Former JP Morgan exec Jeremy Balkin’s new venture TodayPay launches from stealth
New fintech start-up TodayPay, founded by former JP Morgan executive Jeremy Balkin, has launched from stealth today at Money20/20 USA in Las Vegas.
TodayPay launches from stealth
TodayPay says it has built “the world’s first” faster payments technology that helps merchants provide instant refunds to their customers via multiple payment options.
Founder and CEO Balkin describes traditional refunds as “monolithic, inflexible, and uncertain”.
“Consumers often don’t realise their refund doesn’t actually go back in their bank account, and this broken process is no longer fit for purpose in the dynamic digital economy,” he says.
TodayPay’s solution, tailored for e-commerce merchants, marketplaces, logistics providers, and insurance companies, aims to boost checkout conversion rates and customer loyalty while helping firms to avoid fraud and disputes. The start-up says its technology “decouples the refund, which is a payment solution, from the return, which is a logistics problem”.
“This helps merchants compete end-to-end on customer experience based on the speed of a payment, instead of the speed of broken supply chains,” explains Balkin.
“I built TodayPay because I’ve seen first-hand how the speed of a payment can change somebody’s life,” he adds. “There’s over a trillion dollars of value exchanged every year in the form of refunds, yet there’s been almost zero innovation improving the refund customer experience.”
While in stealth, TodayPay says it has forged partnerships with the likes of Visa, Amazon Web Services (AWS), Soma Capital, and Marqeta, among others.
