Statrys 'humanisation' of the payment platform services
How this fintech startup offers digital solutions with a human touch.
Digital payment continues to gain traction, especially as cash usage dropped from 91% in 2019 to 78% in 2020 in Hong Kong, according to Visa Consumer Payment Attitudes Study 2.0.
More and more businesses adapt digital payment methods. These businesses want to enjoy banking services up to their expectations in terms of access to business accounting, pricing, scope of services and customer support, but oftentimes the traditional banks are found lacking in these offers to smaller companies.
This was what Bertrand Theaud, founder of fintech startup Statrys, realized after talks with industry professionals and combining his year of experience in the field.
In an interview with Hong Kong Business, Theaud said that although payment platforms were booming in Europe, they were still not very present in Asia. He then launched Statrys in 2018 to address these issues, with a goal of combining the digital experience with a human touch.
“The name Statrys comes from the ancient Greek word for currency called Statere. While it’s a notably harder name to pronounce, especially in a world where startups prefer a single-syllable naming idea, we find it makes us stand out more to have a name that people mull around in their mind,” Theaud said.
Their first challenge when Statrys initially started was finding the right people. Theaud said this will always be an ongoing process, but one that gets better and what he banks on as the company’s biggest growth factor.
In simple terms, Statrys is a payment platform that aims to humanise the business payment experience through transparency, removing the mystery of payments and their fees from A to B.
Customers pay their $88 account subscription fee that covers Statrys cost of of implementing regulatory compliance activities to activate and manage their account.
“Our profit making area comes from our competitive transfer fees and foreign exchange fees that are low enough that it would encourage regular usage of our platform for payment of any invoice for businesses of all sizes,” Theaud explained.
To keep their customers trust, Statrys focuses on its complete transparency in pricing and payment fees. Aside from constant upgrades for a smoother user experience, the company also maintains relationships with local institutions and authorities around the globe to help make cross-border payments easier.
These may be some of the reasons why investors have such strong faith with Statrys platform. In November 2020, they raised $38.85m (USD$5m) in a Series A funding round from an undisclosed single investor.
The company is currently in the works of deploying the Statrys Payment Card, powered by Mastercard, to clients so they can directly use their Statrys account for online purchases and point-of-sale transactions. Additionally, preparations are already underway in creating a mobile app.
Theaud said that they focus on customer satisfaction by knowing their pain points and addressing them unlike their competitors.
“At Statrys we provide the relief they’re looking for as small businesses, instead of the latest and greatest tech. Our vision is to be Asia’s go-to payment and forex platform serving SMEs within the next five years. We know tech is not something to eschew either, and with that in mind we want to make sure we supplement our humanizing payment services with the technology that makes it happen,” Theaud added.