NOAH London is just around the corner, so we sat down with Europe’s most promising startups to learn more about why their products and services can revolutionize the digital ecosystem. Today, we’re chatting with Inga Mullins, Co-founder and COO of Fluency who will be presenting on our Startup Stage at our conference on 30-31 October at Old Billingsgate.
Can you share more about how you’re changing the world of cryptocurrency?
At Fluency, we are building a global, frictionless digital money marketplace. Fluency’s marketplace unlocks a huge liquidity pool and facilitates the long-term transition from fiat money (government-issued currency) to crypto.
We are neither a neobank, nor a crypto exchange. We’re pioneering crypto banking – a new market that sits between these two categories.
Mainstream crypto adoption is coming, and it is still hard to access and use cryptocurrency. Buying and using cryptocurrency is still slow, expensive and risky, which is further slowing the adoption. Traditional exchanges store your currency on the cloud and are extremely vulnerable.
Fluency crypto banking system solves these problems — users can buy, sell and hold cryptocurrencies like fiat currencies with low fees, no delays, and tier-1 banking hardware security.
”Our users can buy, sell and hold cryptocurrencies like fiat currencies with low fees, no delays, and tier-1 banking hardware security
What can users expect when they sign up?
Users can sign up for an account in minutes, deposit fiat money for free in seconds, buy or sell major cryptocurrencies or do a cash out instantly. We also offer current accounts and global, multi-currency banking. Customers can use 5 cryptocurrencies and 25 fiat currencies interchangeably.
When and why did you launch the business?
We launched in January of this year (2019).
With previous experience running a foreign exchange brokerage start-up, we talked to our clients about their frustration with the fact that their banks don’t hold cryptocurrency and that the deposit, withdrawal, buying and selling processes are really slow and expensive.
Regulated entities are not comfortable with crypto risks. It’s hard for banks and crypto exchanges to retroactively engineer their platforms to build a cryptobank. Not even Revolut (valued at $1.7B) or Coinbase (valued at $8B) have been able to do it.
How do you plan to challenge potential competitors?
Nobody has succeeded in integrating crypto and fiat banking on a single platform.
By solving the challenges around friction, security and compliance in crypto, we will become the main point of capital flow between crypto and fiat and capture the billion-dollar banking and payments platform opportunity in this emerging market.
We have the advantage of understanding regulatory requirements well from our previous experience in the fintech arena. We know that being backed by the regulatory partners and having their input is key to successfully building the product, so we went to Visa first with our crypto banking product idea and they believed in us. They have supported us from day one as we built Fluency.
Fluency is purpose-built for the modern financial world, with extensive input from FCA-regulated partners. These partners have vetted our proprietary money flow, user journey and anti-money laundering processes. Our infrastructure has been built to integrate seamlessly with our partners’ processes and ensure each stage of the money flow is fully compliant with their regulatory requirements.