Member Spotlight: Andaria Financial Services ltd

How Technology Can Promote Democratisation

The CEO of Andaria Financial Services Ltd, Nirav Patel, is very clear about the company’s goal: to simplify the payments industry, while facilitating transfer of funds worldwide with aim of making payments transactions borderless. The company aims to achieve this through its proprietary, state-of-the-art financial and digital payment solutions, which he describes as “easily accessible and integrated through our embedded payments solution”.

Photo – Meet Nirav Patel, CEO of Andaria Financial Services ltd

Andaria is a technology enabler – underpinned with treasury and payment solutions across Europe and the UK, regulated by the Malta Financial Services Authority in Malta and the Financial Conduct Authority in UK.

Through the provision of multi-currency payment accounts, and strategic partnerships, its offering caters for all businesses’ operational requirements – including but not limited to accounts payables/receivables, payments, payroll, foreign exchange and much more.

Andaria has a team of over 40 employees, with offices in Malta and UK.

• Can you share a little-known fact about your company?

Andaria has grown from three employees at the end of 2021 to over 40 in 2022. The culture of the organisation has its people at the epicentre, who are fondly known as Andarians.

Andaria has been through an extensive rebranding exercise that will go live in the new year. We are really breaking the status quo for this one. Watch this space!

• What are you currently working on and what are your company’s plans and strategic priorities for the coming years?

The focus of our work remains on the continued iteration of our embedded payments offering, which is set to launch to the market in the new year. We see embedded payments as the opportunity to democratise the payments sector, allowing all businesses of any size to offer financial services within their respective environments be it digitally or in person.

Simultaneously, we continue to make improvements to our systems and processes iteratively, thus ensuring client experience as an ongoing area of focus. Andaria continues its drive to be at the forefront of innovation. We have several exciting projects and partnerships which will be announced in the coming year.

Throughout 2023, Andaria will be attending numerous events within strategic industries to showcase our product portfolio and share our knowledge to continue our drive of democratising payments across industries.

• Are there any projects/achievements of your company that you are exceptionally proud of?

Our custom, scalable and modular Embedded Finance solution is built on proprietary technology coupled with technology (microservices) and payment partners to deliver a best-in-class payments offering. Our solution can be scaled up and down to meet our clients’ specific needs, which gives us a competitive advantage in the market. A solution that is unique and tailor-made to the needs of our client’s.

In addition, Andaria, with its focus on democratising payments, continues to challenge the status quo, particularly when it comes to business banking. The expertise of Andaria’s people and processes, which are focused on strong governance principles allows us to provide access to payment services to diverse industries that are typically underbanked.

• What in your opinion makes Malta an effective jurisdiction to set up a business?

Malta as a jurisdiction has a myriad of benefits. An English speaking, pro-business country and community that has a robust legal structure which is recognised not only in Europe but on a global scale. As with most jurisdictions Malta has had its challenges, but the sense of community and belonging has seen a successful drive to overcome such difficulties – none more so than the lifting of the greylisting. This has led to an overhaul in strategy and approach particularly with respect to governance which leaves the country in a very strong position and paves the way to set foundations for a healthy environment where innovation and business can flourish hand in hand.

• What kind of people/companies in the financial services community would you want to connect with?

It is always a delight to network and discuss ideas with other business professionals. To continue to challenge the status quo, we need to ensure the vibrant financial services community in Malta continues to interact and challenge the norms. Sharing experiences and way of thinking is always fruitful and is a key driver in innovation. I am a firm believer that you can learn something from everyone. If you are an individual or a company that aligns (or does not for that matter) with our vision to democratise and simplify payments, I welcome you to reach out to connect with our amazing team.

• Bio.

Nirav Patel is an accomplished and high-achieving payments and banking executive, who continues to challenge the status quo by diving into nascent industries and accelerating companies through technology and innovation to achieve both growth and profitability. ​ Nirav was appointed as CEO of Andaria Financial Services Ltd in November 2020. He has been leading the company’s strategic vision and continues to drive the companies’ ambitions to become a powerhouse in embedded finance