Build your own Fintech
Building up a Fintech is a complex journey. We have been in this world since its inception. We have founded and sold fintechs including one of the largest and most successful in the UK. Technology, finance, regulation, law, compliance and risk management are the pillars the Fintech entrepreneur must have. And ultimately marketing. But how much does it really cost to establish a Fintech and more importantly how can you raise the necessary working capital?
First Step: The Project
Business Model and Business Plan
It should be the basis of every venture when a new business is launched. If this is true for traditional companies, it is much more true for a fintech. It is very difficult to foresee all costs and revenues because the entrepreneur hardly knows the banking world. This is the main reason why even the best ideas fail. Statistically very few fintechs manage to develop their idea technologically without external help.
Tech
Knowing how to develop software does not mean being able to develop with banking standards. Structuring all the cyber-security aspects, connecting to payment schemes, complying with regulatory and legal requirements, but above all complying with compliance and anti-money laundering rules.
License
There is no such thing as a generalist licence. When you apply for a licence to a regulator you have to specify in detail what you want to do, how you want to distribute it, how you want to advertise it, who your target customers are and how the project is sustainable in the long term. You have to provide detailed information about the software, provide the various audit reports you have carried out, the controls and monitoring you perform on customers and how you prevent any possible issue. Each jurisdiction has its own peculiarities and preferences. Not knowing risks failure before you have even started.
Partners
Fintech partners are financial institutions that have the dual purpose of providing a service that may be in competition and providing the regulator with a kind of mentoring on fintech activities.
The partner has to be sure that the service will be successful given the high setup costs and that it complies with all financial, compliance and legal rules that might otherwise generate a reputation problem.
The appropriateness of the business plan, software specifications and governance will be crucial for being accepted. It is also not certain that the country issuing the licence has an operator willing to grant the service.
Second Step: MVP & Capital Raising
MVP
Fintech partners are financial institutions that have the dual purpose of providing a service that may be in competition and providing the regulator with a kind of mentoring on fintech activities.
The partner has to be sure that the service will be successful given the high setup costs and that it complies with all financial, compliance and legal rules that might otherwise generate a reputation problem.
The appropriateness of the business plan, software specifications and governance will be crucial for being accepted. It is also not certain that the country issuing the licence has an operator willing to grant the service.
Capital Raising
Fintech partners are financial institutions that have the dual purpose of providing a service that may be in competition and providing the regulator with a kind of mentoring on fintech activities.
The partner has to be sure that the service will be successful given the high setup costs and that it complies with all financial, compliance and legal rules that might otherwise generate a reputation problem.
The appropriateness of the business plan, software specifications and governance will be crucial for being accepted. It is also not certain that the country issuing the licence has an operator willing to grant the service.
The Fintech Club
Why a Fintech Club
A private club open to all entrepreneurs, or aspiring entrepreneurs, who have a Fintech and want to improve it or who want to launch a new Fintech on the market. It is a club where the aim is clear: to find and share resources to achieve success without the bureaucratic and operational obstacles of one of the most complex markets due to constant adaptation to regulatory and compliance requirements and the selection of trusted partners.
The Fintech Club of Ephelia is not an association, it has a strong commercial purpose but at the same time believes that concentrating demand is good for all participants who increase their weight, get better services and prices.
How works
A Club without subscription forms or annual membership costs. A Club where being part of it is the result of a solid commitment to get the best service at the best price.
To join is very simple, just bring us the best quote you have. We will analyse it together and try to reduce the costs to make you more competitive. That's all.
In this way we increase the weight towards suppliers, trying to get better and better prices and then scale this opportunity to all participants. Would you like to become a shareholder in our product companies to ensure continuity and have a double return on your investment? Capital is always open.
