- The Big Idea / your startup “in a Tweet”: In the ever-volatile global economy, it can be difficult to accurately predict the best time to buy or sell currency. This can lead to a huge amount of risk and uncertainty, leaving businesses vulnerable and unable to protect their bottom line. Businesses that don’t have the right tools or data to make informed decisions about currency are putting themselves at a major disadvantage. Without a holistic approach to currency management, companies may miss out on potential savings or, worse, lose money due to unpredictable market forces. With Monetor’s Currency as a Service platform, businesses can streamline their currency management process and reduce uncertainties while protecting their bottom line. With Monetor’s analytics, businesses can make smarter decisions on when is the best time to buy and sell currencies with confidence.
- Tell us a bit about yourself, both at work and leisure. I have worked in FX for about 17 years and have had the pleasure of working with CFOs in many industries globally, helping manage their currency risk. I have been fortunate to be able to travel a lot with work which has exposed me to a lot of interesting cuisines to fuel my appetite for cooking and I enjoy physical exercise like football, rugby and going to the gym.
- Which product or service do you offer, and who are your competitors? The product, Monetor, stems from my background in FX, where I saw the need for businesses to approach currency in a structured manner, today it is frequently, ad hoc coupled with a lot of guesswork, Monetor creates the . Like any other area, there are competitors out there, although this is a fairly new, and large field.
- How did you get the business idea and take it from launch to the current stage, including fundraising? We started this journey (as many do) with a terrible presentation and a rough idea before joining an accelerator where we won our first investment. Our first tests were simply built in a spreadsheet where we proved our broad hypothesis before hiring technical aspects and started to build the MVP. We felt it was important to bring in pilot customers asap, in order to build something that worked for what we thought would be our “perfect” customer. We applied for grants to match investor funding and avoid too much dilution. These customers are still with us today, as paying customers. The early pilots have not only helped form the product but have also become really important in defining messaging and have frequently been used as reference customers for new customers.
- Any key lessons from your scaling and fundraising journey? There are certainly a few lessons, that have been learned. I would have sold the first product earlier if I could. Another thing that would be high on my list (it’s a big list), would be to define roles and responsibilities, early as well and hold people to account, and set targets.
- What are your plans for the next 6-12 months, and how can our network help? 2023 for Monetor, will include the rollout of our brand-new solution, which we are really excited about. The front end is new and so is the back and the product is more stable, secure, and scalable and we will be in a position to roll out new functionality more rapidly. The new solution will be able to support new sales globally as we branch into new geographies, naturally, we’d need to increase headcount.
- What’s on your bookshelf? Your favourite place for a coffee or a drink? I am an avid reader, and my bookshelf contains a variety of topics relating to work and cooking. I do have the need for some escapism and I like to read fantasy or sci-fi at the cabin.
Published on 5. March 2023