Fintech
Scaling Horizons: A Deep Dive into Fintech Expansions with Nikola Tchakarov
A couple of days ago we sat down with Nikola Tchakarov, Head of Market Expansion at Noda for an interview. The interview is available both in written and audio format on the HIPTHER Talks Podcast. You can read the interview below.
Nikola, can you share a bit about your journey to becoming the Head of Market Expansion at Noda? What has been your most memorable experience in the Fintech industry so far?
I started as a sales representative at a printing company in Bulgaria. This is where I started gaining some experience in the sales field. I joined Language Bear – a content writing and translation company, a few years later. Together with the team there, we managed to take the company from only three people to about 20 and into the millions of turnover. This was where I got my first experience in business shows and expos, which have proven invaluable experiences, opening up countless professional and personal opportunities. It was actually at an exhibition where I met with my current CRO. After around three years at Language Bear, it was time to move on to something more challenging. This was when I contacted my current CRO to see if there was an opportunity at their company. As it turns out, there was, and here I am, a year later at Noda.
How has your past experience in sales and digital marketing informed your approach to market expansion at Noda? What significant changes have you observed in the Fintech landscape since you first started in this field?
Experience in sales and digital marketing can inform a results-oriented approach to market expansion. This approach involves setting specific goals and metrics for success and developing strategies to achieve them. It can also educate the importance of research and analysis in market expansion. This involves conducting thorough research to understand the new market, customer needs, and competition and using data analysis to develop effective strategies.
How does Noda distinguish itself in the highly competitive Fintech space? What are some innovative strategies Noda has implemented to stay ahead?
We have been at the forefront of the open banking movement, allowing customers to securely share their financial data with third-party providers. Noda’s open banking platform enables merchants to receive direct bank payments from customers via a secure and instant one-stop open banking payment solution as a card alternative, providing direct integration with banks in most European countries. This has opened up a new world of possibilities for companies, enabling them to offer more personalized and innovative services.
We have also adopted the white-label model to speed up market expansion. This model allows us to offer products under another company’s brand, creating a “triple-win” solution for all parties involved. This has helped Noda to expand its market presence and reach new customers.
And last but not least, we have a great team of experts developing successful strategies for entering new markets. This expertise has helped us to identify potential business opportunities and build relationships with key stakeholders.
As someone who has worked with diverse industries, how do you adapt your approach when expanding into a new market sector, such as iGaming, finance or retail?
When expanding into a new market sector, such as iGaming, finance, or retail, it is essential to adapt your approach to navigate that sector’s specific challenges and opportunities effectively.
A thorough research must be conducted to understand the new market sector’s dynamics, trends, and customer preferences. This will help in identifying potential gaps, competition, and opportunities.
Gaining a deep understanding of the target customers in the new market sector is crucial. This can be achieved through qualitative and quantitative research and direct conversations with potential customers. We can tailor our offerings and marketing strategies to resonate with them by understanding their needs, pain points, and preferences.
After analyzing our existing products, we determine how they can be adapted or customized to meet the specific requirements of the new market sector. This may involve developing new products.
Forming partnerships with local businesses or industry experts in the new market sector has proven to be an invaluable asset as well. These partnerships can provide valuable insights, distribution channels, and credibility. Collaborating with established players can help navigate the market more effectively.
Last, we continuously monitor the market, customer feedback, and competition in the new sector to be prepared to adapt our strategies and offerings based on the evolving landscape. Flexibility and agility are vital in staying ahead in a new market.
Can you talk about some of the biggest challenges in market expansion for a Fintech company like Noda? How does the company plan to overcome these hurdles?
Expanding into new markets can be challenging for fintech companies like Noda. Fintech companies must comply with various regulations and standards in each market they enter. This can be a complex and time-consuming process that requires expertise and resources. This can be overcome by partnering with local experts or regulatory bodies to ensure compliance and investing in compliance automation tools.
Also, financial institutions must implement robust security measures to protect customer data and prevent fraud. To overcome this challenge, advanced security technologies such as biometric authentication and AI-powered fraud detection must be adopted.
Raising funds for market expansion can be lengthy and challenging for fintech companies. Noda can overcome this challenge by developing a clear business plan, building relationships with potential investors, and exploring alternative funding sources, such as crowdfunding or government grants.
Customer needs and preferences vary significantly across different markets. Noda can overcome this challenge by conducting market research to understand customers’ specific needs in each market and by developing customized solutions that meet those needs.
