Sramana Mitra: Your core value proposition when it comes to the global market is the combination of payments and core banking?
Ricardo Josua: This is one of the main features. You have everything rolled up in a single integration. The second one was that this is not a monolithic solution. It can provide all the systems, but you can build around them. One of the pains that we try to solve was that we don’t want to be the bottleneck in the development of products from our clients. We have to make sure that we have out-of-the-box solutions if you want a basic product.
>>>Sramana Mitra: How big is the developer community now?
Michael Morris: It’s about 2,600 people. We’re still getting off the ground. Out of that, about 500 are vetted. These are people who have gone through our assessment process, built their profiles, linked up their GitHub accounts, and installed and started using our productivity tool.
Sramana Mitra: You have enterprise customers already?
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>>>Sramana Mitra: Were these Brazilian banks?
Ricardo Josua: The first ones, yes. The first one we went to was the largest bank in Brazil. We ended up closing this large contract. It was an experiment. Just having the open door there changed everything.
Sramana Mitra: Now you can go to all the other Brazilian banks and say that you’re working with the largest bank.
>>>Sramana Mitra: Tell me what is the beginning of Torc. How much funding did Frank put in?
Michael Morris: That was an important piece for me. Through my experiences at Appirio and Topcoder, I knew about the effort it takes to fundraise. I was concerned about it. I didn’t want to spend all my time constantly fundraising. I just wanted to build something and focus on that. The fact that they were private equity was a little bit of a different structure. I don’t see myself going to somebody else. We had a commitment for a large level of funding, but we’ve only taken $5 million.
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