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CORE BANKING START UP OF THE MONTH Core differences
Interview by Scott Thompson
Irish-Czech FinTech, Leveris, has built a core banking and lending platform that aims to provide a cost-effective, flexible and quick-to-market solution for challenger brands and new customer propositions
yourself.
I
BS Journal: Tell us about
We are Leveris. We deliver full-stack, standalone, Software as a Service, core bank and lending platforms for traditional banks, challenger banks and consumer brands. Born in 2014 with offices in Dublin and Prague, we have been working in relative secrecy on a next generation banking platform.
IBS Journal: What’s your business model?
Our business model has two elements: SaaS (per transaction/account pricing); Revenue share (loans, third party integrations, data monetisation).
IBS Journal: What sets you apart?
Traditional banking software providers will offer you a full end-to-end solution for all your needs, as do we. However, our platform has six distinct differences:
1. Lower cost: Core banking implementations are characterised by high CapEx entry costs, followed by costly ongoing OpEx. Our cloud-based platform dramatically reduces both.
2. Cloud native: Unlike our some of our competitors, who just moved old core banking technology to the cloud, taking all the legacy problems with it, we have built our banking platform specifically for the cloud using modern architecture, open source components and micro- services.
3. Speed to market: Launching challenger banks/products can take years. We do them in months/weeks.
4. Marketplace banking: Our modular and extensible platform runs on micro- services and open APIs meaning our clients can implement only the services they want, while also building profitable partnerships with market innovators.
5. Lending: The Leveris platform is
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conceived, designed and built for revenue-positive or cost-neutral operation. Our unique, multi-purpose lending solution is already fully integrated into a new bank. This means the Leveris platform can start making money from day one, unlike the majority of neo-banks and/or transaction only banking service providers.
6. Data monetisation: We monetise data for the bank and for the end consumer. Internet companies such as Facebook and Google make billions of dollars by selling their users’ data. We want customers to be able to share their own data securely with third parties and earn money from it. After all, it’s their data.
IBS Journal: Who or what inspired you to set the company up?
Our founder and CEO Conor Fennelly (pictured) has been at the forefront of enterprise software development for financial services industry since 1995. He has engineered innovative
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