UK FinTech business expands its international footprint into the US
Shieldpay has increased its global footprint by launching in the US by partnering with the car classified site, AutoClassics.com.
Shieldpay enabled the site to become fully transactional to its customers for the first time across the UK, EU and US.
The company says the payment solution is set to transform classified sites to fully transactional marketplaces, bringing transparency and efficiency to the payment while also reducing the risk of fraud.
AutoClassics.com has integrated the Shieldpay API to power payments, listings, bids and offers for its dealers and consumers. Classifieds and marketplaces can leverage Shieldpay’s API to create their own user experience or make use of Shieldpay’s ‘ready to use’ user interface.
Shieldpay’s Director of Consumer & SMB, Tom Clementson, says that the technology will allow classified sites to ‘fight back’ against disruptors like Facebook Marketplace and start competing for more of the USD$1 trillion marketplaces globally.
Clementson also believes that Shieldpay’s trusted payments network will fill the void in the payments industry for life’s big purchases, or when dealing with someone you don’t know.
Tom Clementson, Director of Consumer & SMB of Shieldpay, comments: “While PayPal are great for low value, every day spend, we secure larger payments between users that have been verified by Shieldpay, which addresses a huge gap in the market.
“Taking Shieldpay to the US was the next logical step. The size and scale of online marketplaces, globally, is over UDD $1 trillion – and that figure even excludes classifieds sites, which don’t yet accept payments. This opportunity is huge, yet classifieds and marketplaces are under-served by secure solutions for larger payments.
“Classified sites have come under increasing pressure from disruptors and we believe our technology will allow them to fight back and transform their business models – taking them from traditional listing sites to transactional marketplaces and building an instant new revenue stream.”