50 Best Companies to Watch 2020

A decentralized lending and payment system: Quppy is a unique financial solution for managing digital and traditional assets for both individuals and business


Over the last few years, we have witnessed that there has been an active investment in mobile solutions and decentralized currencies. The payment solutions segment will be continuously driven by competitive pressure from new innovations. The future of money, payments, and value transfer will evolve into a more global solution. This will be cheaper, transparent, and faster for all parties in this segment. The majority of the new and non-traditional schemes will be integrated into the financial ecosystem that already exists. This will be an excellent alternative payment network that will eventually trigger the appearance of new sets of financial products within the local networks’ currency. Forming an alliance between financial institutions is not an option because everyone is part of the competitive landscape. To do something innovative with traditional money, the financial institutions must instead work with digital companies to speedup technology integration and they must also work out a complex layer of regulations. The current workflow and system for transfer of money between the financial systems are very complex and they require multiple steps to reduce frauds and risks.

A decentralized system will make use of a common selection of protocols to process tasks instead of one central point. This approach will require user confidence in the central counter party. A decentralized payment model will allow the customers to transfer money that is basically covered by secured processes like block chain technology, cryptographic actions, or with smart contracts. Many organizations have launched competing decentralized schemes that will have unique encryptions or they might focus on different use cases. Quppy is a Tallinn based payment solutions developer who assists private and corporate clients integrate banking services into crypto landscape. Quppy Wallet provides fast exchange of a wide range of crypto currencies. The company was founded in 2017 by a group of recognized European professionals in banking, financial and IT spheres. Quppy is a digital payment solution consolidating your bank cards and accounts. Quppy has gone further than Google Pay and Apple Pay to develop an AI solution that makes the right decision of choosing a payment card at the moment.

Dmitry Nikiforov is the CEO of Quppy. He spoke about the company in an exclusive interview with The Silicon Review. Below is an excerpt.

Q. What motivated you to reinvent digital payment platform?

After a successful launch and development of a unique payment ecosystem gathering all types of banking operations with both e-money and fiat assets within one decentralized application. Quppy is now launching a revolutionary financial and social solution not only for banking cards consolidation, but also an AI based recurrent payments, expenses and investment automatization and planning solution, aftermarket gift card consolidator and marketplace.

Q. Where do you think the modern digital payment platforms lack behind? How is Quppy filling the void?

Most of the competitor digital payment platforms and neo banks focus on some specific services. And Quppy aims to become a superapp gathering all the financial and payment services for all client’s cards and accounts for an efficient and easy everyday financial management.

Q. How does your multi-currency digital payment platform benefit small and medium sized businesses?

Despite our competitors, Quppy provides services for all types of clients existing on the market: individuals, legal entities and merchants. Quppy helps small and medium businesses to open a European bank account and manage all of their company financial activities through a special secure web interface. The Quppy Acquiring solution for e-commerce and mobile apps enables digital payments acceptance.

Q. Bankers view data security as among the top challenges in payments today. How does your company outplay the fraudsters?

All of the Quppy services are built on the decentralized Blockchain technology that provides security for clients’ funds and information at the highest level possible.

Q. With increasing digital payment platforms, do you think your services are ready to fight the severity of growing network of users?

Quppy is already trusted by hundreds thousands of users all around Europe, Latin America and Asia. We are constantly listening to our clients’ demands and are developing our products to change their everyday financial reality towards fast and comfortable experience.

Q. How do you market your services?

Quppy is constantly interacting with its actual and potential users via official social networks providing service explanations, answering their questions, notifying of new features integrated and even educating them on the fintech market latest trends and statuses. Over next year, we are planning to start providing our services in the US, Canada and Latin America.

Q. Do you have any new services ready to be launched?

Quppy is currently working on prepaid cards launch, mobile top-ups and online lendings. These services will be available to our users by summer 2020.

Q. What are your trajectories for the next 5 years?

Over the next 5 years the Quppy team plans to complete the full ecosystem development becoming one of the major superapps and gain over 0.03% of global payment market and provide its services to over 2,1 mln users each month.

Man behind the success of Quppy

The Quppy’s CEO, Dmitry Nikiforov, has over 15 years in top financial management of companies with 1 bln+ annual revenue. The company founders have previously been working together and have already realized several successful e-commerce and financial projects prior to Quppy.

“We provide decentralized payment solutions for all types of financial operations within one platform.”