Braintri and iCompass, two leading Polish fintechs servicing the world's largest banks and payment institutions, have begun to merge and prepare a joint offer for the global financial sector. The merger will enable the two to further expand their products and reach out to foreign markets. Until the completion of the merger, both teams will operate under their existing brands. The plan is to rebrand.
As Poland is a leader in mobile banking, Polish fintechs contribute immensely to the global financial innovation. Braintri and iCompass each has an impressive track record of market achievements.
Braintri is involved in the development of mobile banking apps for the largest Polish banks, including the FTSE large-cap banking giant PKO BP and the innovation pioneer, and mobility icon mBank. It helped establish Poland's non-card payment standard BLIK, now being used by 94% of the country's population. The company is currently implementing the national open banking standard.
Braintri has also created Jiffee, a token-based mobile payment technology using Bluetooth, with numerous application options in IoT, smart city, access control and loyalty programs. Jiffee is co-financed by the EU. Biffee, a core banking system offloading engine, is another Braintri product with huge global potential.
iCompass provides software for major European banks, as well as for global payment organizations, including Mastercard Payment Transaction Services. The company is a technology provider for the first Polish mPOS platform, and the developer of the universal payment gateway Octopus Payment Hub.
"The partnership is a step forward in Braintri's strategy to enter global markets," said Wojciech Zatorski, Braintri's COO.
Following its merger with iCompass, Braintri will focus on three main product lines: mobile applications, big data solutions, and payments. In addition, it plans to further develop its insurtech competence. The geographical expansion will primarily be in the EU, the Middle East, Asia, and the US. Braintri has most recently entered the UAE market.
Founded in 2013, Braintri is based in Warsaw, Poland. Its team consists of 80 engineers. The company's founders previously worked for the largest financial institutions on 5 continents. Braintri and its products have received a number of prestigious international awards, including the Best of Show at Finovate New York and San Francisco, SAP Global Innovation Award, Citi Mobile Challenge, World's Best Mobile Banking Application, and Polish Innovation Award.