Lastly, the fintech industry is highly competitive, and new players are entering the market daily. Noda can overcome this challenge by continuously innovating and improving its products and services, building strategic partnerships, and investing in marketing and customer acquisition.
How has Noda leveraged Open Banking solutions for online merchants and what impact has this had on e-commerce businesses’ growth and evolution?
Noda has leveraged Open Banking solutions to provide online merchants in Europe with a secure and instant one-stop payment solution that allows them to receive direct bank payments from customers. This has had a significant impact on the growth and evolution of businesses in the following ways by making transactions more secure. Open Banking solutions provide a more secure payment option for businesses. By leveraging Open Banking, Noda has created a secure payment solution that eliminates customers needing to share their card details with merchants. This has helped to reduce the risk of fraud and increase customer trust.
It also enables shorter payment processing times than traditional payment methods. This has helped to improve the customer experience and reduce the risk of payment delays.
Open Banking solutions can be more cost-effective for merchants than traditional payment methods. This is because Open Banking solutions typically have lower transaction fees, which can help merchants to increase their profit margins.
The technology also provides merchants with access to customer data that can be used to create more personalized and targeted marketing campaigns. This can help businesses to improve customer engagement and increase sales.
And finally, Open Banking solutions help businesses comply with regulations and standards related to payment processing and data protection. This can reduce the risk of legal and financial penalties.
How is Noda positioned in the Fintech industry in terms of responsible and ethical financial practices?
Noda is positioned in the fintech industry as a company that values responsible and ethical financial practices. This is evident in the company’s commitment to integrity and ethical behavior, collaboration with AI-powered transaction monitoring technology, Open Banking innovation, and payment strategies expertise.
Public speaking is a powerful tool for thought leadership. Can you share some key takeaways from your speaking engagements about payments and digital marketing strategy?
Regarding public speaking engagements about payments, several vital takeaways exist. Make sure to focus on the Big Idea. Focusing on the big idea that will resonate with the audience is essential. Expos want speakers who can provide valuable insights and actionable takeaways that can help their employees or customers.
It is also crucial to craft a compelling description highlighting the audience’s key benefits and takeaways. This description clearly communicates how your presentation will address their pain points and provide value.
And, of course, record your performance. Recording your performance can be a valuable tool for marketing yourself as a speaker.
Can you shed some light on how Noda plans to grow and evolve in the coming years? What are some of the key goals and milestones the company is targeting?
We plan entry into various markets, including Brazil, Australia, and Eastern Europe (starting with Romania and Bulgaria). Regarding Brazil and Australia, we are leveraging our Open Banking solutions to enter these markets. Open Banking provides a more secure, faster, and cost-effective payment option for merchants, which can differentiate Noda from competitors. We aim to revolutionize payments in these markets, enhancing the payment experience for merchants and customers. The plan is similar to our expansion on the Eastern European Market. We recognize the tremendous potential in the Eastern European market. The region is experiencing growth in digital channels and customers, creating opportunities for fintech companies like Noda.
Lastly, what advice would you give to those who aspire to make a career in the Fintech industry, especially in roles related to market expansion and development?
To make a career in the fintech industry, especially in market expansion and development roles, it is essential to start networking early, develop relevant skills, stay up-to-date with industry trends, gain industry-specific expertise, and be open to learning and adaptation.
If you would like to meet with the NODA team or other fintech experts, make sure to register for GamingTECH CEE Summit, taking place between 26-27 September, 2023, or European Gaming Congress, taking place in Warsaw between 30-31 October, 2023.
Mews , a cloud SaaS and fintech platform that serves the hospitality industry, has announced today the appointment of Steve Cakebread to the company’s board.
Cakebread is famed for leading the financial teams that took Salesforce, Pandora and Yext to IPO and is the author of “The IPO Playbook: An Insider’s Perspective on Taking Your Company Public and How to Do It Right.”
Cakebread serves on the board of Bill.com, which went public in December 2019, and sat on the boards of SolarWinds and eHealth. Earlier in his career, he served as CFO for Autodesk, VP of Finance for Silicon Graphics (now SGI), and Director of Finance at Hewlett-Packard.
Matt Welle, CEO of Mews, commented, “Steve’s capital markets experience is renowned, having led Salesforce, Pandora and Yext through IPOs and beyond. He has a deep understanding of building teams, governance and accountability, which will be instrumental in our growth journey. We are delighted that Steve joins the board at such a crucial time in our growth.”
