In this conversation, Gary Dushnitsky sits down with Georgios Syntelis, CEO of EveryPay – a leading Greek fintech at the forefront of payment innovation. A Columbia-LBS Global EMBA graduate, Georgios shares how his international banking experience shaped his approach to scaling a high-impact venture in a cash-first economy. Together, they explore the evolution of digital payments, the complexity of enabling marketplace transactions, and the infrastructure needed to bridge physical and digital commerce. From regulatory shifts to customer trust, this interview highlights the entrepreneurial grit behind one of Greece’s most dynamic fintech journeys.
Georgios, you are leading an exciting fintech venture in Greece – can you tell us a bit about your professional journey?
My journey began with a degree in Computer Engineering, which gave me a solid foundation in systems thinking and problem-solving. I then moved to London to pursue a Master’s in Financial Software, which led me into the world of investment banking, working on trading floors and financial markets. Over time, I transitioned from software engineering into more business-facing roles, embedding myself within business teams and leading large-scale transformation and growth enablement programmes across complex organisations.
I’ve been fortunate enough to live and work in cities like New York, London, Spain, and Greece, gaining exposure to diverse markets and leadership styles.
After completing my Global Executive MBA at London Business School and Columbia, I decided to take the plunge and leave the world of global banking. I returned to Greece and joined EveryPay, a high-potential fintech startup, where I eventually stepped into the CEO role following its acquisition by Skroutz, Greece’s largest digital marketplace. It’s been a rewarding journey blending product innovation, regulatory navigation, and a lot of grit.
Can you describe EveryPay and its value proposition?
EveryPay is a licensed Electronic Money Institution and payments gateway, purpose-built to support businesses in today’s dynamic digital economy. We enable merchants to accept payments across channels — from cards and digital wallets to cash-on-delivery, bank transfers and direct debits — while providing robust tools for reconciliation, risk monitoring, and regulatory compliance.
We’ve developed deep specialisation in supporting marketplaces and platform businesses, where complexity is high and speed matters. What sets us apart is not only our regulatory alignment and technical capabilities, but our deep understanding of financial architecture and our ability to embed it seamlessly into our clients’ operations. Whether it’s an eCommerce giant needing to manage thousands of sellers, or a corporate group reconciling transactions across 100+ locations, EveryPay delivers clarity, control, and cash flow intelligence at scale.
In short, we don’t just process payments — we enable platforms to operate like banks, distribute capital like institutions, and grow like startups.
EveryPay has clearly evolved from a payment interface into a broader platform. What drove your expansion into cash payment solutions, and how has this influenced consumer behaviour in markets where cash remains dominant?
EveryPay started as a payment gateway, orchestrating transactions between various banks. Our expansion into cash payments was driven by two strategic concepts: bundling/unbundling and e-commerce consolidation.
Initially, fintechs disrupted the market by unbundling traditional bank services, offering more efficient, standalone solutions. But as they matured, these services began bundling again, resembling comprehensive offerings similar to neobanks. At the same time, e-commerce shifted from standalone merchants to consolidated online marketplaces, driven by the Payment Service Directive (PSD2) and accelerated by the pandemic.
As a marketplace enabler from the outset, EveryPay focused on supporting complex payment flows, like splitting payments among multiple sellers. One key demand that emerged from marketplace clients was Cash-on-Delivery (COD), especially in cash preffered markets. To address this, we developed a solution in partnership with courier companies, enabling drivers to deposit cash at over 2,400 points across Greece.
This decentralised cash management model eliminated the need for drivers to return to base just to deposit cash, streamlining their operations. For example, a food delivery driver can move directly between restaurant and homes without unnecessary detours, significantly boosting logistics efficiency. By integrating cash into our platform, we enhanced our service offering while addressing a fundamental need of marketplaces operating in cash-preferred environments.
Extending marketplace mechanics into physical locations—what does this model look like in practice, and what infrastructure was required?
