How to build fintech startup
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This document provides guidance on how to build a successful fintech startup. It outlines several key steps: 1) Consider the relevant laws and regulations governing fintech in target markets and consult legal advisors. 2) Choose an appropriate technology and partner company to help implement it. 3) Identify potential investors and partners who can help accelerate growth but be careful not to lose control. 4) Understand the funding needs at different stages from prototypes to growth and customer acquisition.
How to build fintech startup
- 1. How to build fintech startup Andrii Kuranov Content Manager
- 2. The fintech area is considered to be one of the most promising for the launch of new startup companies. But at the same time, it is also the most demanding and complex. As The Next journalist Matthew Hughes successfully put it, if you compare the launch of any other startup with an attempt to score a three-pointer with your eyes closed, then successfully launch a fintech startup - it's like to score a three-pointer with your eyes closed, hands tied behind your back while being intoxicated. In this presentation we will try to make out the most important steps in the process of creating a fintech startup.
- 3. Consider the laws governing fintech First of all, it is necessary to decide in which markets the project will be promoted. Next it is necessary to obtain legal advice on the peculiarities of national regulation, and if possible, involve a legal advisor in the project. Moreover, technologies are developing rapidly, and quite often the state does not have time to introduce regulation in time. It is important to understand that if there are no rules and laws in relation to an innovative product, in the future the state may introduce them.
- 4. There are many prerequisites for significant changes in the sector, due to which fintech is expanding its borders and going beyond payments and loans. To realize all the capabilities of fintech, banks and fintech companies must cooperate, complementing each other. To make significant progress and reach a new level in a relatively short period of time, it is especially important to determine the technology and find a company that will develop it. Choose a technology and company that will help to implement it
- 5. Identify potential partners and investors Large investor enterprises can lead your startup to success. They will help accelerate business development, deal with your risks and operational problems. However, do not forget that if you take at least one wrong step, you can lose all control, and all laurels will go to investors. Therefore, if you need a stable source of financing and your business reputation is important, treat the process of selecting partners with all responsibility.
- 6. The basis of competition in the fintech market is investment money. However, to return these investments and earn a lot of money, fintech startups need to spend a lot of money. To create a prototype of a product or service, a startup needs initial investments in the amount of $ 50 thousand to $ 100 thousand. When a startup has the right idea and a successful prototype ready to be launched in the market in order to attract customers, it is necessary to receive investments for growth in the amount of $ 250 thousand to $ 2 million. Distribute funding
- 7. At the next slide you can see the approximate volumes and stages of financing fintech startups in order to better understand how much money each stage will require.
- 9. Read the full version of our article, and learn more about how to build successful fintech startup.