Multi-Currency International Bank Transfers: Interview With Konstantin Zaripov, Managing Director at Multipass

Multipass gives you access to multi-currency IBAN, local UK, EU & US accounts, instant FX and a corporate card for your international bank transfers. In this interview with TechBullion, Multipass managing director Konstantin Zaripov will be telling us more about this unique business bank account solution and the power of simple business banking.

Please tell us more about yourself?

I am Konstantin Zaripov, managing director at a bank challenger Multipass.

I have been involved in fintech for over 12 years, and have worked in startups, scale-ups, and NASDAQ-listed companies. Prior to that, I worked in telecoms which is pretty similar if you replace minutes with funds flow. About 5 years ago I met Alex Weinstein and Dmitry Tsymber, who introduced me to their idea of developing a banking solution that would meet the need for reliable and transparent payments for businesses that transact globally. Together we’ve started to work on a “new era banking solution” that should become a smart combination of two worlds: smart FinTechs and traditional banks. This led us to rocketing Multipass – a bank challenger with much-needed payment flexibility and a branch-like experience where each client has a direct line to a relationship manager and can talk to them whenever there is a need.

What is Dyninno, and what is Multipass? How are these two related?

Dyninno is a Group of companies that provides products and services in the travel, finance, and entertainment technology sectors in 50 countries. It was founded in 2004 by Alex Weinstein in a garage in San Francisco. Today, 18 years later, the group serves tens of thousands of customers and hires nearly 4,000 professionals globally.

Multipass is the latest addition to Dyninno fintech division that was co-founded by Alex Weinstein and Dmitry Tsymber, a seasoned CEO with 25 years of experience in retail banking and consumer finance. Multipass was originally created as a shared payment solution for all Dyninno businesses, and just a few years later, after having secured in-house services, it became attractive to the group’s partners worldwide. Now Multipass is offering local accounts in the UK, US and EU, supports 35+ currencies, and provides cross-border businesses with Corporate Expense Cards empowering them to scale up globally.

At the core of each business is a unique synergy of the latest tech and human support throughout the touchpoints of interaction between customers and our services.

As a group of companies, could you give us a breakdown of some of the sectors Dyninno covers and the specific services you would like to discuss today?

As a group of companies: we are serving the VFR market (Visiting Friends and Relatives) in travel out of US and Canada; we are connecting talent with casting professionals in the US – be it someone who wants to supplement their income by working as extra or someone with the vision to be next star of Oprah’s Show or Amazon series; and our banking offering is what I am working with, and what we would like to discuss today. Our USP is being able to provide a branch-like experience to our business customers while supplementing it with the latest of what fintech can offer.

How did the pandemic affect Multipass, if it did in any way?

The pandemic hit us just when we were at the final stages of introducing our offering to customers outside of the Group. Our product was structured around remote servicing of the customers, however, an adaptation of internal processes to a remote environment was a challenge. Now add to that a continuously growing team, introduction of new services, and a constant flow growth (a 5-fold increase last year alone). It was an exciting time, to say the least, but when you have a team of committed professionals nothing is impossible. We came out of the pandemic as a stronger, larger and more coherent team ready for the next stage of growth.

From the technical side of things, what is your innovative approach in combining live agents support and technology?

Contemporary banking experience is aimed at self-service, providers are prioritizing chat-bots, and deploying AI solutions to minimize human interaction throughout the customer journey. As a Group, we know how to scale and provide live agent support for a low-margin service and we do the opposite of our competitors by making it easy to speak and interact with us. AI is great, but Human Intelligence is what we believe is our key differentiator.

We have done it in Trevolution, and now we are doing it in Banking.

Customers do miss the branch experience when they were able to speak to their bank manager who knew their history and was able to provide a personalized experience. Today we are doing it via phone and web meetings, I’m sure several years down the line our live agent will be virtually appearing in our customers’ offices.

Under the hood; how does the international transfer work, and what is a “typical client” of Multipass?

We have a network of banks, fintechs, regtechs, and AML providers who jointly spend 100s of millions of pounds building up their solutions – our aim is to present end customers with a state-of-the-art banking experience empowering them to scale globally. A typical client for Multipass would be a medium-sized enterprise with the ambition to grow its business outside the initial starting market. It can be an IT company with global clientele, a wholesaler or manufacturer expanding overseas, or a marketing agency with a global workforce.

What is the definition of a successful fintech and why business owners should choose you and not the traditional bank to open an account?

For us, the definition of a successful fintech is one that meets and exceeds customer needs, one which is solving customers’ problems and empowering them to grow their business. Business owners are choosing us for the following key reasons: 

  • Superior transactional and account coverage
  • Access to personal Account Manager
  • Interbank FX fees
  • Transparency in pricing

What is your take on the future in fintech, and how will it affect banks?

Fintech evolved out of the customers’ needs which were not met by conventional banks, some have pivoted into the banks. Likewise, some banks embraced fintech values and either changed their offering, invested, or started their own fintech propositions. I think the lines between fintech and banks will become blurred in the near future. There is an ever-increasing collaboration between banks and fintech companies taking place right now. The notion that banks will turn into utility providers is obsolete, although some will, others will evolve and adapt.

What are you currently working on, any available opportunities for investors at partnerships?

We have just launched a Corporate Expense Card for our customers – customers can access instantly available virtual cards as well as physical ones. 

Our next offering will address the current trend of a remote workforce and a growing number of freelancers on the market. We are aiming to simplify settlement issues for this sector.

In parallel to the above, we are developing and integrating a suite of solutions for our customers to simplify admin and accounting functions – so that they can concentrate their resources on growing the business.

We are not looking for investments at this stage, but are always open to partnerships, either those which can empower our customers or streamline our internal processes.

Read the full article here.

Back to the newsroom

Media relations principles

  • We do not comment on anything which might negatively impact our business, our partnerships, our employees, or our competitors.
  • We are happy to provide information at any time of day or night but ask you to understand that we require up to two hours to prepare any statement.
  • We provide communication in written form only.