Ran Cohen, the founder of Traders Group, has started the new year with a bang. On Wednesday, Finance Magnates learned that the former CEO has launched a new payments company called BridgerPay.
The launch of the new company comes less than six months after Cohen announced that he had sold his stake in Traders Group, a company that focuses on trading education, to Axios Capital – a private equity firm.
According to Cohen, the new solution acts as an artificial intelligence-powered payment and data management platform, which was designed to reduce processing costs and increase approval ratios.
“Most of [the] existing payments infrastructure [was] not built to handle the exponential growth, complexity and scalability of the current global payments arena,” Cohen told Finance Magnates. “BridgerPay is a single source of truth, allowing merchants to connect their data across providers and countries and to gain the right insights instantly.”
BridgerPay already seeing success
Cohen may have only launched BridgerPay in the past couple of months, but it is already enjoying some success.
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The company has, for instance, been picked up by KPMG’s FinTech Start Up Program. According to Cohen, the consulting giant will guide BridgerPay through its upcoming fundraising rounds.
On top of this, the company has formed more than 100 partnerships with payment service providers and payment solutions firms operating in the retail trading industry.
Currently, the company has one office in that hub of retail trading activity – Limassol, Cyprus. That number is likely to grow, however, as formal representatives for the company are setting up shop in Canada, Israel, and Australia.
Cohen’s experience in the retail trading industry is likely to make that market his first port of call once BridgerPay is really up and running, but that doesn’t mean the company’s solution wouldn’t be useful to almost any online merchant.
“Our intention is to create initial traction in the financial industry that we know well,” said Cohen. “Then we can continue…to grow in the global online businesses market.”
BridgerPay will be launching later this month at the iFX Expo Asia. So, if you haven’t already, get your ticket and head over to Hong Kong for what will be one of the most scintillating events in the retail trading industry this year.