Ver

  • Founded in

    2024

  • Team Size

    1

  • Company Industry

    Finance

  • Headquarters

    Saudi Arabia

About us

  • Ver is building an early-stage startup focused on the payment space, specifically offering payment-as-a-service (PaaS) and banking-as-a-service (BaaS) models.
  • Ver aims to provide wallet services through APIs to companies, enabling them to offer financial services to their customers without needing a direct mobile application.
  • The product offerings include account opening, credit card issuance, and debit card issuance, delivered through APIs to businesses (B2B2C model).
  • Ver is headquartered in Riyadh, Saudi Arabia, The company's goal is to simplify and accelerate financial services for companies by providing a comprehensive API solution.
  • Ver's services address industry challenges such as regulatory compliance, barriers to entry, limited access, and slow innovation from traditional banks by offering faster and more efficient API-based solutions.
  • The MVP (Minimum Viable Product) includes account opening with KYC (Know Your Customer) and KYB (Know Your Business) processes, and the ability for companies to issue debit and prepaid cards.
  • Integration with a legacy bank is required solely for settlement purposes.
  • Ver's platform functions as an API gateway, allowing businesses like Uber to integrate and offer financial services such as instant payouts to their drivers.
  • The platform includes various internal services such as fraud and AML (Anti-Money Laundering) systems, customer service systems, and settlement processes.
  • To build the core banking system, Ver must consider regulations similar to those in India, requiring data centers in Saudi Arabia and integrations with card processors and payment processors.
  • The company has two options: build the core system from scratch or purchase and deploy a white-label application for core banking systems.
  • Ver aims to offer similar financial services as those provided by companies like Uber, Robinhood, Shopify, and Ramp, which integrate with third-party banking-as-a-service platforms.
  • The objective is to provide financial and banking products to Ver's customers through a robust and scalable API-driven solution.

Funding

Self-funded (bootstrapped) company without external investments.

Culture

The culture at Ver emphasizes an eagerness to learn and explore the industry, a focus on building both the team and the product, adaptability towards commitment, and step-by-step growth with a clear understanding of principles and team fundamentals.