Yuri Alekseev, CEO and co-founder of JoomPay, noted that Luxembourg was ideally placed for JoomPay given its financial stability, well-developed regulatory environment and experience dealing with leading FinTech, e-commerce and e-payments players. He further highlighted the Grand Duchy’s excellent infrastructure, business environment and availability of talent as strong draws.
Europe drives innovation in payments, as is forecast to account for 38% of instant payment transaction value by 2025, approximately $18 trillion. Despite this, until now, Europe has lacked wide-reaching peer-to-peer payment applications, such as Venmo in the US. JoomPay was launched in order to bring a simple and effective peer-to-peer payment solution to Europe. Yuri stated that “since Covid-19 started, we’ve seen a significant decline in cash usage. People can’t meet as easily as before but still need to send money, and we offer a viable alternative.”
The team in Luxembourg includes finance, compliance and operations, and is led by Yuri Alekseev (CEO and co-founder), Paul Kazymirov (CLO) and Andrew Klesov (COO).