FasterPay

History and Founding

FasterPay was conceived in 2012 when Honor Gunday purchased the name of a legacy digital wallet. The company spent the next several years navigating regulatory approvals, obtaining its UK Financial Conduct Authority licence in 2016, and building its first product team in 2017. The platform officially launched its services after achieving financial sustainability in August 2018, a milestone reached without any external investment.

Business Model

FasterPay generates revenue primarily through transaction fees on payments and currency conversions. It offers both personal and business accounts, with the business side focusing on mass payouts, virtual accounts in local currencies, and a payment gateway that supports recurring billing and subscription models. The company emphasises real-time multi-currency handling and interbank exchange rates, charging no withdrawal fees on its debit card.

Core Products

FasterPay’s flagship product is its multi-currency digital wallet, which supports over 20 currencies including GBP, EUR, USD, AUD, CAD, and CHF. For businesses, it provides mass payout tools to manage supplier and employee payments, a physical debit card for global spending, and a payment gateway that requires no coding to integrate. The gateway includes a pay button, checkout widget, and subscription billing module, enabling merchants to accept credit/debit cards, bank transfers, and local payment methods. Additional features include a chargeback early warning system, automated KYC and AML checks, and 24/7 customer support.

Market Position and Competitors

FasterPay is a relatively small player compared to giants like PayPal or Payoneer. It differentiates itself through its focus on global onboarding, multi-language support, and real-time multi-currency conversion at interbank rates. The company has carved a niche in serving e-commerce merchants and marketplaces that require cross-border payment solutions without high conversion costs. Its regulatory standing as an FCA-authorised firm adds credibility, though it remains less widely known than larger incumbents.

Recent Developments and Expansion

Since reaching profitability in 2018, FasterPay has opened offices in Bangalore and Delhi, India, and grown its team internationally. The company has exhibited at major fintech and travel industry conferences including Money 20/20, ITB Asia, and the World Travel Market. In 2019, it refreshed its brand identity with a 3D lightning bolt logo symbolising speed and entrepreneurial spirit. The service is available globally, with separate terms for US/global and UK/EEA users.