FinTech Meetup 2024
Penny Inc. is a spend management and payment processing platform specifically tailored to handle the high-volume-transaction processing of the adtech space. Penny provides unlimited Virtual Credit Cards, secure and dynamic BIN allocation, and real-time transaction funding to solve data chaos with ultimate spend visibility.
- Thoughts on saturation in expense management: “Saturated? No. Crowded? Absolutely. Saturation implies all potential consumers of a solution are aware of the array of competitors that are competing on price for a commoditized service offering. We are nowhere near that. In card processing, businesses accept they will lose roughly 2.6% of their revenue off the top in merchant service charges. But on the other side, few businesses realize they have an opportunity to collect a material rebate on their spend. We are talking about a radical transformation that opens up new revenue channels—shifting finance operations in a B2B service provider like AdTech or media buying from a cost center to a profit center. And we are still educating the market about this possibility. We are seeing strong customer and revenue growth, and the majority of our customers are merely modernizing their businesses, not abandoning a competitor. We are set up for mass payments, high volume, and scalability so we can grow and evolve with the needs of our customers and the industry.”
- Building a competitive advantage: “Too many fintechs are fighting for space horizontally, competing with established banks and fintechs like Stripe or Square to handle a small facet of financial services for any business customer. We are focused vertically. Our customers know their businesses, not the payments world, so we are working hard to meet them where they are and plan to expand to new verticals after winning in each target vertical. Adtech, martech, dropshippers, and affiliate network facilitators have a challenge—paying and reconciling hundreds of thousands of micropayments to an increasing number of payees every month. We are laser-focused on these customers, bringing order to their data chaos to help them manage their spend proactively and grow their business thoughtfully.”
- Generative AI applications: “We currently use GenAI for fraud monitoring. The impact of GenAI on businesses is driving massive changes in how data is managed in the interest of visibility. Using hazy or incomplete data to guide strategic choices—and having financial data lag other operational data—is quickly becoming unacceptable.”
