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Nirav Patel, CEO, Andaria Talks About B2B Payments and Embedded Finance

Updated: May 8, 2023



ePay Europe team interviewed Nirav Patel, CEO of Andaria to get his thoughts on B2B payments, embedded finance and their role in the rapidly changing payments landscape.


Read more for his insights into the B2B payments landscape.









Can you tell me what Andaria does?

Andaria is a fintech and licenced e-money institute (EMI). We offer business current accounts to a variety of different sectors and companies across the UK and Europe. We’re a huge believer in combining strong technology with excellent customer service, and we’re also on a mission to make payments simpler for businesses. We’re currently working on building an embedded payments solution that will allow a wider range of B2B companies to facilitate payments on behalf of their customers and suppliers.


What are the biggest challenges B2B companies are facing, and how do payments play a role?

It’s a difficult time for so many businesses, coming off the back of a pandemic into a recession. Rising costs, managing cashflow and customer retention are undoubtedly among the biggest challenges for many. Those who are faring well are also trying to find the most successful way to scale – which is a very unique challenge in itself.

Payments can play a role in addressing all these challenges. For instance, using the most efficient payment rails can help control costs and increase the speed of settlement, which can support better cashflow. Access to a wide range of payment methods and currencies from your business current account can also support growth by opening up cross-border opportunities.

Embedded payments offer an even bigger opportunity to reduce costs and create growth and customer retention opportunities.


In your opinion, where is Embedded Finance headed? What does the future have in store for us in this regard?

Embedded Finance is the next frontier. Views and opinions have been geared towards SuperApps and while I see the value proposition, I believe the area ‘embedded players’ should be focusing on is ecosystems. Ecosystems, which can take the form of an app or a website or even a digital marketplace, can all drive efficiency through embedded finance solutions.


The appeal of embedded finance is in the simplicity and ease it offers – you can manage finances in one place, through a single interface. Stickiness or time spent within the application by the consumer or business is key. This can be achieved through evolving the product scope via partnerships like our forthcoming B2B2B embedded payments solution, without taking due focus away from the core business. It can also make working processes simpler too – and this can help re-establish old and build new relationships, as well as opening a myriad of new revenue opportunities.


The scope of this market is huge, globally forecast to grow to $7.2 trillion by 2030. But what is more interesting is the resilience the market has shown over the pandemic and through the difficulties and challenges of recession and cost of living rises. This bodes very well for continued growth in an industry that while vast is still very much in its infancy.


Andaria offers digital account solutions. What challenges are there for businesses like yours?

Competition is fierce, with a number of businesses offering payment accounts, including banks and bank challengers. We’re an EMI and we’re digital-first, which allows us to remain agile; helping with the ability to add new payment methods, create digital customer journeys and streamline costs for our business customers. However, the market is still very competitive in the digital accounts space, so differentiation is vital. Our differentiators come through our customer service and ongoing commitment to our central mission.

We also continue to invest in evolving our technology in response to market change and customer demand – this is absolutely vital for success in our industry.


What does the future hold for Andaria in terms of expansion plans, tech advancements or possible partnerships? What are the key elements for continued success?

We’ve got lots of tech developments coming down the line. On a fairly continuous basis we’re adding more key functionality and enhancing the customer experience around our payment accounts.

But the even bigger piece that’s coming later this year is our embedded payments solution. I don’t want to give too much away yet, but this is an important part of our evolution as a business – and our mission to broaden access to digital financial services for all businesses.

Building our own technology is our chosen route. However, there are obviously specialist areas where it makes much more sense to partner. Our partnerships are very important to get right and we are already in discussion with a few key specialists in the areas where we need support to deliver the right innovations.

One of the biggest success factors for us is finding and retaining the right talent. We’re extremely fortunate to have a great team at Andaria, and that team is growing in numbers and strength every week. As we go forward, we need to ensure we keep our focus and have the right knowledge, skills and spirit in our teams to support our ambitious growth plans. We all work hard, but we all pull together towards our common goals – and that is something we need to keep as we scale.


About Nirav Patel

Nirav Patel is an accomplished and high-achieving payments and banking executive. He continues to challenge the status quo by diving into nascent industries and accelerating companies through technology and innovation to achieve both growth and profitability. ​ Nirav was appointed as CEO of Andaria Financial Services Ltd in November 2020. He has been leading the company’s strategic vision and continues to drive the companies’ ambitions to become a powerhouse in embedded finance.


About Andaria

Andaria is a fintech and a licenced e-money institution (EMI) in both the UK and Malta. Through their global multicurrency business accounts and upcoming embedded finance solutions, Andaria is on a mission to make digital financial services more accessible, simple and transparent for all businesses.


For more information about Andaria: https://www.andaria.com/

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