Rabea Bader
Podcast appearances as guest
Making crossborders payments simpler with Rabea Bader (Episode 44)
In this episode, I sit down with Rabea Bader, co-founder and CTO of Quidkey.
On the podcast
Rabea previously built a construction fintech that helped construction companies manage finances, where he met his Quidkey co-founder.
Quidkey lets businesses accept pay-by-bank payments from the EU, UK, US and Australia without local entities by opening bank accounts for them in each jurisdiction.
European merchants selling to the US with cards typically see acceptance rates of 80–85% and pay around 7% in combined fees, with payouts taking about ten business days.
Quidkey predicts and preselects the shopper's bank at checkout, cutting bank selection from about 50 seconds to three to five seconds.
Quidkey can calculate sales tax on each payment and set it aside in a dedicated tax account.
Quidkey takes about 20% of checkout wallet share in the UK and about 16% in Germany.
Quidkey's founders interviewed more than 500 businesses, including in Australia, plus hundreds of consumers before launching an MVP about six months later.
US shoppers prefer cards for their points, so Quidkey lets merchants offer rewards or discounts for paying by bank; one travel merchant offering $100–200 off saw near-universal uptake.
Quidkey raised a 2.1 million pre-seed round, including Plug and Play Ventures, and is raising a $10 million seed round.
Quidkey chose not to become regulated and instead relies on regulated partners such as Transfermate in each market.