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

Good advice is the reason why clients approach us. We deliver high quality results because we don’t offer cookie cutter solutions.

Our multinational team speaks the following languages: Cantonese, English, German, Italian, Japanese, Norwegian, Spanish, Swahili.

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.
Nat Scheer
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Nathaniel supports banks, corporates, and IT suppliers with market intelligence and strategy. He focuses on emerging payments, real- time payments, ACH, RTGS, and card schemes – as well as helping clients from regulated industries understand the trends affecting their business. His interdisciplinary background in public policy and business management informs both his approach to management and client-facing engagements.
Sabrina Small
Managing Consultant
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In addition to consulting and project management, Sabrina leads the marketing team at Lipis Advisors. Having joined the company in 2010, she has experience in payment system consulting and research in over 50 countries. Her projects center on market strategy, payment system analysis, and international market comparison—with a focus on Europe and North America.
Colin Adams
Managing Consultant
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Colin’s work focuses on payment system analysis, global regulatory and business trends in payment system development, market intelligence, and emerging technologies such as distributed ledger technology. He has worked extensively with banks, national payment system organizations, payment processors, and third party providers to understand the impact and opportunities of payment system developments.
Rafael Andrew Gómez
Senior Consultant
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Andrew is a senior consultant with Lipis Advisors. Andrew supports engagements with both quantitative and qualitative research and analysis. He has also led research and custom projects on a variety of topics, including quantitative forecasting of payment volumes and payment system modernization. Andrew oversees Lipis Advisors’ database and the collection, collation, and analysis of statistics.
Leif Erik Kleivene
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Leif Erik has been involved in multiple engagements in the Banking and Payments sector and has worked closely with banks, fintechs, payment system operators, and regulators. He holds an M.Sc in International Business Management from the Berlin School of Economics and Law, and a Bachelor of Business Management from the University of Queensland, Australia. Leif Erik is fluent in English and Norwegian.
Akira Sasaki
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Akira specializes in payment system analysis and the application of Distributed Ledger Technology (DLT) in payments. He holds a B.A. in Law from Waseda University in Tokyo and a Master of Public Policy from the Hertie School of Governance in Berlin. Previously, he has worked in the Corporate Transaction Services unit of Citibank Japan and handled various cases related to cash management.
Marisol Vales
Senior Analyst
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Marisol focuses on payment system analysis, data analytics, and global trends in open banking and real-time payments. Prior to joining Lipis Advisors in 2017, she spent five years at Foresters Financial in the Washington D.C., where she delved into the American financial system, corporate investments, and small business planning.
Riccardo Colnaghi
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Riccardo specializes in risk diversification and international expansion. He also works with regulators on payments system modernization. In the past, he has worked as an analyst for the European Commission (DG Economics and Finance) in Luxembourg and a Berlin-based, non-profit organization financed by the German Foreign Office. Riccardo speaks English, Italian and Spanish fluently, and German at an intermediate level.
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.
Isaac Joseph
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Isaac has extensive experience as an inclusive business researcher and EU policy consultant and has worked in the telecommunications industry. He holds a Master of Public Policy from the Hertie School of Governance in Berlin and a Bachelor of Arts in International Relations and Security Studies from the University of Bradford in the UK.
MayHo Hoh
Junior Analyst
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Mayho Hoh supports research on topics ranging from real-time payment trends to wearable technology. She holds a B.A in International Fashion Business from Nottingham Trent University and is currently pursuing an MA in Business from the Berlin School of Economics and Law.

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