Mews founder, Richard Valtr, added, “Steve is a seasoned leader with phenomenal experience leading financial teams to success. His invaluable knowledge and strategic oversight are exactly what we need to navigate Mews’ next chapter, support our aggressive growth plans, and cement our position as the market leader in cloud hospitality.”
Cakebread’s appointment comes as Mews experiences exponential growth. In the last 12 months, Mews has reached unicorn status with a valuation crossing $1.2 billion, seen a 250% increase in customers in North America, and achieved over 25 million check-ins at hotels worldwide. Mews recently announced $100m in new financing from Vista Credit Partners to further fuel its organic growth and M&A program through its investment arm, Mews Ventures.
“Mews has a colossal opportunity in the hospitality software and payments markets, sized at over $20 billion, driven by widespread adoption of cloud-based technology. Mews has achieved market penetration in core geographies, serving more than 5,500 hospitality brands worldwide, and is well poised to become the market leader. A key enabler of the company’s success is its marketplace which sees over 1,000 integrations on its platform, offering hoteliers the best solutions to build tailored tech stacks for their needs.”
He added, “Mews has the people and the passion to deliver on its mission and transform hospitality and beyond. The team is driving impressive product development and flawless execution, powering its growth trajectory. I am excited to be a part of Mews’ continued success and to work with the leadership team to accelerate the company’s next phase.”
Mews is trusted by the world’s most innovative hospitality brands, including BWH Hotels, Strawberry and Lark Hotels.
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Vakrangee proudly announces the sourcing and distribution of its own Private Label Apparel products under the e-commerce business category.
The Company has successfully launched the pilot phase in the apparel segment and would leverage the extensive network of Vakrangee Kendra outlets, including both Franchisee and Master Franchisee channels.
Upon the successful completion of this pilot, Vakrangee will scale the initiative to a pan-India level. Additionally, the Company has future plans to diversify into other consumer and retail product categories, thereby expanding our footprint in the broader market.
The newly launched collection encompasses a wide range of apparel designed for men, focusing on trendy, comfortable, and affordable clothing for all occasions. With this launch, the Company aims to cater to a diverse audience, offering high-quality fabrics, modern designs, and unmatched value.
Commenting on this partnership, Ms. Divya Nandwana, Chairperson of Vakrangee Ltd., said, “We are thrilled to introduce our private label offerings, which not only diversify our product portfolio but also reinforce our position as a key enabler in India’s rural distribution ecosystem. By utilizing our robust Vakrangee Kendra platform, we can ensure the seamless availability of high-quality products to underserved markets, all while maintaining competitive and affordable pricing. This initiative aligns with Vakrangee’s broader vision of providing comprehensive consumer and retail solutions, backed by an unparalleled distribution network and a deep commitment to customer-centric excellence.”
Vakrangee Kendras are exclusive format outlets offering a comprehensive range of products and services across banking, insurance, ATM, assisted e-Commerce, e-Governance and Total Healthcare. The company will continue to add more products and services to offer the customers, a one-stop solution to all their needs. The company is aspiring to be the most trustworthy physical as well as online convenience store across India and positively moving towards Vakrangee Kendra’s new brand philosophy of ‘AB Poori Duniya Pados Mein’.
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U Power Limited (Nasdaq: UCAR) (the “Company” or “U Power”), a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China, today announced its financial results for the six months ended June 30, 2024.
Mr. Jia Li, Chief Executive Officer and Chairman of the Board of Directors of the Company, commented, “In the first half of fiscal year 2024, our business achieved 595.7% year-over-year revenue growth to reach RMB13.2 million. This growth stemmed from increased orders from both existing clients and new customers for our battery-swapping stations as the economy continued to gradually recover following the COVID-19 pandemic. We’ve been successful in transforming our vehicle sourcing business to provide EV battery power solutions in China. We believe that this shift has enhanced our competitiveness, and we expect it to expand our future revenue growth potential.”
Ms. Bingyi Zhao, Chief Financial Officer of the Company, added, “Our financial results for the first half of fiscal year 2024 demonstrate our commitment to responsible financial management while simultaneously making strategic investments for our future growth. Our R&D expenses decreased as we have successfully completed several key projects, and we remain committed to innovation and have strategically allocated resources to new and high-potential research initiatives. Our improved credit management practices have yielded positive results, as we generated an expected gain on credit of RMB0.5 million in the first half, compared to a loss in the same period last year. We believe we are well-positioned with the necessary working capital and strong foundation to support our growth plans, including the launch of operations in multiple international markets, and we are confident in the current financial state of the business.”
