How We Doubled Our Fintech Payment SaaS [Update]
This is a follow up story for Akurateco. If you're interested in reading how they got started, published almost 3 years ago, check it out here.
Hello again! Remind us who you are and what business you started.
Hi my name is Vladimir Kuiantsev and I jumped into the world of payments back in 2007. Since then, I've been honing my expertise, capped off with an MBA from Munich Technical University.
As the CEO of Akurateco, I lead our marketing efforts, constantly innovating our product line, and ensuring our investors are as excited about our journey as we are. We're in the business of simplifying payment processing with our suite of solutions that cater to various fintech needs, from robust white-label payment gateways to seamless payment orchestration platforms.
Our track record? Well, it speaks for itself with revenue doubling annually.
It's not just about the numbers, though—we are helping businesses of all sizes reduce headaches and keep the cash flowing. And we're doing it globally, adapting to different markets and regulations with ease.
Tell us about what you’ve been up to. Has the business been growing?
Akurateco has not just kept up but set the pace. Our revenue structure reflects a strategic pivot towards sustainable growth, emphasizing the importance of pure recurring fees. This shift is evident in our 'revenue revolution' chart:
Here you can see a significant increase from 33% in 2022 to 75% in 2024 in our recurring revenue stream. This is a testament to our commitment to building lasting relationships with our clients, providing them with continuous value and, in turn, solidifying our recurring revenue base.
The development fees from our recurring clients have also seen a healthy progression, indicating that our existing clients are thriving and expanding their use of our services. This is in line with our mission to grow alongside our customers, adapting to their evolving needs with our scalable solutions.
This strategic direction illustrates not just where we are but where we're heading – towards a future where Akurateco is synonymous with innovative and reliable payment solutions that drive the fintech industry forward.
What challenges has Akurateco faced in the past year, and how have you adapted your strategy and operations in response?
This past year has tossed us into the deep end, with challenges that tested our resolve and strategic foresight. Investment acquisition has been our major battleground.
Initially, we cast our net wide, seeking industry-agnostic investors, but we've pivoted towards securing backers with deep roots in fintech. Their industry-specific insight is invaluable, particularly now, as we navigate what many are calling a 'venture winter'—a time when investment is harder to come by than ever before.
As for internal adjustments, the saying 'What worked in the past won’t necessarily work in the future' has never rung truer. We've evolved, re-evaluating our leadership and operational models to stay agile.
This included bringing in fresh expertise to fill my previous roles and adapting to the seismic shifts in ad platforms and customer acquisition strategies.
But perhaps the most poignant change has been in our company culture. The ongoing conflict has deeply affected our team, many of whom were based in Ukraine. Despite the distance, we've doubled down on our remote infrastructure to ensure support and stability for our team members, acknowledging the mental and emotional toll these times can take.
Set a vision but anchor it in reality. Dream big, but chart a course with attainable milestones, and remember that growth is a marathon, not a sprint.
What have been your biggest lessons learned in the last year?
The past year has been a profound learning curve for us at Akurateco. We've come to recognize the symbiotic relationship between offline events and our broader marketing strategy.
Initially, we underestimated the importance of physical presence; however, we've learned that having a booth at key industry events can significantly amplify our reach. It's not just about showing up; it's about being selective and strategic.
We've learned to identify which events will attract our target demographic, ensuring that we invest our resources wisely. Good preparation is crucial, it enables us to make the most of these opportunities, from the people we meet to the discussions we have. These efforts have translated into a tangible return on investment, reaffirming the value of integrating offline engagement with our digital endeavors.
Yet, it's also been a year of discernment, realizing that not all events are created equal. We've learned to assess the potential of each event critically and recognize that some don't warrant the investment of a booth.
The ability to filter through events and choose where to allocate our presence and resources has been an invaluable lesson. This strategy not only optimizes our marketing budget but also ensures that we're present where we can make the most meaningful connections and impressions.
What’s in the plans for the upcoming year, and the next 5 years?
Looking forward, we're aiming to construct an outreach Account-Based Marketing (ABM) unit that's meticulously structured. This unit will include specialized roles from strategic Lead generation manager, SDR, sales executives, CSO structure of the unit to a Head of Sales to lead the charge. Currently, we're in the pilot phase, testing the waters with this model to ensure it aligns perfectly with our outbound strategy.
Our five-year vision is ambitious yet grounded: we aim to elevate Akurateco to a valuation of at least $100 million. To achieve this, we're setting a clear and achievable target of acquiring 500 clients, each contributing a yearly engagement of $10,000.
It's an ambitious plan, but with the scalable systems we're putting in place and the dedication of our team, we're confident that it's not just a hopeful milestone but an attainable one. We're laying down the groundwork today to turn this vision into a reality.
What’s the best thing you read in the last year?
Great question! The standout read for me this past year has been from Ray Dalio, who delves into the compelling themes of 'Principles for Dealing with the Changing World Order'. Dalio, known for his insightful analyses of economic patterns and principles, discusses the cycles of order and chaos, both within ourselves and the wider world.
What makes this exploration so valuable is how it frames the inherent cycles in life and business, teaching us to anticipate change rather than simply react to it.
The book resonated with me and the way we approach business at Akurateco. It echoes our understanding that stability and volatility are part of the same continuum.
By applying Dalio's insights, we've sharpened our ability to maintain internal order within our company – streamlining processes and nurturing a resilient corporate culture – while adeptly navigating the external disorder of market fluctuations and industry disruptions.
It’s a powerful reminder that equilibrium in business comes from embracing and preparing for both structure and upheaval.
Any advice for other entrepreneurs who might be struggling to grow their businesses?
First, recognize the value of adaptability. The market is an ever-shifting landscape, and the ability to pivot, as we did in seeking investors with fintech expertise, can be the difference between stagnation and progress.
Embrace the 'venture winter' as a season of strategic planning and reinforcing your foundation, so you’re ready when the thaw comes.
Next, don't underestimate the power of presence—both digital and physical. Integrate offline marketing with online strategies as we did; it's a synergy that can yield significant returns.
However, be selective. Not all exposure is equal, and discernment is key to ensuring your efforts are not only seen but resonate with the right audience.
Also, never lose sight of the human element. The well-being of your team is paramount. Challenges like the ones we faced due to the war can affect your operations profoundly. Maintain a supportive infrastructure and be ready to adjust to the needs of your team.
Remember, a supported team is an empowered one.
Lastly, set a vision but anchor it in reality, just as we aim for a $100 million valuation within five years by securing 500 clients with substantial engagements. Dream big, but chart a course with attainable milestones, and remember that growth is a marathon, not a sprint.
Are you looking to hire for certain positions right now?
We are actively seeking sales professionals who can drive our business forward, senior developers who are adept at innovating and solving complex problems, and DevOps experts who can streamline our operations.
These roles are crucial in helping us maintain our edge in a fast-evolving industry. If you're looking to make a significant impact and grow with a dynamic team, we would love to hear from you, please reach out to us directly.
Any final words? Where can we learn more about Akurateco and how to reach out to you?
Thank you for taking the time to learn about Akurateco and our journey. We're passionate about providing the best payment solutions and are always looking to connect with individuals who share our vision.
To stay updated on our progress, explore our services, or reach out for collaborations, please visit our website. You can also follow us on social media platforms for the latest news and insights:
Your support and interest mean the world to us, and we look forward to engaging with our community and stakeholders through these channels.
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