Fintech
We Asked, They Answered: Top Advice from FinTech Leaders
The Southeast business landscape is filled with major FinTech players like First Data, WorldPay, Global Payments, TSYS, Equifax, NCR, Incomm, and Corpay. But it’s also been a breeding ground for the next generation of FinTech players, from unicorns AvidXchange in North Carolina and Greenlight in Atlanta to fast-growing startups that have launched since the pandemic.
While the region has hosted many FinTech success stories, success is hard to come by in the industry. FinTechs are building in a highly regulated industry and often navigate long sales cycles with enterprise customers.
So, we asked founders, CEOs, and business leaders who are currently in the trenches building in the FinTech space one question: What advice would you give to other people looking to build in the FinTech space? Their answers could help other founders grow.
We asked and they answered: What advice would you give to leaders in the FinTech industry?
Luis AndinoFounder of Ditch
Ditch helps people reduce the psychological stress that weighs on millions of Americans struggling with debt.
Andino’s advice: “Obsess over your client’s problem. Understand it deeply, then work systematically to solve it.”
Joshua SilverFounder and CEO of Rain forest
Rain forestan integrated payment services provider purpose-built for software platforms, has raised $31.75 million in venture capital in less than a year.
Silver’s advice: “Financial technology has zero margin for error, and fintech founders need to be obsessed with quality. If a fintech company doesn’t get the little details right, customers won’t (and shouldn’t) trust them with the big things. Building an MVP in fintech is harder and more resource-intensive than building an MVP in almost any other industry because in fintech, the MVP has the same regulatory and compliance requirements as the fully-formed product, and the MVP needs to be right 100% of the time. Fintech founders need to be prepared for a long build, because the MVP also needs to be fully baked.”
Harry Kumar, Head of Business Development at Chattanooga based approval
Approva is an AI-powered B2B SaaS platform that seamlessly connects alternative mortgage lenders and brokers, managing the entire sales cycle from origination to financing. A graduate of Techstars, Approva is building in the Brickyard in Chattanooga.
Kumar’s advice to fintech founders: “Pitch your industry vision directly to potential customers to refine your product roadmap. Collecting more data points aligns your ideas with your audience’s needs. Founders often become overly optimistic about their product without validating customer interest. Months later, they launch their product, only to find demand is lower than expected. While you may be an expert in your industry, your customer knows more. Make them part of your process.”
VIVA has created the go-to financial services platform for the overlooked consumer. The startup, launched in 2019helps consumers take control of their finances through access to affordable loans and credit-building products.
Markwalter’s advice: “You don’t need a perfect product when you launch. It’s better to launch quickly and accelerate the learning curve than to build what you think is the perfect product and delay getting your first customer feedback.”
Arch is a merchant loyalty and revenue platform that won the 2022 Innovation Challenge at Fintech South. The team has recently found a foothold with a new customer base, banks looking to expand their revenue opportunities.
Builes’ advice: “Don’t focus on the big accounts first. Identify the problems before you go after enterprise customers.