2023 year in review from John Mitchell, CEO
2023 has been a remarkable year for Episode Six and our impact continues to grow stronger in the payments space. I’m extremely proud of the results we’ve achieved in the last 12 months, and I couldn’t be more excited about the path ahead.
This year Episode Six achieved some key milestones and accomplishments:
- Received a $48 million Series C financing led by Avenir
- Awarded Best Places to Work in Fintech by American Banker for the second consecutive year
- Officially welcomed Brian Muse-McKenney as E6’s first-ever CRO
- Launched Business Now, Pay Later™, a first-of-its-kind solution that enables banks to tailor loan products directly in their business banking channel
Episode Six is coming to the market from a position of strength. This year had a great product launch for Business Now, Pay Later™ at Sibos Toronto. Small and medium-sized enterprises (SMEs) are the lifeblood of economies, and working capital is their most pressing need. Market research shows that 89% of SMEs today are considering alternative providers to their primary bank, as SMEs are looking for flexible credit solutions and repayment options to help their business thrive. Episode Six has taken the ingenuity of consumer installments and customized it to be purposeful for banks and their clients.
As we embark into 2024, the insights and achievements gained in 2023 bolster us for what lays ahead in the new year. Banks and financial institutions will still need a solution to modernize their technology and complex infrastructures. The availability of seamless, instant, and contactless payments will continue to grow. A 2022 report by Juniper Research predicted that by 2027, the total value of contactless transactions will exceed $2 trillion. It’s a clear indicator of where the future of financial transactions is heading. Additionally, I think we'll see more interoperability between payment methods which will benefit the customer whether it's a commercial or consumer use case.
Many legacy tactics can’t keep up with today’s digital society and new demands, pushing banks and FIs behind their advancing competitors. As a global provider of payments processing technology, Episode Six is key to that solution. We provide banks with the tools and capabilities to stay ahead in an increasingly competitive banking landscape. With proper implementation, it can be a powerful enabler of growth and innovation for any financial institution.