Internal News, Article
May 07. 2019
Time to read: 2 min
During 2018 Magnus Högfeldt contacted Andreas Wickberg about an idea surrounding African citizens wanting to play sports online. The issue is simple the payment loop for the continent is far outside what's normal and reimbursing a potential win is hard.
Andreas Wickberg was quick to mention he was already working on a similar issue but towards China and how Chinese tourists had been finding a lot of obstacles in paying for themselves in the Western loop. Many Westerners back in 2018 had heard and felt the issue firsthand but in the other direction. It had been hard using your visa/MasterCard inside China.
GPE - Global Payment Enabler, after hours of trying to figure out what we were. We found another organization using the GPE as a "thing". So that was the project name at hand. After a few months, maybe more than a few. Plusius AB, a Swedish company was to be used as a Payment Institute. It was no longer just a project it was a company.
With Wiccons personnel at Plusius' disposal, experience from Youcal who was already a financial institute, and VND's hunt for business cases we quickly learned what the clients wanted and what the market was missing at the same time as we worked up an entirely new kind of Financial Institute Application. Plusius had to divide the institute into 3 platforms and a consumer product to even get close to what we were trying to achieve.
By the end of 2019 with the help of Wiccon Invests Chinese investors Andreas and Magnus had face-to-face meetings with Alipay in Hangzhou and Shanghai, bringing a working demo of an app for payment and POS systems on top of a financial flow that would greatly benefit both organizations.
One might ask what Alipay would want to do with a startup or how something small can help something big but it is all in the details to come.
On this journey from November 2019, Plusius started by raising capital and had Jonas Alsen from JADE Invest in Shanghai join our ranks, and shortly after joining the board of directors for Plusius. The work with a Financial Institute and the systems necessary to conduct this level of business held on until February 2021 when a financial License was acquired!
From meet and greet to Financial Institute in less than 2 years!