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Our team brings together world-class insights, commercial expertise, and targeted solutions

Research at our core

Research is the unsung hero of good advice. Whether that means finding the right people to talk to, delving deep into subject terrain, or relying on proprietary databases, Lipis Advisors does what it takes to arrive at the right answer.

Expertise founded on experience

With over 25 years of industry experience, we’re truly payments experts. We have the right contacts to get the latest information about the intricacies of payments technology and payment systems, even in far-flung places.

Always watching the markets

We monitor the payments market to help you seize new opportunities as they come up.

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What we’re about

Researching solutions

We’ve conducted in-depth research for players in the industry—from financial institutions to regulators and fintechs—to help them understand new markets and the impact of new technology.

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Solving problems

We work with the world’s leading payment companies and employ the right analytical tools to ensure success.

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Our experts

Lipis Advisors has in-depth knowledge about how initiatives across the payments industry are being implemented globally.

Our team comes from 9 countries and speaks 11 languages. We are experts in over 60 markets across the Americas, Europe, Africa, and Asia.

Leo Lipis
Chief Executive
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Leo is the founder of Lipis Advisors and has over 25 years of experience in payment systems consulting and research on all six continents. Prior to founding Lipis Advisors in 2007, he held positions in payments strategy and analysis with commercial banks, clearing houses, and central banks. Leo works chiefly in transaction banking, payment system strategy & design, and treasury management.
R. Andrew Gómez
Managing Consultant
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Andrew is a managing consultant at Lipis Advisors and leads custom consulting projects on topics such as payments fraud, ACH modernization and benchmarking, and mobile payment adoption. Andrew was previously the lead researcher for the Global Payment Systems Analysis and wrote over 40 country reports and still oversees Lipis Advisors’ database and the collection, collation, and analysis of statistics.
Bonni Brodsky
Senior Consultant
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Since joining Lipis Advisors, Bonni has advised clients on a variety of topics, including cross-border payments processing and the advent of Central Bank Digital Currencies (CBDC). Bonni came to Lipis Advisors with a strong public policy background, having previously worked as a Senior Trader at the Federal Reserve Bank of New York and having interned at both the U.S. Department of the Treasury and Department of State. She speaks English, French and Mandarin Chinese.
Omar Khan
Senior Consultant
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Omar recently joined Lipis Advisors as a senior consultant focusing on business development and global payment systems analysis. He comes with formidable experience in core banking functions, such as internal audit, credit risk, and compliance in multiple geographies including the UAE, Pakistan, and Germany. A recent MBA graduate from the Mannheim Business School, Omar is fluent in English, Urdu, and Hindi.
Anja McCormack
Executive assistant
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Anja McCormack joined Lipis Advisors in 2014 to provide executive support to the company, working alongside the CEO to coordinate strategy development and implementation as well as client-facing activities. Previously, Anja has worked at the Irish Embassy of Berlin, as well as Accenture and Citibank. Originally from Frankfurt, Anja lived in Dublin for many years.
May Ho Hoh
Consultant
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May Ho Hoh is a consultant with Lipis Advisors. She supports research on regulatory developments, real-time payment trends, strategic engagements focused on market expansion as well cross-border payments. May Ho is also an expert on Chinese payment systems and has written reports on China’s fintech scene. She holds an MA in Business from the Berlin School of Economics and Law. May Ho speaks fluent Cantonese and English.
David Tercero-Lucas
Consultant
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David Tercero-Lucas recently joined Lipis Advisors. He holds a PhD in Applied Economics by the Autonomous University of Barcelona. David is part of the research team on topics related to cross-border payments, digitalization of payments, market entry strategies, cryptocurrencies and Central Digital Currencies (CBDCs). He is also part of the Associate Team of the Digital Euro Association. During his doctorate, he did an internship at the BIS and at the European Central Bank. His work has been published in the Journal of Financial Stability, European Journal of Political Economy and International Journal of Finance & Economics. He is fluent in English and Spanish.
Ana Isabel Cosío
Consultant
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Ana has conducted research in the payments ecosystem of several countries in Latin America and Europe. She has also worked in competitor analyses for cross-border payments, regulatory market entry strategies, fraud management in several European countries, and the impact of real-time payments in ACH payment volumes. She holds a M.Sc. degree in International Finance from the Berlin School of Economics and Law. Ana speaks fluent Spanish and English.
Anurag Dubey
Junior Analyst
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Anurag Dubey recently joined Lipis Advisors. Since joining he has supported research on cross-border payments processing, market entry strategy, and payment system benchmarking. Before joining Lipis Advisors, Anurag was working with banks and fintechs in India where he focussed on new B2B product launches, strategic alliances and market expansion. Anurag holds a Master of Business Administration in International Business with specialization in Finance from Symbiosis International University. He is currently pursuing his MBA&E degree from HTW-Berlin. Anurag is fluent in English and Hindi.‍
Tamas Karvalits
Junior Analyst
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Tamas Karvalits joined Lipis Advisors as a junior analyst in January 2022. Since joining the company, he has focused on retail payment system modernization and conducted research on the crypto-banking scene in the EU. Previously, he worked in multiple financial institutions in Hungary with a focus on retail banking services and treasury management. He holds a B.Sc. in Economics, Politics, and International Studies from the University of Warwick and is currently pursuing a Master’s in Management degree from ESMT Berlin. He is fluent in English and Hungarian.

“Lipis Advisors brought a level of expertise & knowledge that enabled us to elevate our ideas and transform them into an actionable strategy.”

DANA SCHRAN
AFGHAN CREDIT GUARANTEE FOUNDATION

“The team at Lipis Advisors supported us during our UK expansion. Their work helps companies like N26 scale faster globally and build products their customers love to use.”

TIMO MEYER
MARKET EXPANSION LEAD, N26