3 Success Tips For FinTech Entrepreneurs

3 Success Tips For FinTech Entrepreneurs

04-Aug-2018 by Montserrat Bonilla

Pablo González, CEO of Sr. Pago, visited our hub during our third week of on-site activities. After a fireside chat with the first batch of Startupbootcamp Scale FinTech Mexico City, Pablo shared with us his Founder’s Journey: an experience full of knowledge and wisdom from one of the Entrepreneurs of The Year (2017) in Mexico.

It is a great time to enter FinTech in Latin America, as well as in other emerging markets. Having said that, it is not an easy path. As the ecosystem is growing exponentially, so does the competition.

Nevertheless, in each country, there will always be certain factors that condition the development of strong and competitive ecosystems – from regulation to the opening of banks and financial institutions, to the state of venture capital.

In Mexico, for example, the recent FinTech Law has been an key topic in the conversation and, clearly for FinTech entrepreneurs. At least, this is what Pablo Gonzalez thinks.

Pablo was honoured as one of the Entrepreneurs of The Year (2017) by Expansion: one of the most relevant business media outlets in Mexico. Eight years ago, he founded Sr. Pago: a Mexican company that provides a full service mobile-enabled solution for receiving payments with cash, debit or credit card.

In recounting his Founder’s Journey, he deems that fundraising is one of the major challenges for an entrepreneur, but is crucial to achieving the growth any startup is looking for.

He also shared with us some lessons, summarized in the 3 Success Tips For FinTech Entrepreneurs:

Focus Pocus
The entrepreneur’s mind will be always restless. Thinking about the next stages of the business could complicate the day-to-day execution and decision making. For Pablo, the magic is found in having the ability to focus.

“When I started, I had already heard about focus and about focusing on just one product. Still, one of the mistakes I made was saying yes to too many things. Maybe if I would have said no, I would have launched way faster”, he says.

Experts wanted!

It is impossible to know about everything. There are some business matters you would be better off delegating to the best expert.

“My strongest recommendation is: for every subject, there is an expert and therefore sometimes, we as entrepreneurs believe that we, too, have to know everything – especially when you are the founder and the head of a company”, shares Pablo.

Proximity is essential

“Think as your users think” should be the policy of your company. Knowing what they do, what they want and how they use your solution is one of the main responsibilities of your entire team.

“At any stage of a product, go and see the way your clients use it and get an idea of what it’s like. Don’t take for granted that just because you devoted two days to being around your clients to see the way they use it, you’re safe. No, this is a process that you should do practically every month because the product evolves”.