion Euros +

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