The FinTech Report Podcast: Episode 24: Interview with Jaco Veldsman, Paytron
“We started with payments and accounting, customers then asked us for corporate cards and FX, and Open Banking for Business will be a game changer,” says Paytron.
Paytron is a cloud-based payments platform built for SMEs and accountants. In 2020, Jaco Veldsman met Co-Founder Francois Henrion, where they lamented the disparity of finance tools available to SMEs and accountants versus bigger businesses. Together they focused on developing Paytron, an all-in-one payment platform that removed the manual work for SMEs and accountants covering accounts payable, accounts receivable, cashflow management, FX, and payroll and employee expenses.
Listen here: https://fintechsummit.com.au/the-fintech-report-podcast/
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In this episode we cover:
- Accounting packages haven’t innovated, Paytron saw the opportunity
- Focus is on SMEs, small business up to $100m turnover
- Paytron’s philosophy was to launch fast, and innovate fast
- Laser focus on what the customer wants; out of this came the request for corporate cards
- Partnership with JP Morgan is huge
- FinTech & Banks are a perfect partnership and each brings their own skills and advantages
- Next major problem is business banking, business financing needs, which can include corporate cards
- Business banking needs to change, and Paytron will be moving hard and fast in this sector
- Expansion plans to English speaking Commonwealth countries; NZ, Singapore, South Africa, Canada, UK. The JP Morgan partnership opens up other countries, eg USA
- Great benefits of being in the Commonwealth; same language and very similar regulations, taxes etc
- Paytron will expand into FX (foreign exchange)
- Jaco explains the role of corporate cards
- Jaco explains their amazing funding journey (US VCs as well as Australia), and building the team
- Open Banking is huge and will be big; banks need to ‘choose a side’ says Jaco
- FinTechs can access bank accounts (via Open Banking) and offer new services: when fintechs can have “read and write” access, then fintechs will offer services as well as payments
