FinTech: Shipping And Logistics Giant Maersk Turns To Stripe For International Payments
Maersk is modernizing its economic infrastructure with some help from Stripe.
Maersk (CPH: MAERSK-B), the shipping and logistics giant founded in 1905, has a logistics network across 130 countries and moves many billions of dollars worth of shipments around the world annually. The company recognized earlier than peers that it needed to transform its operations to keep up with the rising trade volumes. A critical area was international payments. (Stripe)
Stripe for Maersk’s payment infrastructure
Navneet Kapoor, chief technology and information officer at Maersk, said the company wanted to revamp its infrastructure and “to make it simple for people to ship and track their orders from one end of the world to the other with a click of a button.”
Considering the complexity of the logistic giant’s business, streamlining its international payments was a key task, given that banking requirements, currencies, and preferred payment methods varied hugely across the various geographies.
Stripe helped the company combine these diverse systems into a single, versatile payments portal. Customers make their payments via a user-friendly and intuitive dashboard using this portal. The system now supports additional methods such as credit cards.
“We knew that customers wanted to work with us, when they wanted, and where they wanted,” said Kapoor. “Creating a payments system that allowed this flexibility was an essential piece of the puzzle.”
Maersk – record results
Maersk released today record Q1 financial results across its Ocean, Logistics, and Terminals businesses, with revenues growing 55% year-on-year to US$19 billion, its highest ever Q1 revenues.
Earnings before interest, taxes, depreciation, and amortization more than doubled to US$9.1bn.
The impressive figures were driven primarily by higher freight rates and strong long-term partnerships with customers seeking end-to-end supply chain support.
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