Matt Sloan

Position: VP, Head of Business Development, EMEA at Discover Global Network

Matt has over 25 years experience in cards and payments, gained across Europe, the Middle East, Africa and the US. He is currently the Head of Business Development at Discover in EMEA where he manages their major acquirer and merchant relationships, expanding their issuing business and developing their VC strategy. He also drives Discover's fastest growing segment - fintech partnerships and innovation around emerging payments.
Prior to this role he has held various roles at Discover including 8 years in Chicago where he managed the Discover issuing business - driving profit and product development for this 70mm card portfolio. Previous roles include Marketing Director at Morgan Stanley and roles at American Express and HSBC.

Get to know Matt Sloan

Tell me about Discover and what is your role?

Discover is a major Fortune 500 financial services company with essentially two parts to it. In the US we run a full service consumer bank offering a variety of products including deposit products, bank accounts, home loans and personal loans but our core business is cards and payments. Outside the US we run an international payments network with acceptance at over 60mm locations worldwide. We operate entirely through partners which include banks issuing the Diners Club premium products, major acquirers and domestic schemes that use our technology and acceptance footprint. We have also recently expanded our partnerships in the alternative payments space and are working closely with many e-money issuers and processors in the EU. My role is the Head of Business Development in Europe, the Middle East and Africa and I’m focused on expanding our network by working with our major acquirers to expand acceptance and partnering with a wide variety of issuers.

What do you think is the driving force behind the exponential growth in Fintech?

I think there are a number of factors involved in fintech expansion especially over the last few years. A major factor is changing consumer and business attitudes. Recent lockdowns across the region have accelerated the adoption of non-bank payment solutions – people are more and more comfortable in buying online and through mobile and using different payment solutions for different use cases. This combined with willing fintech investors, a good regulatory structure in the EU and a lot of great innovation is driving the growth we are seeing.

Is it possible that regulation has fuelled the growth of Fintech?

I think it is actually probable. A sound regulatory structure gives investors and networks confidence to expand with fintechs and also reassures consumers and businesses that a fintech partnership is a low risk option. The challenge is for regulation to keep up with the dynamism and innovation of the fintech space.

Regulation aside, what do you think are the biggest challenges facing Fintechs today?

The economic outlook means that investment is becoming tighter and expectations around getting to profitability are getting shorter. It also means that the pace of fintech acquisitions is slowing and all together this might reduce the number of start ups and level of innovation in the short term.

How is the Payments Innovation Forum helping Fintech organisations face these challenges?

PIF performs a really useful role in representing the industry to the regulator, helping to shape the type of structure we need. PIF also acts as a forum for disseminating ideas, fostering innovation and setting and maintaining standards. By partnering with equivalent organisations in other regions PIF also keeps an eye on global fintech developments for the benefit of its members.

How should the fintech sector respond to the cost-of-living crisis?

In short – continued innovation. The increased competition that fintechs offer helps to reduce cost and provides alternatives for consumers and businesses. Many fintech sectors – such as gig economy and earned wage access solutions - are specifically focused on helping consumers manage their finances and they will play an increasingly important role in helping to manage the cost of living crisis in the future.

If you were prime minister for a day, what would you pledge in support of the industry?

I would position the UK as a fintech centre of excellence by funding innovation, really investing in fintech regulation and making it easier for fintechs to work cross border into the EU from the UK (although that may be part of a bigger issue….!).