Fintech founder OpenPayd challenges payment infrastructure and regulation

Dr Ozan Özerk established banking-as-a-service provider OpenPayd in 2018 following a diverse career that included co-founding Biip.no, working as a doctor, and operating e-commerce businesses. He explains there was no grand strategy behind his professional moves but rather an attempt to solve personal issues encountered while running online stores where payment processing repeatedly hindered growth. Özerk noted that he identified this challenge in Norway during the early days of digital commerce and realised many others faced similar struggles, creating a clear market opportunity for a dedicated solution.

Today OpenPayd processes over $280bn (£209bn) annually across Europe and the UK, yet Özerk maintains that fundamental problems persist because current payment rails were not designed for modern needs. He describes building contemporary infrastructure on top of obsolete systems as a significant hurdle. His career is defined by an unusual willingness to embrace failure rather than viewing setbacks or previous ventures as detours. Özerk argues that learning from mistakes, whether in medicine or business failures, adds value to future endeavours and defines success not by flawless execution but by persisting until solutions are found.

As the company expanded, managing a large organisation required different skills compared to founding one initially. In early stages everyone wore multiple hats acting as part-time executives before specialisation became necessary. Özerk recognised that no single person could excel at every role and advocated hiring individuals superior in specific positions rather than trying to be perfect everywhere. This philosophy led Iana Dimitrova, originally hired for legal expertise, to become CEO after naturally assuming broader leadership responsibilities.

Özerk admitted employees initially continued seeking his decisions despite him stepping back from day-to-day management. He instructed the team to stop contacting him directly and advised Dimitrova to assert her authority fully. Unlike many fintech peers of that generation OpenPayd did not follow standard venture capital playbooks because Özerk felt investors lacked true understanding of their business model early on. Avoiding external funding removed pressure to please moneyed interests granting the company freedom to fail multiple times before achieving success.

He also reflected on selling his previous social media company noting that outside ownership fundamentally altered what made a business successful and he now prefers founders who feel consequences for decisions while retaining authority over major calls. Regarding technology Özerk believes artificial intelligence will modernise operations with payments moving increasingly into the background alongside blockchain adoption. He identifies three pillars shaping future financial services including automated operational tasks via AI.

Regulatory frameworks remain a concern as Özerk worries current UK and European rules hinder new company emergence despite supporting strong consumer protections. He stresses that regulation is essential for unlocking growth in Britain but fears slow adaptation will cause the region to lose out globally. While he hopes markets adapt to regulatory challenges fostering more innovation, high barriers to entry currently discourage founders from entering the sector.

Whether transitioning from medicine or choosing bootstrapping over venture capital funding Özerk’s decisions consistently prioritise solving practical problems and learning from experience rather than adhering strictly to industry conventions.