Season 4 of the Visa Innovation Program is running full steam ahead even during the summer months! We also continue to meet the founders and present their startups in more detail. Today, we are excited to present two fintechs from the Greek cohort – Infin8 (from Greece) and Coriunder (from Israel). Continue reading to get to know them better!
It is difficult for consumers and businesses to manage their finances holistically as typically they have multiple banking relationships and banking products, such as accounts and cards. Furthermore, they struggle with identifying the most cost-effective product or service based on their specific needs. On the other hand, for merchants it is hard and expensive to find intelligent leads for their products and services and conversion rates are low.
Infin8 is an application, helping individuals and businesses manage their finances holistically. Transactions are automatically categorized so that users can see where they are spending their money and they can also initiate transfers to any account. Additionally, they get better priced products tailored for their specific needs and at the same time they get cashback.
For merchants, Infin8 offers intelligent lead generation based on transactional behavior from Open Banking data. These leads are intelligent and targeted with amazing conversion rates.
Why is this important?
Consumers and businesses have a powerful tool to manage their finances and get better priced products targeted to their specific needs, while earning cashback at the same time. Merchants target good prospects only and offer them products and services that cater to their specific needs. This improves significantly conversion rates, while bringing customers with high lifetime value.
In order to learn even more intriguing insights, our team met with Infin8’s founders for a quick “founder blitz”.
1. What inspired you to start Infin8?
Infin8 was initially founded to solve the problem that we had as individuals and as business owners to manage our finances and liquidity holistically. However, we evolved into something much greater. A way for individuals and businesses to get the best product at the best price, while earning cash, while generating intelligent leads of good prospects for merchants.
3. What is the biggest challenge you have come against since you established Infin8?
The biggest challenge has been to gain the trust of the users. People are reluctant to connect their bank accounts and cards in an application that is not offered by a bank. We are happy to say that we have managed to address this issue by creating a great product. We are proud that at the time of writing we have a 4-star rating on Google Play. Participating in the Visa Innovation Program has helped us a lot in gaining the trust of potential users.
2. What is your next big milestone?
We have successfully run a proof of concept for intelligent lead generation with amazing results. Our next big milestone is to automate this process and scale up by forming commercial partnerships with key players in the following sectors: financial services, insurance, utilities and retail. We already have more than 1,000 users and we are looking forward to reaching 10,000 users.
4. What does success look like for Infin8?
We want to become a leading fintech company in the European Union. We are currently live in 6 countries, and we have very ambitious plans to expand throughout the EU. We aspire to be the #1 application for individuals and businesses for managing and improving their finances and the go-to choice for merchants for intelligent lead generation.
The financial ecosystem is wide and complex. The number of service providers you need to incorporate in your onboarding and payment stack is growing on a daily basis. Coriunder takes the complexity away and streamlines your connectivity to all of your providers while maintaining your workflows to all providers.
Coriunder provides a Payments-Oriented-User-Management platform allowing customers to build their product using a wide range of backend functionality. The company serves several verticals such as Acquiring, Banking, and Issuing. Its extensive number of providers and integrations, provides an Orchestration layer for any type of service from payment processing to KYC/KYB onboarding flows. Coriunder’s clients include Marketplaces, Fintech startups, Payment Service Providers (PSP), and Acquirers.
Why is this important?
Starting from scratch is never easy. Finding the right partners and deciding on which service provider to use for which use case takes a lot of time and money, which early-stage startups don’t always have. The same could be told about setting up a financial institution. The damage that institutions may face just because they choose the wrong partner or not implementing the right safeguards is significant. By working with Coriunder’s platform, the process of adding an additional provider is simple and requires only inputting the credentials and enabling the workflow. They handle the rest.
Meet Coriunder’s founders and learn more about their vision and the next milestones for the company in our “founder blitz”.
1. What inspired you to start Coriunder?
We have been operators in the Payments ecosystem for several years and saw firsthand the growth of big technology players like Stripe and Square. We are strong believers that the smaller players provide better support and a personal touch but the clients today need more. We enable just that, giving the smaller players a fighting chance against the big tech giants. It started with payment processing and grew to banking and issuing where the user management elements are similar.
3. What is the biggest challenge you have come against since you established Coriunder?
The main challenge is keeping one step ahead of the market, always being on the lookout for additional providers, and making sure we remain compliant with the global regulation. Every challenge is an opportunity to help more clients with their workflows.
2. What is your next big milestone?
As we grow our verticals and now serve clients globally, our next milestone is reaching a million transactions a month and opening our US office.
4. What does success look like for Coriunder?
Our clients’ success is our success. If we keep providing the service they need and make sure they have everything they need to grow their business, our success will follow.