Company Name: Radiius Corp Inc. Name/Title: Rajeshwar Mitra, CEO Industry Segment: Payments, PFM Target Markets: USA, Global
LTP: Tell us a little bit about yourself.
Rajeshwar Mitra: Ideator, Innovator and deal maker. About 25 years in technology – products, services & consulting across Asia, Europe and USA.
LTP: Give us a paragraph pitch of your company.
RM: A FinTech company, Radiius intends to transform Personal Financial management experience. It intends to deliver leading edge convenience, real-time intelligence, and real-world savings to individuals. Radiius will achieve this by leveraging cutting edge technologies coupled with years of experience in delivering world-class products and services.
Radiius’ innovation is a miniaturized, versatile contactless Payment wearable device called RadiiusPay. The product is an EMVCo compliant payment solution that works standalone as well as with any existing Bluetooth-ready device such as mobile phones, smartwatches, fitness bands, key fobs.
LTP: In a sentence or two, what problem are you solving today?
RM: RadiiusPay devices virtually eliminates the need to carry a wallet by clipping on to and pairing with convenient wearable devices such as smartphones, smart watches, fitness bands, key fobs or handbag tags. The RadiiusPay digitally stores all cards (payment, loyalty, rewards, etc.), securely – the RadiiusPay devices are protected by a biometric sensor. Just scan your fingerprint, tap and go! Not just that – RadiiusPay recommends “Best Card to Use” based on the merchant and the Radiius Pay app provides visibility to all spends across all cards.
LTP: Who are you selling to?
RM: Executives, millennials, and homemakers.
LTP: Why did you start the company?
RM: With the objective of transforming the personal finance management in the mobile and IoT era. Build products and services that deliver convenience, intelligence and savings to consumers.
LTP: What's the most important change coming to your segment in the next 3–5 years?
RM: Global economies becoming cashless. Growth in mobile and consumer devices as payments and service delivery channels.
LTP: What’s your next milestone?
RM: Launch of Indiegogo campaign for pre-orders – April 2017. Commence consumer devices – July 2017.
LTP: What's one thing you wish customers knew before a sales meeting?
RM: Clearly, a customer who knows what they really want or need is a salesperson’s dream. Specifically, in the context of our products, the sheer complexity of the financial ecosystem is sometimes lost on customers
LTP: If you could change one thing that financial services people do incorrectly, what would that be?
RM: Financial services still have a number of mediation points. Financial services would need to start encouraging disintermediation and adopting modern technologies to deliver benefits to customers a lot faster.
LTP: Anything else you want to say to our audience?
RM: Radiius has consciously stayed away from the “fake it till you can make it” concept that drives a number of startups. We have been developing our product over the last two years. Even before we created our wearable product, we successfully designed and built a smart card with all the technology currently featured in our wearable, in a 0.76mm IoT smart card with an e-ink display. This was showcased for the first time in April 2015 at TiECon, Santa Clara, USA and at the Unbound Innvofest, Singapore, where it made it to the CNBC’s Top 5 “Useful Tech innovations.”
Bonus – Users’ Choice Question
LTP: What keeps you awake at night?
RM: The same that keeps every startup entrepreneur up: the delivery pangs of a new product introduction. All the effort of the years of effort boils down to the proof point of getting the product launch right.
Thank you, Rajeshwar!
Check out Radiius’ website for more information.