NOTEWORTHY HURDLES THAT FINTECH START-UPS MUST CONSIDER RAZI SALIH
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inancial technology (fintech) applications and solutions have evolved tremendously in the 21st century. From the growth of cashless payment solutions to an abundance of mobile wallets and even digital banks, the sector is one that’s blazing a trail in innovative technology. Many of these solutions are developed by start-up companies, which are launch pads for many enthusiastic entrepreneurs looking to make an impact on banking and finance. The road to success, however, is one that’s paved with surmountable hurdles.
Navigating Regulatory Requirements Every industry has its rules of the trade that entrants must abide by, and fintech is no different. Start-up founders should be open to working with regulators to make sure aspects such as licensing are done in a way that benefits the company, rather than becoming a stumbling block.
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Prematurely Launching the Solution The pressure to launch can come from different quarters. For some, eager investors could be getting impatient, while other founders have selfimposed deadlines they (stubbornly) want to meet. However, the rush to launch must not supersede the need to build a reliable solution or take care of critical features. Being open and honest with investors is the way to go and can save the start-up more trouble further down the road.
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