FinBiz Technologies - EMBEDDED FINANCE. MADE SIMPLE.

Company: FinBiz Technologies

Representative: Sergey Panteleev

Position: CEO

How would you explain your business in one sentence to your grandmother?

Think of us like a friendly digital helper that brings together folks lending money and small businesses online, right where they do their business or enjoy spending time. We make getting a loan easy and stress-free, ensuring everyone comes out on top!

Where did the idea come from and what problem does it solve?

The concept behind FinBiz Technologies, or simply FinBiz, sparked from recognizing the game-changing potential of embedded finance and identifying the hurdles in traditional lending that hinder Micro and Small Enterprises' (MSEs) access to loans.

We set out to tackle the issue of traditional barriers and complexities in accessing financial services faced by small business owners and entrepreneurs. Many struggle to secure loans or efficiently manage financial transactions. Understanding the impact of embedded finance, our mission is to create a comprehensive solution. In collaboration with lenders, both traditional and alternative, FinBiz seamlessly integrates financial services into the platforms and places where entrepreneurs dedicate most of their time managing their businesses.

Our focus is on simplifying the lending process, ensuring it becomes fully digital, accessible, and user-friendly for both lenders and small businesses.

Our goal is to elevate the overall user experience, promote financial inclusion, and deliver personalized financial solutions tailored to the unique context of each business. In essence, FinBiz resolves the challenges of financial complexity and accessibility, bringing the advantages of embedded finance directly to small businesses in a way that is easy, light, and mutually beneficial.

How did you form a team? How do you know each other, why did you decide to work together?

We joined forces after working together for a while, found the experience enjoyable, and made the choice to launch FinBiz. The enthusiasm driving this decision stemmed from recognizing the opportunity to create something meaningful, tackling real challenges and delivering tangible benefits to those who use our solution.

Was there a moment that almost turned you down?

Thankfully, we haven't encountered such a moment yet. While the journey can be challenging at times, we firmly believe that facing difficulties head-on only makes us more resilient. The tougher moments become catalysts for our strength and determination, shaping us for the journey ahead.

The biggest mistake so far?

While there hasn't been a standout mistake to brag about, we see each challenge as a chance to learn and get better every day. We're focused on the numerous possibilities ahead of us, excited about the learning and improvements they can bring.

The most valuable advice you would give to those after you?

Stepping out of the comfort of a well-paid corporate job to pursue something new requires courage. However, once you discover that one thing that brings a smile to your face every morning and makes you believe in positive change, go for it. You'll never regret the journey, regardless of the outcome.

How do you resemble the Bulgarians and how do you differ from them?

We are a diverse team of founders with French and Bulgarian backgrounds, introducing an international perspective to our work. It's remarkable how much we share in common, yet equally fascinating to explore the unique aspects that set us apart. This blend of similarities and differences enables us to discover unexpected connections and embrace the diversity that adds a distinct uniqueness to our company and team.

Why is Bulgaria a good (or bad) place to start a business?

Bulgaria grapples with critical issues like corruption, with a need for attention on education and health. However, it remains an excellent place to kickstart a business. The entrepreneurial spirit runs high, bolstered by a vibrant and expanding venture capital ecosystem. And let's not forget, it won't break the bank to launch your business here. Sometimes, the best opportunities emerge amidst challenges!

If you have a magic wand, which partner or investor would you like to bring to the team?

No magic wand can suffice; dedication and commitment are the keys. The ideal partner or investor is one who shares our passion, commits to our vision, and delivers tangible value in support and effort when needed. Thankfully, for the time being, we are surrounded by such partners and investors.

What are your goals? Where do you want to go from here on out?

Our primary goal is to revolutionize the financial landscape for owners of micro and small business by leveraging the transformative power of embedded finance.

Our immediate objective is to become the go-to solution for tackling digitalization and fostering inclusion in lending and investing for MSEs. Focused on making a meaningful impact in Bulgaria, we envision expanding our influence throughout the broader Southeast European (SEE) region.

In essence, our ongoing journey is dedicated to elevating the overall user experience, promoting financial inclusion, and delivering personalized financial solutions tailored to the unique context of each business. We aspire to bring the advantages of embedded finance directly to small businesses in a way that is a true win-win for all stakeholders involved!

Why did you become part of the BESCO team?

We joined the BESCO team with the dual purpose of amplifying FinBiz's reach and contributing our expertise to the dynamic BESCO community. By actively participating, we aim to elevate the discussion, share our insights, and advocate for improvements that foster a more welcoming and flourishing entrepreneurial environment in Bulgaria.