Do you want to become a FinTech startup founder? Then read this.

90% of all FinTech start-ups fail within the first year. Therefore, before leaping, you should see if you are ready to commit to coming onboard. Are you prepared for instability, risk, and adrenalin? Are you looking forward to burning the midnight oil? Are you fueled by unexpected challenges or rather lose heart?

It takes approximately three years to take the FinTech startup from the ground up. Then, of course, there will be continuous learning, but real expertise and success come in time.

Once you have decided to answer your life’s calling, you should think about what you want to achieve. Do you want to build a sustainable FinTech product or service or “play FinTech” while figuring out things on the way and burning lots of cash and time? If the latter, you should stop reading at this point as you won’t have a minute for yourself from this moment onwards. If the first, you could use working with a FinTech expert, who will be able to answer your burning questions and shortcut the steps required for the creation process.

Why should you hire a FinTech expert instead of doing it all yourself?

Entrepreneurship is a journey, and FinTech entrepreneurship is no exception. It is a path best enjoyed at every step. However, whether this is a full-time project or a side hustle, FinTech entrepreneurship and intrapreneurship is an arduous journey with many milestones to accomplish. Whether you are a serial entrepreneur, consultant, investor, or former banker with a track record, you will need guidance and support throughout the process. Stakes are high, and the odds are stacked against the entrepreneurs, new ideas, and projects due to the regulations, close supervision, and increased competition.

Ideas are plenty; it is the execution that is challenging. An idea that sounds great in theory might be hard to achieve in practice due to uncalculated market developments, emerging competition, existing or upcoming regulations, or simple miscalculations. It could also be hardER to achieve, resulting in time and money not well spent and decreased team motivation. Furthermore, while trying to cover left and right, you might lose sight of what is essential: the focus. As an alternative, working with FinTech, banking and payment experts who know the industry, understand market dynamics, and consumers have a vast network can give you the upper hand.  

Whether you want to validate your idea, FinTech business model, or see if there is a product market fit or user need, FinTech experts can give you a hand and lighten the extreme burden entrepreneurs carry around. 

As the finance sector is heavily regulated, it can be challenging to understand the existing or upcoming regulations or see how your organization can comply without sacrificing user experience. A FinTech expert with regulatory and legal know-how will not only interpret the current rules for you but can also make these regulations work for you.

FinTech experts can additionally identify opportunities existing and new potential markets can offer and help your organization differentiate its value proposition, offer, concept, or market position.