PayWithMyBank

PayWithMyBank

Online payment alternative that allows customers to log into online banking to pay, directly from the merchant site.

HQ location
Redwood City, United States
Launch date
Employees
Enterprise value
$2—4m
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Merger
Total Funding000k
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More about PayWithMyBank
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Founded in 2012 by serial FinTech entrepreneur Alexandre Gonthier, PayWithMyBank emerged from Silicon Valley to offer a direct-from-bank payment solution for online and mobile transactions. Gonthier, who has a history of building payment platforms since the late 1990s and considers himself an inventor of open banking payments, established the company to provide a more straightforward and secure alternative to card payments. His journey includes co-founding iPIN in the late 90s, an early player in online banking payments, and holding key roles at other payment companies, which shaped his vision for a streamlined bank-to-bank payment network.

PayWithMyBank operates as a payment gateway that enables consumers to pay for goods and services or receive payouts directly using their online banking credentials without leaving a merchant's website or app. The service establishes a secure connection with the user's bank, which handles the authentication, and the platform verifies account standing before initiating the payment. This process bypasses the need to enter card or bank account numbers, leveraging the security infrastructure of the user's own bank. The business primarily serves e-commerce merchants, billers, gaming operators, and non-profits, offering them a lower-cost alternative to traditional card networks with features like real-time good funds guarantee and reduced fraud risk. Its client roster has included prominent names like Western Union, MoneyGram, and DraftKings.

A significant milestone in the company's history was its 2019 merger with Trustly, a leading European online banking payments provider. This strategic move was driven by demand from PayWithMyBank's large U.S. customers for global coverage and created a transatlantic payment network, enabling merchants to accept online bank payments from consumers across both Europe and the United States. Following the merger, Alexandre Gonthier took on the role of U.S. CEO for the combined entity.

Keywords: online banking payments, payment gateway, FinTech, direct debit, open banking, e-commerce payments, A2A payments, digital payments, secure transactions, merchant services

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