Hello, my name is Domingo, CTO and co-founder of GrowishPay, an Italian embedded finance enabler, altho we are a small company, we have a substantial local presence, if it is a fintech-related application made in Italy, chances are, we had something to do with it.
I’ve been part of this community for a while, for personal reasons and business, the idea of integrating Rapyd among our portfolio of payment institutions (we are partners with Mangopay, LemonWay, Treezor, and other local PI) has been an objective of our company for a while, we were just waiting for the right client.
And the right client came on November 2022, a very simple subscription-based web application, I don’t want to get publicly into the details (NDA), but the business is of course legal and allowed by the terms of service of Rapyd. We decided that Rapyd was the best match for this client simply because of the local payments provided by Rapyd were unmatched.
We created our production account, send all of our KYB-related documents, got approved, and started working on developing the API integrations. When we were ready to lunch, we noticed that there was no Wallet menu on our production client portal, we sent an email to support asking for it, and after a couple of weeks (already too much time) we got in contact with a Rapyd representative named MT (from now on, I’m just going to use initials). MT was very kind and helpful and informed us that altho is not super clear on the site, we needed to go into a second approval step that is triggered manually to really go into production. MT share our case with Compops, and we waited for another 2 weeks, we saw some email exchanges where it was clear there was some confusion about the case (some folks were not doing a correct due diligence), and after a while of no updates, we got an automated plain email telling us that our account was denied in production, inviting us to search for another PI, no reason, no explanation, no person to talk to.
Of course, being so far into the project, and having big legal responsibilities with our client, we got desperate and try for ALMOST A MONTH to contact Rapyd in order to understand what happened and how can we find a solution. We were ghosted, no response. We had to get creative and reached out to another representative since MT was no longer part of Rapyd, and we reached HH, we talked for an hour about the possibility of becoming partners and we tried to clear our case, we agreed upon the fact that all of this was a misunderstanding and that some clarification was due. We agreed on waiting for a couple of weeks in order to allow HH to talk internally a fix the issue.
We are now almost at the end of March, we have been asking for updates every 2 weeks, no answers. A couple of weeks back I got desperate and sent an email telling support we will write an open letter to Arik if we got no answer, we got one, admitting there were some problems internally and that Rapyd is working on it, but so far no answer again.
How is this possible?! how a company with one of the best fintech technologies I’ve ever seen, the only active and responsive fintech developer community there is, that organize crazy hackathons and have the budget to lunch amazing parties and conference all over the world can be this bad at supporting the users?
Of course, we have all the email exchanges in hand if somebody at Rapyd wants to investigate it further.
So far the experience has been amazingly bad, to the point is almost unbelievable. We know in this sector compliance is difficult, we have been doing fintech for the past decade, but every time we had a problem with our partners we even had representatives flown to our office in order to discuss and find a solution, never we have been ignored like this.
What’s the point of having great people like @Kyle and @Drew that jumps right away to help our developers every time there is need, but then you get ignored by compliance like this?
Thank you for your time