With a range of experience in the finance and consumer goods sectors respectively, James Simcox is the Chief Product Officer of Equals Group, an AIM-listed fintech. James leads the product, design pre-sales and implementation teams, along with international business, to deliver financial solutions to businesses across the world. James worked alongside the COO to launch the Equals Enterprise Solutions Business (BaaS) which has grown to more than 30% of Equals Group’s revenue.

We caught up with James to gain a deeper understanding of why he felt launching a BaaS product was so important for Equals Money and their clients.

THE FINTECH MAG – Can you explain the key benefits of BaaS for businesses, particularly those outside of the traditional banking sector?

JAMES SIMCOX – BaaS offers several vital benefits for all kinds of businesses. I think the avoidance of licensing and legal obstacles is one of the key advantages, whether your business is in the banking sector or not.

Through open banking and API leveraging, businesses can seamlessly embed BaaS solutions into their existing products. This integration allows banks to adopt fintech innovations while businesses incorporate banking functionalities, effectively merging two separate worlds to benefit both parties financially and operationally.

BaaS also offers businesses mass acceleration on go-to-market speed as their cross-border, multicurrency banking services will be implemented without the need for a lengthy build.

As a result, businesses often see increased usage of their core propositions due to the enhanced customer volume. We find our customers are less likely to go elsewhere when we can offer them everything they need, all in one place.

THE FINTECH MAG – Please give us an overview of Equals Money’s new BaaS offering and what it means for your clients

JAMES SIMCOX – Our BaaS product is a significant milestone for us, reinforcing our commitment to delivering comprehensive financial solutions to our customers. Essentially, by leveraging the Equals Money’s API, businesses can take advantage of custom-branded cards, global payments and multi-currency accounts.

We offer International Bank Account Numbers for up to 38 currencies within a single account, facilitating international and domestic payments through Swift, UK Fater Payments, SEPA and SEPA Instant. This means businesses get paid faster without the hassle of handling multiple bank accounts. Our clients will be able to offer their customers all these amazing benefits wrapped up in a white labelled product, personalised to their own branding. Through white labelling, our BaaS product allows our customers to expand their core product offerings – so it’s a win win.

THE FINTECH MAG – What makes Equals Money best placed to offer this service?

JAMES SIMCOX – Equals Money is unique in the BaaS space. Our turn-key solution allows customers to use our infrastructure through our API, front-end, or a combination of both, facilitating a level of flexibility that is rare in the industry.

In Europe, we stand out as one of the few providers offering multi-currency, cross-border payment account products. We tend to find that whilst other providers may focus on niche markets, Equals Money covers the entire spectrum.

For customers looking to launch their own banking product with us, we can immediately provide access to 32 markets. This expansive reach from the beginning significantly enhances their ability to scale and grow.

THE FINTECH MAG – Why did Equals Money decide now was the time to expand into BaaS?

JAMES SIMCOX – The demand for on-demand, digital services is continually increasing. Expanding into BaaS felt like a natural progression to meet these growing expectations, as people and businesses increasingly desire services that are accessible at their fingertips.

Convenience is also key for our customers. By integrating banking products directly into their services, we have found our customers can significantly enhance their user experience.

Then looking holistically, continuing to diversify our market allows us to broaden our service portfolio. This not only meets growing demand but also positions us as the versatile and innovative provider within the industry.

THE FINTECH MAG – Please share some examples of how your current BaaS customers have benefitted.

JAMES SIMCOX – Absolutely. Our expansion into BaaS has already garnered significant interest, and we’re thrilled to see the positive impact on our customers.

Two of our first customers are CASHét, a renowned film services payments provider, and Chorus TM, a global treasury management solution for the music and entertainment sector.

Let’s take Chorus TM as our example, a collaboration that saves money for their entertainment clients while simplifying the work for the teams behind them. The new Chorus TM platform delivers a range of benefits to entertainment managers, including fast and secure UK and international payments, real-time spend reporting, streamlined reconciliation processes, and effective FX management strategies. By providing virtual cards as an alternative to traditional credit card payments, the platform enables quick and secure transactions and offers real-time visibility over expenditures.

This is just one example of how our BaaS offering is making a tangible difference for our customers.

Enhancing services. Streamlining Operations.

As we’ve heard from James, by offering BaaS, Equals Money have provided significant value to their customers, whilst boosting their revenue also. James is relentless in driving forward the vision of Equals Money as the comprehensive, efficient service provider of financial solutions.

For businesses looking to streamline their financial operations whilst enhancing their service offerings, Equals Money presents a great opportunity. Reach out to learn how Equals Money can tailor its services to your business’s specific needs.