After attending my first ever Money 20/20 conference in Amsterdam a few weeks ago, I was blown away by how amazing it really was. Three full-on days networking with current and new partners, listening to some insightful discussions on the current state of play in the industry, and a central place for the whole payments eco-system to come together, it really was worth the trip and then some!
The central theme throughout the event from the various panels I attended and partners I met with was very clear, everyone in the industry is valuing the power of partnerships.
When I moved into my role as Head of Channel Partnerships 9 months ago, W2 already had a very well-established partner network of companies in various parts of the eco-system who all value the power of collaboration and partnerships. But whilst having some focus on our partner network still yielded positive results for both W2 and our partners, being able to dedicate all of my time to developing these relationships has made a significant difference.
Since the beginning of 2021, we have added 22 new brands to the W2 Partner Network and a lot of these companies had only just added a permanent resource to look after mutual partnerships. Within Money 20/20 and the conversations we are having on a daily basis, companies from all around the eco-system are beginning to phase in partnerships as a key area of their strategy.
As COVID-19 and the following global pandemic halted in person networking and events, it’s evident that everyone in the industry is raring to get back to it. Another one of the most valued avenues for W2 and partners to develop these relationships is the newly formed Payments Industry Group (PIG). Formed of 12 companies from around the industry and planned networking events every few months, the group has had a hugely positive reaction from others around the eco-system and is growing rapidly.
Why Are Partnerships So Powerful?
Partnerships within the payments industry are particularly powerful because of all of the moving parts and requirements neo-banks and fintech’s have to operate effectively. From payment processors, card manufacturers, KYC providers and more, there isn’t a business which has the capacity to offer it all.
This means that the companies who require all of these supplier integrations have the difficult task of navigating the market for different suppliers to give them the services they need. This becomes even more difficult with the rapid growth of the eco-system and the market becoming even more saturated day on day. Even as a fairly small part of the puzzle as a Regtech provider, we are continually discovering new competitors, and that trend correlates to all aspects of the industry.
This is where the power of partnerships comes in. By building out a network of companies who offer the services required by fintech’s, it becomes a lot easier for those consumers to find all of the services they need to go to market through introductions and referrals.
Becoming More Connected
The overarching theme of an increase in focus on collaboration is that industry is becoming more connected. It’s not uncommon for me, now in my new role, to be just as aware of what W2’s partners are doing as what is happening within W2.
More meaningful discussions and stronger relationships with partners has meant that we can work collaboratively on opportunities, products, events and more. This ultimately leads to the industry continuing to grow and challenge tradition to empower the next generation of fintech’s.
We are always on the lookout for new like-minded businesses to join W2’s partner network. If you are interested in hearing more, check out W2’s partner page here.