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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

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.
Sabrina Small
Managing Consultant
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Sabrina has a decade of experience in payment system consulting and has led research projects in over 50 countries. Her consulting focuses on multi-rail strategy for leading global payment providers, modernization of holistic payment systems, and competitive analysis & benchmarking for various industry players. She has also led numerous international market comparisons—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
Managing 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.
Akira Sasaki
Managing Consultant
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Akira specializes in cross-border payment businesses and the application of Distributed Ledger Technology (DLT) in payments. He has helped multiple clients to comply with regulatory requirements and data standards necessary for cross-border payment businesses and also has been actively involved in DLT/Cryptocurrency projects for fintechs, payment system operators and industry associations.
Bonni Brodsky
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.
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
Consultant
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Isaac’s work focuses on payment system analysis, strategy, policy and regulatory trends in payment system development, digital finance, and financial inclusion, and emerging technologies such as Distributed Ledger Technology and Blockchain. He has previously worked on projects related to data in the payments industry, real-time payment systems development, and IoT and smart payments. Isaac holds a Master of Public Policy degree from the Hertie School of Governance in Berlin.
MayHo Hoh
Senior Analyst
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Mayho Hoh is an Analyst with Lipis Advisors. She supports research on regulatory developments, real-time payment trends, strategic engagements focused on market expansion as well cross-border payments. Mayho is also an expert on Chinese payment systems and has written reports on China’s fintech scene. She holds a B.A in International Fashion Business from Nottingham Trent University and an MA in Business from the Berlin School of Economics and Law. She also studied Economics and Industrial Policy at South Western University of Finance and Economics in Chengdu, China. Mayho speaks fluent Cantonese and English.
Julie Houttequiet
Senior Analyst
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Julie is an Analyst at Lipis Advisors. She supports research on topics such as real-time payment developments, market expansions, and open banking. She holds a Master of Business Economics and a Bachelor of Business Engineering from the Catholic University of Leuven. She also studied for a semester at the Vienna University of Economics and Business. Julie speaks fluent Dutch and English.
Nikhil Sebastian
Senior Analyst
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Nikhil has a background in strategic consulting and business development. His projects revolve around market expansion, product development, and payments strategy in the real-time era. He holds a Masters in Business Administration from Rotterdam School of Management and a Bachelors in Engineering.
Ana Isabel Cosío
Analyst
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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.
Kateryna Heseleva
Junior Analyst
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Before joining Lipis Advisors as a Junior Analyst, Kateryna held research positions with major international organizations and has been a project manager in a public relations agency. She supports research on real-time payment developments. Kateryna is pursuing a Master of Public Policy degree at Hertie School in Berlin and holds a Bachelor’s degree with honors in Communications from Taras Shevchenko National University of Kyiv. She has completed an exchange semester at the University of Konstanz studying Political Sciences and Public Administration during her undergraduate studies. Kateryna has working proficiency in English, German, Russian, and Ukrainian languages.

“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