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Tuesday, February 27, 2024

Highnote’s John MacIlwaine — On Unlocking the Embedded Finance Alternative | by Rhea Advani Bobba | Wharton FinTech

In at the moment’s episode, Rhea Advani hosts John MacIlwaine, Co-Founder & CEO at Highnote. They delve into the evolving funds processing area, emphasizing the rise of revolutionary embedded finance platforms like Highnote. The dialog additionally unveils insights into Highnote’s newest Credit score Issuing product.

Try the episode on Spotify | SoundCloud | Apple Podcast

Learn on for a sneak peak:

How have legacy gamers like FIS and Fiserv responded to non-financial establishments providing monetary merchandise?

“Legacy gamers are within the driver’s seat for large-scale capabilities however wrestle with innovation. Platforms like Highnote provide flexibility, innovation, and nimbleness, enabling companies to maneuver sooner and compete successfully.”

Are you able to present an instance of a buyer well-suited for Highnote’s providers?

“One attention-grabbing vertical is the fleet or gasoline card business. Highnote helps telemetry, enabling improvements like monitoring automobiles throughout fueling. It additionally presents varied applications like pay as you go debit, disbursement gasoline playing cards, and bill administration.”

What are the regulatory issues when constructing on this area?

“Highnote acts as a Program Supervisor, educating clients about compliance and regulatory necessities. Clients signal cardholder agreements, obligating them to stick to those necessities, with Highnote’s help in compliance schooling and reporting.”

What have been the challenges in launching Highnote’s credit score product?

“Challenges included implementing mortgage servicing, managing reimbursement buildings, and staying forward of evolving regulatory necessities. Highnote’s platform integrates all features, offering an all-in-one resolution for credit score applications, differentiating itself from opponents.”

Why did Highnote broaden past debit to supply credit score merchandise?

“Buyer suggestions drove the growth. Clients needed credit score applications to supply differentiated merchandise, and Highnote responded to this demand. The objective was to supply nimble, aggressive, and differentiable credit score applications.”

What are the switching prices for firms utilizing one other platform for his or her issuing applications?

“Switching could be difficult, however Highnote presents collaborative options. Launching new applications alongside present ones or easily transitioning playing cards reduces short-term prices. Highnote works intently with clients to attenuate dangers and prices in the course of the transition.”

What are your predictions for the issuer processing area?

“Legacy platforms, revolutionary embedded platforms like Highnote, and in-house financial institution issuing platforms will coexist. Every serves totally different markets, and corporations could swap or run applications in parallel primarily based on their evolving wants. The market is giant, with alternatives for varied gamers.”

About John MacIlwaine

John MacIlwaine is the CEO and Co-founder of Highnote, an embedded finance firm setting the brand new normal for contemporary card platform administration by differentiated fee experiences.

John has over 20 years of expertise main in technical and administration roles at world monetary firms. Previous to founding Highnote, he served as Common Supervisor of Braintree, a number one world funds platform that powers a few of the world’s most revolutionary and fast-growing firms, together with Uber, Airbnb, and Dropbox. Throughout his tenure at Braintree, John was instrumental in driving the corporate’s world development and growth. Earlier than becoming a member of Braintree, MacIlwaine served because the Chief Expertise Officer of Lending Membership, a pioneering on-line lending platform that connects debtors with traders. In his position, John laid the groundwork to determine the corporate’s technical basis whereas driving innovation throughout the group. All through his profession, John has been dedicated to serving to companies transfer sooner and innovate extra by differentiated fee experiences. He believes that funds are a essential touchpoint within the buyer journey and that companies should ship seamless, customized experiences to face out in at the moment’s aggressive panorama.

About Highnote

Highnote is an embedded finance firm setting the brand new normal in trendy card platform administration. Objective-built to appreciate buyer loyalty and engagement by embedded card experiences, Highnote’s totally built-in tech stack gives each service wanted for revolutionary firms to launch new methods to make use of card funds. Using the developer-friendly Highnote platform, product and engineering groups at digital enterprises of all sizes can simply and effectively embed digital and bodily fee playing cards (business and shopper pay as you go, debit, credit score, and cost), ledger, and pockets capabilities into their present merchandise, creating compelling worth for customers whereas rising income and constructing a novel and differentiated model. The corporate has raised greater than $100 million from main traders and strategic companions and is headquartered in San Francisco, California. For extra data, please go to www.highnote.com.

In regards to the Creator

Rhea Advani is an MBA Candidate at The Wharton College, College of Pennsylvania. Rhea began her profession at Barclays Funding Financial institution earlier than transitioning to working roles at Revolut and DoorDash. Her curiosity in fintech stems from her experiences throughout conventional monetary providers, neobanking, and know-how, which has revealed quite a few alternatives for innovation inside the sector. Please attain out with questions, feedback, suggestions and alternatives at radvani@wharton.upenn.edu.

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