15th November 2021
Author: Irfan Khan
mmob are revolutionising Open Finance to change partnerships for the better. mmob specialises in tech-driven, seamless integrations of third party services across all of your platforms to deliver a richer, native user experience.
CEO, Irfan Khan, reflects on his journey founding mmob, whilst recognising the continuous growth of the company, and emphasising why they are taking the world by storm.
How did we start?
mmob was born out of a desire to improve financial services. I worked in financial transformation, leading large-scale tech transformation projects for global banks. There were high aspirations to improve financial services for users, yet due to barriers to entry and long legacy processes, often the opportunity or motivation had shifted by the time projects reached completion and resulted in little change for the user.
Frustrated by how little meaningful change I was able to make, I looked towards other avenues and founded my first company, Yielders. As a B2C peer-to-peer investment platform, Yielders was a great opportunity to work with users directly and provide a service that benefited them and filled a gap in the market. However, we encountered significant difficulty in go-to-market without a large platform to launch from, presenting a challenge to scale and connect with the users we wanted to help.
I was left wondering; how could the financial services industry create meaningful change for users? On the one hand, banks have a large platform, high customer satisfaction, and strong brand reputation. However, innovation is hard to implement due to long processes and the industry or needs of the users will have changed by the time improvements are made. On the other hand, fintech companies have ambitious, innovative ideas about how to improve financial services and technological capability to do so rapidly, yet lack the access to market of larger organisations so may not reach the users they intended to support.
mmob was founded to solve these two challenges. It creates partnerships between digital brands and fintech companies, combining the strengths of larger businesses’ resources and user-base with innovative third-party services that first-and-foremost benefit the user.
What are we doing?
The founding team and I started molding the concept for mmob about three years ago and worked to acquire the correct regulatory approval and technology before the product journey started last April. The company has grown faster than we could have imagined, with a team of 30 across the UK and Malaysia and a growing ecosystem of leading banks, financial service providers and third-party providers.
The UK is right at the forefront of embedded finance and mmob combines isolated developments into one solution. After all, it can’t be embedded finance if only payment services are integrated. The current appetite for embedded services is growing at an exponential pace, and we are so excited to be at the forefront of this wave.
Where are we going?
mmob’s mission is centred around delivering products to users which benefits the whole financial services ecosystem. We will continue to grow our ecosystem, expanding across a range of verticals to give partners and users a full portfolio of products.
The company is moving from strength to strength at the moment and I couldn’t be prouder. The team of mmobsters are so driven to deliver our services and it shows in how rapidly the product is developing and our ecosystem is expanding. I look forward to the new year, which will see mmob driving the embedded finance sector with new innovations.
That is my rundown of mmob’s past, present and future. Thanks to everyone that has joined us on this journey so far and I look forward to welcome new faces.
For more information, please get in touch at firstname.lastname@example.org.