Can you tell us about the inspiration behind iPaybetter and how the idea for the platform originated?

Paying invoices with a credit card is a common problem in European countries. This is because most invoice issuers in Europe don’t accept credit cards. For example, if a landlord wants to receive rent from a tenant, they typically have to transfer the money via SEPA, a bank transfer.

We thought, why can’t a tenant pay an invoice with a credit card? So, we decided to create a platform that connects invoice issuers with invoice payers.

On our platform, the invoice payer completes the KYC process, registers, and can then send money to anyone who issues them an invoice. It allows B2C clients to use their credit cards to pay invoices and earn points, miles, and other credit card rewards. This also helps entrepreneurs and business owners to leverage their credit status with credit card companies.

Many credit card companies offer businesses a 58-day payment cycle. This means if you pay an invoice today, you won’t have to pay your credit card bill for another 58 days, but the invoice issuer receives their funds immediately. These are the key problems that iPaybetter solves for the users.

What do you think differentiates your product from the other fintech products in the market?

I think the number one thing is simplicity. iPaybetter is a very simple product with a simple platform and MVP. It’s also extremely user-friendly and easy to manage.

Our approach to marketing also sets us apart. All the competitors in the market struggle with marketing, but we come at it from a different angle that larger credit card companies and compliance firms can’t approach. That’s due to various strict compliance requirements and them having hundreds of employees, making it hard for them to be flexible. In contrast, we’re a small team with strong IT background. So that’s a big differentiator for us. 

When it comes to prices, we’re also extremely competitive. We are not only faster, younger, and more innovative, but we are also cheaper at the same time.

What led you to outsource, how did you come across Redberry, and why did you choose us as your outsourcing partner?

Outsourcing and delegating work to others is a core aspect of the entrepreneurial spirit. First of all, it will take years and decades for me to learn what Redberry can do, so there’s no point in wasting time doing that.

Outsourcing is probably one of the number one things that I had to learn throughout my entrepreneurial career. I never do anything entirely by myself. I come up with the ideas and provide the vision, knowledge, and funding, but the execution is handled by others who are more skilled in those areas. That was the main reason why we started outsourcing.

Redberry was a friend’s recommendation, and honestly speaking, I didn’t even look for other competitors in the market. We had a call where I presented the idea, and I loved the enthusiasm they showed.

When we started working together, we used Slack to communicate.

What stood out to me was how quickly the team understood the direction of the product and the concept of the MVP. Their fast understanding of our goals for iPaybetter was impressive.

It took us about three or four months to develop the MVP, which was remarkably fast. We were cashflow positive from day one. This is a very rare scenario to be really profitable from day one and speaks volumes about how diligently the Redberry team had worked, as they helped us ensure that everything ran smoothly, even after launch.

Probably the most important thing is that even during difficult times when unexpected bugs came up, the team was always available 24/7, ready to assist us.

Did Redberry pass the expectations vs reality check?

In today’s world, I tend to keep my expectations low because, unfortunately, most people fail to meet them. This is just the reality of how things are nowadays. 

However, what matters most to me is building long-term partnerships. Over the past two years of working with Redberry, we’ve been through rough times, especially in the last year when legal issues forced us to put the project on hold for some time and downsize the team. Despite these difficulties, the Redberry team has always provided encouragement and support. This level of commitment is rare to find in the market.

For me, it’s not just about managing expectations; it’s about being there through the good and bad times.

Redberry has demonstrated its dedication to our partnership, and for that reason, I have no intention of looking elsewhere.Redberry has demonstrated its dedication to our partnership, and for that reason, I have no intention of looking elsewhere.

Even if another vendor offered a discount, it wouldn’t outweigh the value of the support we receive from Redberry. What truly matters is having a team that shows up and puts in the effort, even during the toughest times.

I remember instances where your project manager joined calls late on a Sunday night and remained committed to getting the work done. That level of collaboration is exactly what I value in a partner.

What are your upcoming plans for the future?

We have big plans for iPaybetter. We have closed or signed contracts with big companies with whom we’re going to collaborate with. We are looking to onboard new clients now, starting in June 2024, which means we are taking off and bringing the platform to the next level. We’ve recently upgraded the MVP and are progressing with further development.

From a legal standpoint, we’ve assembled the right team and achieved a level of regulation that’s quite impressive for a startup like us. We’ve experienced organic growth without relying on venture capital, which is quite rare in the fintech world as well.

Looking ahead, we expect to reach a transactional volume of over 100 million in the next 18 months. Our goal is to scale up significantly, sponsor football clubs and undertake similar large-scale initiatives.

We plan to achieve this without hiring any employees. We want to build a billion-dollar company without having one single employee, only automation and AI.

Overall, as long as my family and friends stay healthy, everything that comes on top is just a bonus.