Sramana Mitra: It is very difficult to make a success of those kinds of businesses. As you may have been following what’s happening in the online media industry, most of the companies are failing in that space. Roy Peleg: You’re correct. I would say that revenue was secondary. There were hardly any independent computer websites back
Martin Manniche: The companies said, “We don’t own the industrial design. So the product that we are getting out from our client partners could be the same that our competitors use. We don’t control the software inside it. We are giving a spec, but the software is owned and built by someone else. That means that
FirstImpression is Roy’s fourth startup. The prior ones had all failed, and Roy candidly discusses how and why they failed. There is much to learn from failures and mistakes, possibly even more than from successes. Sramana Mitra: Let’s start at the very beginning of your personal journey. Where are you from? Where were you born,
Martin Manniche: During the process of starting an energy management system, we built proof points on smart cities and smart country. We built proof points in consumer to consumer with connected lighting technology. We build integration with connected cars. We then said, “We need to control the home network.” We make them and get it out
Sramana Mitra: Your core business model is the origination fee business model? Sergio Furio: We call ourselves an originator of secure loans. That’s where our value add is. If you think about it, a collateralized loan is very complex to originate. If you can create a business that excels in processing the loans for home
Sramana Mitra: Whom did you raise that money from and based on what investment thesis? Martin Manniche: We raised the money from a combination of strategic partners. These are partners who have invested in previous companies. Then of course, myself and my brother invested to show that we were serious about this. That first round
Sramana Mitra: Let’s come to where you are now. Help me understand your business better. What’s happening on the platform? Who’s doing what? How are you getting paid? What do you need in terms of infrastructure to make your model work? Sergio Furio: Today, BankFacil is a secure lending platform. We are a digital lender.
Sramana Mitra: What year does this bring us up to? Martin Manniche: 2005. Then the first new thing for me was that I was no more working for myself. I was joining a big company. I worked for Cisco Consumers Group where I eventually became the CTO. That was an interesting journey – coming in as a Senior Director