Crassula is creating white label payment solutions for a wide range of industries. Efma’s Boris Plantier recently spoke with co-founder Daria Dubinina about the company’s continuous evolution since their founding.
What led to the creation of Crassula?
Crassula was founded by Alexander Novozhenov, Vlad Nikolayev, and myself in 2015, when we decided to start a common business and bring innovation into the FinTech industry. Before founding Crassula, I worked in eCommerce and the payments industry for more than 6 years. With more than 15 years of experience in banking, IT and games, Alexander was well known in the Latvian IT industry. Vlad had been software engineer for more than 8 years.
At the time of establishment, we created a pure payment solution with some incorporation of marketing, virtual currency and data processing features. With these features, the business continued until 2016, when we started to receive queries from our clients about White Label services. At first, we did not focus on that business model.
After a while though, we started coming across the idea of creating an ecosystem, where users can build their own products, and we thought that FinTech lacks solutions like that. In addition, we started to receive more and more requests about creating a White Label product and such solutions appeared to be in high demand. Crassula products could help many companies to create technical solutions, reducing the cost of system development and maintenance. Through that, we started to connect with new clients, listen to their problems and expand our functionality.
At the beginning we were a team of five people, so our costs were not very high. However, since the first 1.5-2 years weren’t profitable, the founders had to fund the development - within those 2 years about 200K EUR were invested.
Could you present Crassula's offer?
Crassula is an open banking software platform that helps businesses to create FinTech products as a White Label.
Crassula products are:
· eCommerce - software for creating online payments system that allows merchants to offer a global payment gateway.
· Banking - software for building online banking or e-wallets for users, businesses and e-commerce clients that allows creating accounts, issue cards, make SEPA and WIRE transfers.
This year, Crassula, together with Paysend, introduced Paysend Connect, a banking solution for international companies. Paysend Connect combines high-end Crassula technology and powerful Paysend infrastructure. The platform allows user to open multi-currency business accounts, make SEPA/SWIFT transfers, issue corporate Mastercards with no purchase fees, and process online payments. Open-banking technologies, provided by Crassula allow using Paysend Connect services by financial institutions and PSPs. Moreover, Paysend Connect attracts Telecoms, Retailers, Social networks and other businesses to embed FinTech products in their solutions within days.
What's coming next for Crassula?
Any company or startup might expand in one of two ways: strategic development and acquisition. Our vision is to grow strategically, expand globally, and at some point, start acquiring complementary companies. However, we do not exclude the option of Crassula acquisition if the strategic directions of our company and potential buyer match and it would be appropriate to unite in order to achieve significant success.
At the moment we see some great examples of FinTech penetration in industries such as retail, social media, and gaming. We think that in the future this trend will continue to develop and we’ll see more adoption of FinTech by other industries. More companies will build their own payment solutions, loyalty programs, e-wallets and more. That’s why automation, scalability, and ecosystem openness are important points for Crassula development.