Velexa - WealthTech Solutions and Investment Platform Provider

Company: Velexa Bulgaria

Representative: Tamara Kostova

Position: CEO

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

We provide technology that makes investing accessible to everyone.

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

Velexa is solving two big challenges: First and foremost, more than 65% of banking consumers are excluded from the investing market, despite an increasing interest in participating. Not only do these consumers lack investing culture, education, and experience, but most of their personal finance service providers (e.g. retail banks) do not offer a simple way for them to invest their savings.

The second challenge is that financial institutions are finding it harder to attract and retain the new generation of banking consumers and DIY investors, and this poses a threat to their (already low) profitability. The new generation of banking consumers expect a modern and unified digital personal finance experience which includes investing. Yet, many retail and private banks are unable to offer such seamless services because their legacy infrastructure cannot adapt.

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

Velexa emerged from its roots as a team of passionate technologists and fintech advocates from the finance industry who came together in 2019 to launch a future-oriented ambitious WealthTech company. After working in stealth mode during the COVID-19 pandemic, Velexa Ltd was incorporated as a private limited company in June 2022 under the laws of England & Wales, followed by the incorporation of Velexa Bulgaria EOOD in December 2022.

Was there a moment that almost turned you down?

No, a leader should set the tone and walk the talk, there is no room for uncertainty.

The biggest mistake so far?

Building a company is NOT a sprint, it is a marathon. As a CEO, it's essential to maintain a sustainable pace to uphold momentum and foster growth.

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

Never lose faith in your vision. Despite being challenged, remain loyal to your initial vision and trust your inner voice. Especially important when the business growth is slower than expected despite your efforts.

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

Our multinational team brings together the dedication and adaptability that Bulgarians are known for, alongside the benefits of an open communication culture. This fosters collaboration across all levels, regardless of position.

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

Bulgaria boasts a strategic EU location, cost-effective mobility, low operational costs, and a young and talented workforce, but institutional complexities and limited assistance can pose challenges.

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

I would bring on board an investor who strategically understands the significance of advancing financial education and acts as an advocate within the incumbent financial services industry to promote more inclusion, personalisation of the wealth management services.

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

Imagine a world where investing is woven into the fabric of everyday life. No longer a privilege for the wealthy, it's accessible and straightforward for everyone. This is the vision that drives us.

Our mission is to support businesses to provide a modern and seamless investing experience to their customers powered by our digital B2B platform. The future for Velexa holds exciting developments, poised to elevate the platform's capabilities and enhance user experience.

Why did you become part of the BESCO team?

Being new to the Bulgarian scene, for us BESCO is a great opportunity for networking and joining forces with other entrepreneurs to make our collective voice louder and advocate for policies that help Bulgarian startups thrive. Furthermore, being part of a thriving community means swapping stories and ideas with others, which can open up a whole new world of possibilities for our business and for Bulgaria.