We adapted the marketplace model to physical locations by introducing a “reverse marketplace” concept, focusing on optimising working capital. In franchise networks (e.g., quick-service restaurants), instead of franchisees collecting payments and transferring funds to the franchisor, EveryPay enables direct collection at checkout (cash, card, or Account-to-Account (A2A)) and subsequent payout to franchisees.
This model provides significant cash flow benefits to the franchisor while maintaining flexibility for franchisees. The same principle can be applied to other verticals, for example insurance brokers who collect premiums on behalf of the insurer. To support this, we built a robust infrastructure integrating with POS systems, e-money solutions, and a flexible payout mechanism, ensuring seamless fund management.
Innovation, much like sailing, requires staying alert to every “weather change” and being ready to adjust course.
How do you identify areas for innovation—customer demand, regulatory shifts, infrastructure gaps, or economic changes?
Innovation at EveryPay is guided by a multi-faceted approach. Customer demand is a primary driver, as seen in our use of data to enhance personalised user journeys. Regulatory changes, such as the rise of A2A payments under PSD2, also shape our roadmap.
Innovation, much like sailing, requires staying alert to every “weather change” and being ready to adjust course.
Infrastructure gaps present opportunities, as seen when Greece’s capital controls shifted consumer habits towards e-money. We also monitor broader economic shifts; Will European consumers observing the current tariff and trade war shift sentiment away from US products such as EVs? Will investors start to “Buy European” as we’ve seen in the DAX? Anticipating how these changes impact behaviour is key. Innovation, much like sailing, requires staying alert to every “weather change” and being ready to adjust course.
What have been the most significant hurdles in embedding digital payments into cash-based environments, and how did you overcome them?
The biggest challenge is breaking entrenched behaviours, much like the continued use of cheques in the US. Our approach is holistic: maintaining familiar processes while offering tangible improvements. For instance, consumers wary of online purchases due to trust issues prefer cash-on-delivery. We addressed this by equipping delivery drivers with smartphones functioning as POS devices, allowing cash collection on the spot.
On the corporate side, embedding new digital processes into established organisations required breaking silos and fostering a top-down commitment to change. Building trust and embedding solutions within the organisational DNA were key to success.
How do you balance vertical depth with cross-industry scalability?
Our strategy is to prioritise relevance and manageable risk. While our solutions are versatile, we concentrate on complex payment system disintermediation, particularly for marketplaces. Depth within these verticals ensures value creation and risk control.
Diversification only occurs where we have strong domain knowledge and a clear risk mitigation strategy. This approach ensures that we expand sustainably while protecting both our clients and our business.
Shifting perspectives, can you share an example where EveryPay accelerated merchant growth or improved marketplace performance?
A prime example is Skroutz, originally a price comparison website, which pivoted into a full-fledged marketplace. EveryPay supported this transformation by building advanced payment workflows, enabling seamless transactions within its vertically integrated logistics model.
Our close collaboration with Skroutz not only facilitated its growth but also attracted Skroutz’s and its investors CVC Capital vote of confidence, leading to our acquisition. This partnership was symbiotic—Skroutz’s growth empowered EveryPay to expand its marketplace services, creating a win-win scenario.
Finally, what role does EveryPay play in Greece’s economic modernisation, particularly in underdeveloped sectors?
One of the most rewarding aspects of our work is seeing how EveryPay empowers small businesses, especially in remote areas, to access markets that were previously out of reach. Imagine you are a small merchant on a Greek island. Through our integrated marketplace solutions, and marketplace you can now sell products online and receive payments from customers nationwide. Just a few years ago, this kind of commercial access would have been unimaginable.
Our approach involves collaboration with both the private and public sectors, supported by a constructive ongoing regulatory engagement. This aligns with our vision: “To Champion Commerce by building a digital financial ecosystem that empowers consumers, merchants, and marketplaces with innovative payment solutions and financial services, enabling them to thrive and achieve sustainable growth.”
About the Author
Gary Dushnitsky is a Professor of Strategy and Entrepreneurship at London Business School, and a Senior Fellow of the Mack Institute for Technology Management at the Wharton School. His research and teaching cover topics such as entrepreneurship, innovation and corporate venturing.