Spell

Spell is a SaaS Fintech startup helping to change the economics of payment institutions. Its white-label platform provides clients with additional payment tools, allowing them to increase the payment volume per account. Spell also provides automation of onboarding and financial operations. This enables incumbent banks and PSPs to become more competitive, to scale faster and at a lower cost, to increase their turnover, to handle the financial relationships with their clients more effectively, and to grow their profit margins.

Fintech companies like Stripe, Adyen, Klarna and Revolut are posing a serious challenge to incumbent banks and PSPs. Their technologies make processes faster and more effective by design, and allow them to offer a better price and experience to their customers. They are structurally and culturally set up to continue scaling and innovating. And consumers worldwide are adjusting their expectations to match these new technologies.

It is an uphill struggle for incumbent payment institutions to be able to compete with these Fintechs. To do so requires millions of investment, while the process for developing the right technologies can take many years. Underpinning all of this is the fact that, from searching and hiring the relevant talent to developing and adopting the technology, there is no guarantee of actually being able to catch up.

Spell bridges this technological gap between incumbent payment institutions and Fintechs. By using its white-label solution, a bank or PSP can reach a level of automation and digitisation comparable to the most advanced Fintechs within a matter of days regardless of their starting point, and without the need to invest large sums of money. Spell upgrades their business model, uniting bank payments, ecommerce payments and billing into one platform, powered by a back-office system designed to enable growth.

The system, which automates routine tasks and tracks balances of clients in real-time, allows pricing presets for different client types that enable one-click onboarding and other features that help to manage financial relationships with client portfolios much more effectively. Most importantly, Spell’s SaaS offering unites multiple payment scenarios and tools under one platform. This means banks and PSPs can decide on the most suitable payment scenarios and pricing models to allow them to accumulate more payment volume and scale, all while retaining and improving profit margins with each of their clients. Further features include performance reporting, team workload management and a live feed of payments, compliance and limit requests.

Spell’s clients can order functionality for ecommerce payment processing, for bank account and payments, or for both of these areas. Spell also offers custom development with agile delivery.

Its user-friendly banking web platform and its advanced API, which merges traditional payments, ecommerce and billing, are constantly updated. Spell is suitable and affordable for banks and PSPs of all sizes thanks to its SaaS model.

Spell was founded in 2018 by a team with years of experience in the payments processing business and tackling the pain points of payment companies lacking automation. The company has quickly grown into a team of 10 and counts Luminor, the third-largest bank of the Baltics, among its clients. In 2020, Spell is looking to expand globally to serve financial institutions from across the world.