FlashFX has developed a technology-driven platform for domestic and global payments that in part capitalises on blockchain technology to make transfers cheaper, faster and more secure. The platform is live and generating revenue, with an impressive pipeline of customers.

Frustrated with the lack of innovation and inefficient use of global payment technologies across Australian banking and financial institutions, Nicolas Steiger (ex-UBS and Westpac) set out to create an alternative payments platform, underpinned by blockchain technology, that improved upon the shortcomings of the traditional cross-border payments model. To address the high cost, lack of transparency and slow fund delivery speeds., Nicolas founded FlashFX in 2016.

As its core, FlashFX leverages a variety of digital payment technologies, both domestically and internationally. One example is Ripple’s On-Demand Liquidity blockchain solution, which utilises Ripple’s digital asset (XRP) to improve and speed-up the payment flow. The FlashFX platform is inherently blockchain agnostic and enables enterprise and consumer clients to streamline their foreign exchange transfers by centralising the process and cutting out the corresponding banks (thus saving on extra costs).

FlashFX generates revenues via two core streams: (1) B2B channels and (2) B2C channels. B2B generally refers to FlashFX facilitating FX transfers for bank and non-bank financial institutions via API’s or RippleNet, while B2C refers to FlashFX making transfers for consumer and business clients directly via their website and technology. B2B has become the primary focus for the Company. With the core technology/IP and infrastructure now built, tested and proven, FlashFX is ready to scale to meet the significant B2B demand it is experiencing at the moment.

The Australian domestic FX remittance market recorded a total transaction volume of AU $50bn and is expected to grow over the coming years as the trends of international migration and online retail continue. With their superior infrastructure, FlashFX is primed to capture a greater share of the market by offering their significantly cheaper, faster and more secure technology to a wide range of clients.

FlashFX is a cloud-native international payments platform, designed from the outset to be efficient and automated, where possible. Most of the processes are automated and built in-house, such as KYC verification, AML, PEP and sanctions monitoring, ongoing transaction monitoring, regulatory reporting as well as numerous online, fraud detection methods, biometric user validation and much more.

FlashFX is an early adopter of Ripple blockchain technology, using its power to revolutionise the Australian international payments market. Benefits include faster, safer, cheaper and more efficient transactions. 

With access to RippleNet and the On-Demand Liquidity solution from Ripple, FlashFX is connected to 350+ financial institutions worldwide, offering a payment gateway in and out of Australia, coupled with an unique local banking solution and infrastructure, offering an efficient and where possible real-time collection and distribution method.

FlashFX generates revenues via two core streams: B2B channels and B2C channels. B2B generally refers to FlashFX facilitating FX transfers for financial institutions while B2C refers to FlashFX making transfers for customers directly via their website and technology. B2B is the core focus for the company. 

There are a wide range of partnership opportunities in Australia and globally to assist the Business in generating a strong revenue base – B2B and B2B2C partnerships with neobanks, traditional banks, payment platforms and money service businesses who are looking for solutions to the problems with the traditional correspondent bank model.

FlashFX has decided to raise capital through equity crowdfunding in order to give back to its early-adopters and provide them with the chance to own a part of the business. 

Equity crowdfunding, as a disruptive force in finance, also aligns well with the mission of the company. FlashFX intends to disrupt the global financial exchange market with new innovative technologies, automation and efficiencies gained for our customers and the business.

The company will use the capital to ramp-up its operations, further enhance its tech and boost its business development team to secure a leading position in the global payments market, as well as meet the current demand for its B2B services. 

Flash FX is disrupting the traditional money transfer industry for consumers and enterprises, which is driven by global remittance and foreign exchange transactions. Globally, the remittance market is worth US $682.6bn (2018) and is predicted to grow at a CAGR of 3.9% to 2026. This is primarily driven by increasing globalisation of markets, individuals transfer money abroad to their home country or to family and friends living abroad. 

Traditionally, Australians have used local banks to transfer money internationally. A report by the world bank and ACCC found that Australians were paying more than global peers for sending money abroad. It is estimated that it is 11% more expensive than the G20 average, 13% more expensive than the UK and almost 40% higher than the US. 

In Australia, the money transfer industry continues to grow because of technology enhancements, a falling Australian dollar exchange rate and the global economy acting as a tailwind. In 2018, the World Bank estimated that bilateral remittance between Australia and other nations reached US $20.1bn, increasing from US $15.1bn in 2012. This is likely boosted by Australia’s high net migration rate which has increased the demand for overseas money transfer services. With COVID-19 in the rear-view mirror, international migration and labour mobility will likely continue to increase. 

FlashFX has a long list of prospective B2B clients in the pipeline. As the core Australian partner for Ripple, the business already has access to 400+ RippleNet bank and non-bank financial institutions globally. 

Although FlashFX’s software is complementary for both B2B and B2C offerings, the business is primarily focussed on the following B2B segments for growth:

Flash Connect:

• Overseas financial institutions with AUD payment distribution and collection needs
• Domestic financial institutions with international payment distribution needs, especially with capabilities for both traditional and blockchain payments
• Domestic financial institutions with domestic AUD collection/distribution needs

Flash Manage

• Domestic financial planning and investment advisory business with international payment distribution needs

Client feedback to date suggests that FlashFX’s technology platform, payments distribution and superior banking infrastructure capability present a very appealing value proposition. Consequently, their pipeline of new business opportunities is growing rapidly.