FinTech is seeing exponential growth in the industry: there are more unicorns in it than ever before. What is the reason for it and how do you ensure that a FinTech startup will blow up? Ilya Kisel, COO of Synder by CloudBusiness, reflects on his journey from customer success to the C-level position of one of the most promising accounting startups, which experienced a 250-300 percent growth this year.
Helping people solve their problems is how the path to success is made in this business. Ilya made sure it was this way, as his career path began with building up customer relationships and the support processes. Not a typical decision for a SaaS company, but the one that unquestionably paid off for Synder.
“There is no such thing as too much attention to detail when it comes to caring about others’ needs. When these others are the clients that bring your company money and reputation, you want to make sure they are taken care of properly. Not many SaaS companies put this as a priority during the initial stages of building a product. But we did,” Ilya adds.
Now, as the company has attracted a lot of attention from investors and built partnerships with big-name PayTech companies globally, it can be said that the people-first strategy is one that brings success even to software development startups. The company’s motto, “Machine Accuracy. Human Approach”, reflects the values by which Synder operates: provide a top-notch solution for accounting automation built for the real needs of real people.
“Synder was launched as the solution to our own needs,” the COO discloses, “There was no other product on the market that could help solve the problem of correct multichannel data synchronization. We knew that the e-commerce market was saturated, but surprisingly there was no working solution that could help bring all the sales from all the channels into the accounting ledgers accurately and with no errors. The number of data gaps and discrepancies was huge. We wanted to fix that, and we did.”
Attention to individual needs and problems that require solving to make people’s lives easier is in the DNA of the product. The company believes that even finding a solution to just one problem is worth a lot.
Now, as the company is growing on average 250-300% a year, staying focused and staying on track holds a crucial part of success. “There are many problems to be solved in the world, and it is too easy to move away from your goal as you try to solve them all.” Having learned a lot from developing the support team, now Ilya develops working processes through all of the company’s departments. “My job as the Chief Operating Officer is not only keeping people motivated, but focused too.”, he says, “One of the most challenging tasks, but the one with the biggest return is to ensure that all our team members, DevOps, QA, Support, Sales, Marketing — are on the same page and moving towards a common goal.”
Due to recent investments, the company is planning to grow even faster. As for now, Synder helps businesses in the USA, the UK, Canada, Australia, and New Zealand to automate accounting and make daily financial management as simple as possible. But the company is dreaming big and has huge plans. The COO confesses, they would like to assist businesses all over the world, despite geographical positions and local legal aspects, to streamline their bookkeeping process. “Although our prime market is the US, today we are already facilitating reconciliation and reporting for thousands of e-commerce businesses from other regions, too. Our integration capacities go far beyond just Shopify and eBay at present. We can import sales data from almost every payment platform that your online store can be connected to.”
Seamless data migration is at the core of the Synder product. It automates the accounting activities for e-commerce businesses eliminating the need for manual data entry. The software facilitates the reconciliation process between the platforms and the bank accounts and ensures neat reporting, including detailed P&L, balance sheets, and others. This is key to the maintenance of every e-commerce business’s financial health. “Without proper reporting, you can’t strategically plan and develop your business. When you don’t even know your net and gross amounts, how can you effectively build your supply chain?”
With the company addressing primary e-commerce business needs, the COO admits that there are still a lot of new things to come: “The market has been growing during the last decade, and boomed after the pandemic. The demand for online shopping is at an all-time high. E-commerce platforms and payment providers like Shopify, Etsy, Stripe, PayPal, and Square became the locomotives of this revolution, but many new channels continue to emerge. In approximately 3-5 years, we will be able to see the results of this growth.”
The company’s growth could not be possible without its happy and satisfied customers, that’s why Synder puts the genuine feedback of their audience at the center of attention. Ilya shares: “We have thousands of customer reviews across marketplaces like QuickBooks App Store, Shopify App Store, Capterra, TrustPilot, and G2. We are truly grateful to every single person who spreads the word about our product”.
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