Genome was founded in early 2017. It started from the Idea that individual and business finances should be under one "roof". As the founders of the company are e-commerce professionals, they knew exactly what's needed - reduce bureaucracy, speed-up the process and implement strong AML procedures to secure customer and business client transactions. This is how, little by little, from scratch, Genome was born. As everything is done in-house, it took almost two years to develop the fully functional and recognized banking core system together with becoming a principal member of VISA network for physical card issuance. And Yes, Genome is different from other Fintechs - we never been free of charge and we will never be. But thanks to the top-notch technology and service we believe it is the only way it should be. We are licensed by National Bank of Lithuania and have acquired full license as Electronic Money Institution. Our license Nr: 32
Regarding value proposition: We offer instant individual and business IBAN opening (around the globe. No more territorial restrictions!) immediate currency exchange and merchant ID issuing. For individual and business accounts KYC Procedure takes roughly 10 minutes. In order to ensure secure transactions we have AI based anti-fraud system within Genome. For merchant - together with our processing solution, you receive highest level PCI-DSS certficate and other security measures in order to avoid chargebacks. At the end, money you receive from your customers can be directly transferred to your individual banking within Genome and can be used, cashed out and transferred to other banks via SWIFT or SEPA connection. On top of that, our solution is dedicated to mobile applications as well. And everything is based on our API.
Currently, our main clients are: gambling, betting and iGaming merchants. Also, e-retailers such as: clothing, home appliances, electronics and basically all e-commerce projects incl. car rentals, SaaS.
Well here, I will not be original: consumers became more demanding, so more payment options were needed. Traditional banks were not able to keep-up the pace. Bureaucracy: People got tired of waiting for weeks till they got the needed bank account. I will never forget when I was a student in the Netherlands (2009, already some fintechs started at that time..!) and had to wait for 15 days to get my bank account after submitting TONS of documents.
From businesses (merchant) perspective: expanding connections, business relationships require quick and transparent money remittances, exchange and other related solutions. Traditional banking is too slow for that. Don't forget alternative lending - now, even a start-up can get the required capital without shaking legs for being rejected just because your suite is from H&M.
We are moving to a new, bigger office..so moving all the furniture! Other than that, starting to issue our brand new, physical Genome VISA cards for your daily usage and buying online. Also USD and GBP settlement accounts.
Good question - absolutely Yes. Even my grandmother has one.
As the 5'th AML directive is passed, the regulations will get stronger and stronger. Therefore, companies which will take this matter to the maximum priority (strict inner AML policies) will have stable and profitable cycle.
Cheaper SWIFT transactions - but we are working on it, more alternative payment methods, integration to Prestashop and other E-commerce platforms.