Trade has long been considered a fundamental source of freedom, propelling progress and fostering innovation across continents and cultures. It has played a pivotal role in the development of nations and the liberation of societies from ignorance and darkness.
However, in the 21st century, the potential of global merchants is still constrained by outdated practices. Borders, visas, certifications, currency controls, and antiquated financial products impede the modernization of global trade.
In response, a visionary entrepreneur, Max Faldin, has founded a digital payment platform called Silverbird with the intent to revolutionize the existing financial system by increasing the freedom of global trade and promoting financial inclusion for small businesses.
As a Stanford MBA graduate, Faldin possesses a wealth of expertise in fintech and e-commerce industries as an entrepreneur, a mentor, and an advisor. In the 2010s he founded the largest e-commerce company in his home country. In 2022, he launched Silverbird in the United Kingdom with a mission to build the first digital bank for international e-commerce.
Almost two years later, his core beliefs still haven't changed: merchants worldwide, regardless of their business's size or location, should have equal opportunities to engage in the global economy. Driven by this vision, Silverbird simplifies global payments, enabling the seamless flow of currency across borders and surpassing the capabilities of traditional banks.
The business model behind Silverbird is simple. In brief, Silverbird is designed for international trade.
The platform offers an easy and fully digital onboarding process. All documentation is provided online, eliminating the need for interviews or visits to physical branches, which allows entrepreneurs to efficiently manage their finances from anywhere. Transactions are swiftly processed within seconds, a significant reduction in the expected processing times of traditional bank transfers that often take days.
"Our services extend to 200 countries, eliminating the need for supply chain adjustments based on your bank's limitations. Moreover, there are no transactional limits, providing you with unrestricted flexibility in conducting your business operation," says Faldin.
At the same time, Faldin places significant importance on transparency and adhering to financial regulations. In fact, there are three core factors that support his vision and propel Silverbird's success.
Harnessing the power of data to foster trust
First, Silverbird leverages data to establish trust. By implementing a data-driven KYC (Know Your Customer) process, the platform onboards trustworthy exporters without subjecting them to the excessive bureaucratic hurdles often associated with traditional banks. Additionally, Silverbird offers unrivaled transparency and traceability of payments, complemented by personalized, trade-savvy customer service, ensuring that exporters worldwide benefit from tailored international banking solutions catered to their specific needs.
Exclusivity and customer-centric approach
Second, Silverbird focuses exclusively on working with exporters and importers. By concentrating efforts on these businesses, Silverbird taps into a lucrative market segment with unique requirements and challenges. Exporters and importers are at the forefront of international trade, constantly seeking efficient, secure, and cost-effective solutions for financial transactions. By catering specifically to these stakeholders, Silverbird gains a competitive edge and establishes itself as a trusted partner in the global trade ecosystem.
Staying globally empathetic
Globally empathetic practices lie at the heart of Silverbird's core values. According to Faldin, the essence of Silverbird's mission is to champion global empathy within the banking sphere.
George Babilashvili, who co-founded Silverbird together with Faldin, elaborates, "We provide support to SMEs across more than 100 countries, spanning not only the UK and EU but also Singapore, Hong Kong, Dubai, India, China, Vietnam, Bangladesh, and many more. It's an open secret: SMEs encounter challenges with cross-border payments and, more broadly, cross-border banking. We're here to resolve these issues. Each case is unique. For instance, certain countries impose onerous requirements for making export payments, necessitating extensive paperwork. Companies from such regions attempt to establish subsidiaries in, for instance, Europe, to facilitate cross-border trade. However, traditional banks hesitate to open accounts for them. Larger banks exhibit apprehension towards anything beyond domestic operations. We're here to provide assistance."
Babilashvili further explains, "Consider a company in Dubai seeking to receive payments from UK customers. However, some UK banks impose restrictions on payments to the Middle East. What's the solution? We facilitate the opening of a UK account for them. With Silverbird, they seamlessly receive payments from their UK customers without any hindrance. Yet, for the majority of SMEs, a pervasive issue persists. Major banks simply shy away from collaborating with them. Why? Because these banks struggle to assess SMEs, especially those engaged in international trade. Alternatively, it might be too costly for them due to their legacy systems and outdated compliance procedures. We specialize in verifying SMEs and, crucially, we know how to do it without overwhelming our clients with endless document requests."
High-profile founder and a world-class team
Third, with decades of experience in business, Max Faldin knows all the "ins and outs" of a founder's job and the secrets of excellence. "One minute spent on recruiting might save 50 or 100 minutes of deep work in the future, when you have to do a lot of things by yourself that could have been done by a smart C-level executive," he explains. "However, when you have a vision and a world-class team at your disposal you finally get the time, attention, and headspace to focus on the things that you cannot delegate, such as fundraising," he continues.
Despite the actuality of immediate connection facilitated by digital technology, the realm of global trade has yet to achieve true freedom.
Max Faldin believes that in the future, the global financial system will embrace inclusivity and employ data-driven approaches. In his opinion, B2B banks will adopt a more business-oriented mindset, improving customer relations and boosting the company's progress.
The transformation has already begun, with fintech companies like Silverbird facilitating borderless supply chains, resulting in expedited goods delivery and cost-effective international transactions.
History shows that when trade is both free and global, civilization thrives. Max Faldin and Silverbird's team are committed to making that happen.
