Twin Brothers Building a FinTech Venture: Stephen Roche and Gabino Roche, CoFounders of Saphyre (Part 7)

Sramana Mitra: Would you now call yourself an exchange where there is a lot of inter-financial institution stuff happening?

Gabino Roche: I think that’s a fair analogy. It’s voluntary, because you don’t have to participate. If you do, there are a lot of carrots that come along with it. I like to call it an operating system for finance. The reason I say this is Stephen mentioned it earlier. Everyone had their own on-premise database. They would take Polaroid snapshots of the data, email them together, and then these spreadsheets will upload to our respective systems.

Featured Videos

Twin Brothers Building a FinTech Venture: Stephen Roche and Gabino Roche, CoFounders of Saphyre (Part 6)

Sramana Mitra: The workflow that you are facilitating is in the KYC AML in the context of trading.

Gabino Roche: A little bit. Everyone uses the term KYC AML and they imply tax, which is not necessarily KYC AML. They imply contractual legal agreements that are negotiated. For example, when you do derivatives trading, there are legal amendments and credit risk concerns. There are your setups with trading on Bloomberg versus market access and all these FX Connect. These are on top of KYC AML.

Best of Bootstrapping: Bootstrapped to $10M+ First, Raised Money Later

If you haven’t already, please study our Bootstrapping Course and Investor Introductions page. 

Koncert (formerly ConnectLeader) CEO Senraj Soundar had bootstrapped his company to over $10 million in revenue when we spoke in 2017. We love stories like this that reinforce our philosophy: “Do not go to VCs as beggars, go as kings!”

Sramana Mitra: Let’s start at the very beginning of your journey. Where are you from? Where were you born, raised, and in what kind of background?

Senraj Soundar: I was born and brought up in India, particularly in Southern India. I got my Bachelor’s degree in Electrical Engineering in Chennai. Around that time when I graduated, I received an award from the President of India for the best invention in the country. It was called the National Technology Award. They give out one award each year. I won that award in 1991, and it was given in 1992. The following year, I came to the US and went to UMass to get my Computer Science degree.

>>>

Video FAQs

1Mby1M Virtual Accelerator Investor Forum: With Yanev Suissa, Managing Partner and Founder at SineWave Ventures (Part 5)

Sramana Mitra: Where are you looking right now? What verticals are underserved where you think such large opportunities exist? What kinds of verticals are you looking at?

Yanev Suissa: We have a bet in the AgTech space. We’ve done a few in the health insurance space and the HealthTech space. We are increasingly looking at the manufacturing and industrial spaces. We think that cyber-physical systems is an interesting place.

Sramana Mitra: IoT kind of stuff.

Twin Brothers Building a FinTech Venture: Stephen Roche and Gabino Roche, CoFounders of Saphyre (Part 5)

Sramana Mitra: Tell me about the customer progress from 2017 to 2022. You had five years’ worth of customer development that has happened. Tell me about who those customers were, what were the average deal sizes, and at what pace were they coming in.

Stephen Roche: The revenue didn’t start coming in till 2020. In 2020, we had close to 20 to 25 firms working with us on some form of proof of concept. A lot of times, we were just giving the service for free to give confidence. Most of the firms wanted other people to use it. JP Morgan was one of the firsts.

1Mby1M Virtual Accelerator Investor Forum: With Yanev Suissa, Managing Partner and Founder at SineWave Ventures (Part 4)

Yanev Suissa: We are also very comfortable going deep on the vertical side of things rather than just horizontally. You could build multi-billion dollar businesses in verticals that aren’t as familiar to the Valley sometimes like agriculture. Climate tech is one of those verticals that has emerged. Insurance is one a lot of people talk about. Manufacturing is another one. Those are areas where the Valley is not as well plugged in or connected.

Cloud Agronomics, for example, is a vertical company up and down the AgTech stack. They can help you analyze soil and agriculture over billions of acres in real-time. They can help you understand the carbon sequestration in your particular land. They are able to do a lot of things in one particular vertical well.

592nd Roundtable for Entrepreneurs Starting NOW: Live Tweeting by @1Mby1M

Today’s 592nd FREE online 1Mby1M Roundtable For Entrepreneurs is starting NOW, on Thursday, September 29, at 8 a.m. PDT/11 a.m. EDT/5 p.m. CEST/8:30 p.m. India IST. CLICK HERE to join. PASSWORD: startup  All are welcome!

Best of Bootstrapping: Bootstrapped First, Then Scaled with VC Funds

If you haven’t already, please study our Bootstrapping Course and Investor Introductions page. 

When we spoke in 2019, Faction Founder Luke Norris had executed a tremendously effective Bootstrap First, Raise Money Later strategy from Colorado.

Sramana Mitra: Let’s start at the very beginning of your journey. Where are you from? Where were you born, raised, and in what kind of background?

Luke Norris: I was born in Nevada. 

>>>