In the recent ION Influencers’ Fireside Chat, Giovanni Amodeo hosted Miriam Wohlfarth, Co-founder and Co-CEO of Banksware, to discuss trends in embedded finance and her extensive journey in the fintech and payments industry. Key Topics Discussed:

Wohlfarth’s Career Journey: Wohlfarth shared her 25-year experience in the payments and fintech sector, starting from her time at Bibit Global Payment Services, which evolved into WorldPay, to founding several successful companies like Ratepay and Banksware. She highlighted key milestones in the evolution of payment systems, particularly the shift from traditional banking to modern, fast, and digital loan processes.

Founding Banksware: Wohlfarth explained the inception of Banksware, focusing on how they are revolutionizing the distribution and underwriting of business loans, enabling small businesses to access loans entirely online within 24-48 hours. The company emphasizes embedded finance, providing platforms with the ability to offer financial products directly within their services.

Milestones in the Payment Industry: Wohlfarth discussed the significant shifts she observed in the industry, from traditional banking to rapid digital transactions, and the growing importance of embedded finance in today’s market.

Advice for Future Generations: When asked about educational paths for young people, Miriam recommended studying psychology for understanding human behavior or engaging in modern educational models like School 42, which emphasizes teamwork and problem-solving over traditional learning methods.

Learning and Innovation: School 42 expressed her dedication to continuous learning, particularly in adopting new technologies like AI, to stay ahead in the fintech industry.

Lessons Learned and Future Aspirations: She reflected on past mistakes, particularly the importance of having legal expertise from the beginning of any fintech venture. Looking forward, she aims to make Banksware a leading player in the European and potentially global markets.

Key timestamps:

00:09: Introduction to ION Influencers’ Fireside Chats
00:28: Miriam Wohlfarth’s Background
02:22: Embedded Finance and Business Loans
03:00: Evolution of Payment Systems
05:03: Regulation and Innovation
05:45: Challenges with Regulators
06:24: European Regulation vs. US Approach
09:23: Wohlfarth’s Concept of Platforms
12:51: Future of Banking and Fintech
16:29: Challenges in Bank Innovation
18:12: The Importance of User Experience
19:07: Rapid Evolution of User Experience
20:31: Comparison with the Music Industry
20:55: Specialized Services
22:48: Embedded Finance in Different Sectors
24:07: Building Products for Customers
24:35: Impact of Digital Transformation
26:47: Education and Future Talent
28:27: Learnings from Previous Ventures
29:21: Aspirations for the Future