"Although every company is becoming a fintech now, Wix didn't set out to do so - the firm's entry into financial services started from observing what millions of small business owners actually needed when building their online presence. For Amit Sagiv and Volodymyr Tsukur, co-heads of payments at Wix, the path to serving these SMB customers well was paved through financial products: Wix had to take the payment infrastructure it had built for itself and transform it into tools that could help merchants manage their businesses."
"Listen to the podcast to hear how a chance collaboration between Wix's billing team and gateway developers turned into a fintech operation processing billions quarterly. Sagiv and Tsukur discuss why they deliberately avoided becoming a full-fledged bank, and how website data reveals creditworthiness before transaction history does. It's a conversation that dives deep into what it means to be serving SMB customers digitally and how firms can do embedded finance right."
Wix transformed internal billing and payment systems into a comprehensive financial platform targeting small and medium-sized businesses. The company leveraged expertise in billing, payment routing, risk management, and global processing developed for its freemium model to create merchant-facing tools. The platform now processes over $3 billion per quarter and supports payments, checking accounts, and capital lending with a dedicated team. Wix intentionally avoided becoming a full bank and focused on embedding finance as a widely accessible commodity. Website data and site behavior enable underwriting insights that can reveal creditworthiness before transaction histories accumulate.
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