Startup of the Day: Fintellect, a Ukrainian fintech startup
Fintellect was co-founded by Yegor Walowski and Danylo Golota in October 2023. The startup develops a financial tool for web studios, IT companies, digital agencies, and other types of companies from the creative and technology industries. Currently, the company has about €3,000 MRR, with a goal to grow 30% month-to-month during the next few months. In the end of 2023, Fintellect announced receiving a $50,000 investment from ZAS Ventures.
In the Startup of the Day column, co-founders of Fintellect, share the details about the startup’s idea, its product, and future plans.
The Startup of the Day column on AIN.Capital is dedicated to tech projects from all sectors that originated from the CEE countries. If you would like to introduce your project, please fill in the questionnaire.
Tell us about your startup. How does it work?
Fintellect is a financial tool tailored for project-based firms. By integrating with banking, project management, and CRM platforms, it offers clear insights into team economics, hourly rates, and project profitability, all presented in our sleek, user-friendly interface.
We capture the critical data from the apps our customers use: bankings, time & resource trackers, and CRMs, and turn them into financial insights. We’re made for service B2B teams only, featuring special functional like project estimation tools, different business models coverage (time & material, retainer projects, revenue per employee) and great UX.
How did you come up with the startup’s idea? What was the reason/motivation behind it?
Fintellect began with two founders: one with a history of creating over 30 marketing strategies, global outsourced marketing teams, and growing businesses fivefold in two years. The other founder transformed an IT startup into a $1.5 million revenue powerhouse, developing key web services and apps for EU and USA companies.
Fintellect’s team understands the B2B service agency world, recognizing its growth potential and their unique position to fill a gap in this expanding, yet under-the-radar market. With a partnership built over three years and a shared vision for Fintellect, we’re geared to make a significant industry impact.
As the business evolved, we were joined by a coding team skilled in high-load microservice architecture and agile tech. Together, our combined expertise spans marketing, design, development, and finance.
How long did it take to reach the prototype or MVP? What did you encounter?
We built initial prototype by 6 months, and tested it on the first users to aggregate the data. While building we conducted a lot of in-depth interviews to gather insights on users problems, business process, operational issues, and other things we need to understand to build the platform into their business.
Then we grew to MVP in one more year, having companies in closed beta and testing all the product hypothesis.
The hardest part was building the product during the full-scale war. Not the best time to do an early-stage startup, and to raise money for it. But we managed, and now Fintellect is live and we’re growing and building.
When exactly did you launch your product? Or when the launch is planned?
We launched it in October 2023.
Tell us about the startup’s business model. How do you monetize your product?
We are subscription SaaS, with a Basic, Pro, and Custom plans to use. Basic gives full access to Fintellect, Pro — gives additional consultancy and support from the team, and Custom works as the tailored R&D for specific needs of the company, on top of our architecture and use-cases.
What are your target markets and consumers?
A small project based service company, delivering professional services:
- 5+ full time employees;
- industry: digital design, software development, marketing & advertisement, IT recruitment, legal services, business consulting;
- markers: no CFO or financial controller (founder or partner managing financial planing)
If the startup has already launched the product, what are the results: metrics, income, or any clear indicators that can be evaluated.
We are at about €3,000 MRR, with a goal to grow 30% month-to-month during the next quarter. We are just couple of months live, so the goal for now is to grow traction.
What about your team? How many people are working in the startup? If you’re looking for new employees, indicate whom exactly.
We have 6 people: two co-founders, two BE developers, one FE dev, and one QA. We plan to grow engineering team in the nearest future, to upscale our delivery.
Have you already raised any investments? Provide us with more details on each funding round: the amount, investors, the purpose of the investment.
Our team have raised €145,000 from Berkeley Skydeck this year, being part of their acceleration program. In the end of 2023 we also raised $50,000 from ZAS Ventures. Now the round is open, and we plan to close it in the next two months.
What’s next? Tell us about your future plans.
In 2024 we want to grow Fintellect to be a financial assistant that will automate the most routine financial tasks, and drive the hours spent on manual work as low as possible. We will utilise integrations and automations to streamline the data into Fintellect, and turn it to kley insights founder needs to run a business.
On top of that we are building integrated AI CFO, that will answer the questions on profitability, project financial results, and will do the job, that financial manager usually do.
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