MEDICI now! Startup Stories highlights the companies that are shaping the new financial technology industry. Keep an eye out each week for new stories! If you or someone you know should be highlighted, send us a note. Without further ado…
Company: Coriunder – Payments-oriented user management
Name/Title: Eliad Saporta, CEO
Industry Segment: Back-end/banking software/gateway
Target Market: Europe/US
LTP: Tell us a little bit about yourself.
Eliad Saporta: I'm a FinTech entrepreneur that combines multi-discipline skills of finance, legal & coding. Although a lawyer with an MBA in finance, I was always drawn to product management and design. For years, I have been supporting companies by consulting and assisting in their efforts to build products in the payments ecosystem. With Coriunder, I now have the ability to give more to the entrepreneurs I meet – not only by assisting but rather by providing tools to build their vision on. My secretary once said, “Saporta will support you.”
LTP: Give us a paragraph pitch of your company.
ES: Coriunder is a “back-end as a service” platform, focused on enabling FinTech and e-commerce startups to build their product without investing time and money reinventing the wheel.
All startups begin their journey by developing the user management layer of their service and sometimes, it takes more time and money than they originally intended. Coriunder saves time and resources for the entrepreneur by bringing an “all-in-one platform.” We help them pass from the idea to the delivery stage.
LTP: In a sentence or two, what problem are you solving today?
ES: Startups struggle in their early stages to build a proper back-end and reach the MVP stage without funding – with our back-end system they can focus on their niche and allocate their budget where it counts the most.
LTP: Who are you selling to?
ES: We are selling to early-stage startups and entrepreneurs with an idea for the next big thing in FinTech or e-commerce. We have various solutions for the enterprises but we focus on startups at this point.
LTP: Why did you start the company?
ES: We have been a part of the payment industry for a while now and have seen a lot of startups with great ideas that could have helped a lot of people or companies, but couldn't launch or grow due to lack of proper infrastructure – we are here to help them go past that stage.
LTP: What's the most important change coming to your segment in the next 3–5 years?
ES: We see banks and other financial institutions opening up to working with startups in the FinTech ecosystem and leveraging the skills and ideas these companies have to offer.
LTP: What’s your next milestone?
ES: We launched our first startup a month ago and working on cooperating with hubs and accelerators to offer our services to their startups. We are busy building our Module Market enabling one startup to offer their services to another startup within our platform – startups helping startups.
LTP: Anything else you want to say to our audience?
ES: We provide our services for FREE when you start building your product – we believe in a “pay-as-you-grow” model. You can get more info on our site or you can send me an email and I will be more than happy to help.
Bonus – User’s Choice Questions
LTP: What's one thing you wish customers knew before a sales meeting?
ES: Our business model makes our sales team more personally invested in your success. We want to see you build the service you were dreaming of; we only get paid when you actually make it.
LTP: If you could change one thing that financial services people do incorrectly, what would that be?
ES: We took part in a lot of meetings with our clients, in which, executives from financial institutions had the same approach to products and solutions offered by our clients – “in order to start a POC with us we want to see a use case.” We think banks should change their approach and be more inclined to do a POC with startups, setting up a sandbox environment with similar data to help the startups prove their worth and help solve the “chicken and the egg” problem startups encounter.
LTP: What keeps you awake at night?
ES: Regulation – as a global company serving startups, we need to be aware of the ever-changing regulations in many fields to make sure we are compliant in the areas we need to be. We have a great responsibility not to harm the startups who built their solution on top of our system.
LTP: Thank you, Eliad!
Twitter: Eliad – https://twitter.com/eliadsaporta
Do you know someone who we should highlight? Send us a note.
If you’re a startup, create your Rocket Profile on www.goMEDICI.com.