FinTech is exploding, with mammoth funding rounds powering hypergrowth at dozens of UK startups and countless more in major cities around the world.
To set yourself the ambition of becoming the fastest-growing company in this accelerating global industry is quite an ask – but Ronnie Millar does not shy away from this goal.
The CEO of Paysend, a card-to-card international payments platform, has already managed to reach five million customers in less than five years. He says this is just the beginning.
“We believe we have only scratched the surface of our potential scale and reach,” he tells TechBlast. “We want to scale the business to become the fastest-growing FinTech company globally and a multi-billion payments company.”
Paysend, which raised £88m in Series B funding in May, removes the need for third-party acquirers or processors which increase cost and complexity for consumers and SMEs.
Accessible from any mobile device, customers can reach more than 135 countries around the world for as little as $1.
This year the company has enhanced its global payment network via partnerships with Plaid, Mastercard and Visa. It has added around 1.5m customers in the last six months alone.
Millar says he and co-founder Abdul Abdulkerimov, who serves as chairman, have split duties such as fundraising, operations, legal and technology over the years. However with a global headcount now numbering more than 500, expert hires have been crucial to its success to date.
“Building a team of experts in key functions as quickly as possible was most critical in helping the company run efficiently and effectively,” he reveals.
“As a founder there’s always something you can do differently. When working in a startup environment you need to acknowledge that ideas are generated continuously, and therefore you need to be flexible, open-minded and considerate of adjustments and advice from others.
“You’re never going to get everything right and should expect some stumbles along the way.”
The three rules of hypergrowth: Product, scalability and people
Paysend is careful to ensure its acquisition costs per customer do not exceed $10. If entrepreneurs are looking at the big picture, having the right talent to focus on details such as this can be crucial in building a sustainable business.
“Follow your dreams and have big ideas but make sure you have the experts alongside you to execute those ideas and make them a reality,” Millar advises.