Friedhelm Schmitt, Co-CEO of Fincite, shared his insights with regards to developing a venture, creating an appropriate team culture, and how bootstrapping can transform a company into an award-winning top player in the Frankfurt FinTech scene. Throughout the interview, Friedhelm shares his personal experiences throughout the founding of Fincite and how the company has become what it is today. Responsible for Operations, Partners, and Product Development, Friedhelm explains that his two years of industry experience convinced him to take a risk.
“By looking asset management and seeing how non-digital all of these processes were [and] seeing how almost everything was Excel-based, we saw a business opportunity in asset management to eventually shape a product” he explains.
His vision lead the Fincite team to become pioneers in the FinTech scene in Frankfurt: “Seven years ago, there was a tendency for changes in several industries and I asked myself ‘Why should banks be any different from other industry?’”, he says. Even though the days in the beginning of development were tough, these challenges gave the founders the required strength, basis, and inner confidence to recognize that they were on their way to success.
Regarding customer acquisition and traction, he explains that Fincite differentiates itself in comparison to other FinTechs in the Frankfurt ecosystem as follows:
“To date, we are purely self-financed, 100% owned by the founders,” Friedhelm states. “We were also very lucky to have very good clients that shared our market vision since the beginning of the journey”.
Watch the video below to discover more information about the upcoming objectives, the client-base expansion, the challenges with regards to regulatory regimes, and methodologies for scaling and growth while maintaining quality as well as team & client satisfaction within the Fincite community.