Scaling Your Business And Overcoming Pain Points

In Conversation: Aiteo Consulting and BrightBridge Solutions

Our CEO, Jonathan Smith, recently sat down with Ian Robertson of Brightbridge Solutions to discuss how their experiences of deploying Finance services and technology can help FinTechs overcome some key pain points when scaling up.

Jonathan identified four key areas where Finance can move your business from that ‘start-up’ mode and on towards scale.

1. Appointing leadership roles

Many FinTechs start with an idea conceived the co-founders, and their utter belief and passion drives the business at pace in the early stages. Appointing a CFO is then one of the first HR challenges that they face. An increasingly popular route to engage a consultant or accountancy firm to act as CFO, so that rather than searching for that long-term fit too early during the growth phase, they turn instead to an advisory firm and mentor knowledgeable in the sector. Jonathan set up Aiteo Consulting to serve as a ‘hands-on’ solutions provider to start-ups and scale-ups to do exactly that – supporting fundraising, financial planning, financial control and building out the Finance function.

2. Raising capital

Investors need to know a business understands what its customers need and how they can support them. It is then that they have the confidence and reassurance to invest. Jonathan gave this advice: “Growth gets noticed and second to that, robust and actionable plans for growth than can be evidenced with confidence. To present this view of your business, it is essential to illustrate you really understand your customer – from how they buy to what they need – and relate this to the specifics of scalability. It’s also important to the right investors and gaining the support of an experienced FinTech investor can of course support a business financially, but it can gain from their strategic experience, contacts and competitive intelligence.”

3. Adhering to regulatory compliance and addressing cyber security

Not only is meeting compliance standards a regulatory requirement, it’s a major signal of a reputable business that can be trusted. FinTech is a heavily regulated industry with the PRA, FCA, industry regulation and GDPR regulation all converging to provide numerous rules and guidelines. Deploying a robust and reputable Enterprise Resource Planning (ERP) System provides a comprehensive system to support a business in meeting its compliance standards, across multiple jurisdictions in real time. FinTech companies have access to highly confidential and sensitive data from bank details to net worth so a platinum standard of security is essential.

4. Streamlining processes as the business grows

The more a business grows, the greater the need for additional resource. A well-implemented ERP system can immediately relieve the pressure on internal teams and give them the tools they need to maximise their time and concentrate on their wider objectives. Aiteo Consulting has worked with many FinTech companies to propel them to growth, as Jonathan explains: “With real-time reporting, the ability to manage transactions in crypto and global currencies, consolidated financial statements with multi-jurisdiction tax localisation and automated audits, ERP systems aid business processes and simplifies business structure. They represent a solid foundation to actually facilitate growth.”

Click <HERE> to read the full conversation on the BrightBridge website..