Cambridge fintech Monavate signals accelerated growth with launch of new Supply Chain Payments division
Payments solutions provider Monavate signals accelerated growth and launches a new Supply Chain Payments division, to bring simplicity and clarity to B2B companies that are slowed down and burdened by unnecessary complexity and friction in payments practices in their sectors. Monavate has appointed Anant Patel, an established payments expert with over two decades of global experience, as President of the new division.
Monavate was founded in 2020 by a group of seasoned payments industry experts, with a remarkable track record of achievements across card and payments issuing, acquiring, processing, and compliance. Their combined expertise helped the business achieve rapid status as a principal member for Mastercard, Visa and Discover. The company’s capabilities have been further recognised as Monavate has gained dual licence as an e-money institution in less than two years, from both the FCA in the United Kingdom and Bank of Lithuania in the European Union. Having already issued more than four million cards and processed over £2 billion in customer spending on Monavate-issued cards, the company has achieved impressive growth since its creation and has assembled a stellar cast of experts in its team.
Anant joins Monavate after almost two years as President of International Markets at ConnexPay, a US headquartered payments fintech that connects payment acceptance and issuance for marketplaces and intermediary companies. During his time at ConnexPay, Anant led the charge to build one of the world’s largest portfolios of travel sector payments and successfully launched the company’s European business.
Bringing his unique expertise in fintech, embedded finance and supply chain payments technology, Anant will launch and scale Monavate’s new Supply Chain Payments division, with the mission to create innovative and effective payments solutions to help businesses in key verticals, to alleviate the challenges faced due to inefficient payments and their associated processes. Anant has ample experience in payments solutions for key sectors such as travel, where online travel agencies and intermediaries are battling legacy payments infrastructure in an industry worth over $1.5 trillion in volume and growing double-digits each year.
“In today’s dynamic business landscape, where the global B2B payments market ranges from $100 trillion to $150 trillion, there is a growing need for efficiency, innovation and a departure from outdated workflows and practices that pose barriers and add risk to businesses. My decision to join Monavate is rooted in my first-hand experience as one of their valued customers. Throughout this journey, I have witnessed the exceptional culture at the organisation, making it a place where excellence flourishes. Together, we will drive innovation and create solutions in supply chain payments, empowering businesses across the globe to thrive in an ever-evolving market,” said Anant Patel, President of Supply Chain Management at Monavate
“Monavate stands for simplifying the payments technology and strategic choices needed in the path to market for innovative, ambitious businesses. We have built, and will continue to build, a composable payments infrastructure platform that removes hurdles, frees businesses from inefficiencies, and helps them gain efficiency and tap new revenue streams. I welcome Anant to the Monavate team, we’re all excited by what comes next, as we scale our tech and make it available to more clients, new products, and new markets” said Michael Rolph, Chief Executive Officer of Monavate.
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