First Half of 2024 Financial Results
Revenues
Total revenues increased by 595.7% year over year to RMB13.2 million (US$1.8 million) in the first half of 2024.
- Product sales revenues were RMB12.4 million (US$1.7 million) in the first half of 2024, compared to nil in the same period of 2023, representing 93.9% of total net revenues. This was a result of the Company’s ability to sell more battery stations as the economy gradually recovered from the impact of COVID-19 in 2023.
- Sourcing services revenues were RMB0.1 million (US$10,000) in the first half of 2024, compared to RMB1.4 million in the same period of 2023, representing 0.6% of total net revenues. The decrease was a result of the company’s shift in focus towards charging- and swapping-related products.
- Battery-swapping services revenues were RMB0.7 million (US$0.1 million) in the first half of 2024, compared to RMB0.5 million in the same period of 2023, representing 5.5% of total net revenues. The increase was primarily driven by the Company’s operation of a second battery-swapping station beginning in March 2023, which remained operational through the reporting period.
Cost of revenues, gross profit and margin
Total cost of revenues increased 1,893.6% year over year to RMB11.9 million (US$1.6 million) for the first half of 2024, primarily driven by significant revenue growth and strategic shifts in the supply chain. This increase was primarily due to the increased cost of product sales of battery swapping stations.
Total gross profit decreased 0.8% year over year to RMB1.3 million (US$0.2 million) for the first half of 2024, representing a gross margin of 9.8%.
Operating expenses
Total operating expenses were RMB27.7 million (US$3.8 million) for the first half of 2024, representing an increase of 26.8% from the same period last year.
- Sales and marketing expenses were RMB1.5 million (US$0.2 million) in the first half of 2024, compared to RMB1.0 million in the same period of last year, representing an increase of 46.5%. This increase is primarily due to the increase in marketing expenses for selling battery swapping stations.
- General and administrative expenses were RMB26.2 million (US$3.6 million) in the first half of 2024, compared to RMB16.8 million in the same period of last year, representing an increase of 55.8%, primarily driven by an increase in audit costs and other professional service costs.
- Research and development expenses were RMB0.6 million (US$0.1 million) in the first half of 2024, compared to RMB1.9 million in the same period of last year, representing a decrease of 70.4%, primarily due to the decreased UOTTA technology innovation activities related to research and development programs.
- Expected gain/loss on credit resulted in a gain of RMB0.5 million (US$70,000) in the first half of 2024, compared to a loss of RMB2.1 million in the same period of last year. The decrease was primarily due to the decreased impact of potential uncollectible amounts for advances to suppliers and other current assets, and reflects improved credit management practices and a stronger collection process.
Net loss
Net loss was RMB26.5 million (US$3.6 million) in the first half of 2024, compared with RMB7.2 million in the same period of last year.
Loss per share
Basic and diluted loss per share were both RMB7.42 (US$1.02) in the first half of 2024, compared with basic and diluted loss per share of RMB6.88 in the same period of last year.
Liquidity
As of June 30, 2024, the Company had cash and cash equivalents and restricted cash of RMB40.5 million (US$5.6 million), compared with RMB36.2 million as of December 31, 2023.
Business Developments
On August 5, 2024, the Company announced that it signed a Memorandum of Understanding with Velo Labs Technology Ltd., a global fintech company, to establish a battery infrastructure investment ecosystem in Thailand. This collaboration aims to accelerate the development of battery bank operations within the UOTTA battery-swapping ecosystem.
On July 3, 2024, the Company announced that it had signed a Memorandum of Understanding (“MoU”) with Pattaya AI Terminal Co., Ltd. to jointly drive the strategic development of green logistics and electric vehicle (“EV”) infrastructure in Thailand.
On June 5, 2024, the Company announced that its UOTTA technology and battery swapping station model is to be adopted in a strategic collaboration between UNEX EV B.V. (“UNEX”) and Associação Nacional dos Transportes Rodoviários em Automóveis Ligeiros (“ANTRAL”). ANTRAL is an association of companies in Portugal, representing public passenger road transport companies operating light vehicles designated as taxis. Through their collaboration, UNEX and ANTRAL aim to significantly reduce greenhouse gas emissions in the transport sector by 2030, in line with the European Union’s decarbonization targets and Portugal’s regulatory requirements for taxi vehicles.
Exchange Rate Information
This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.2672 to US$1.00, the exchange rate on June 30, 2024, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on June 30, 2024. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.
Safe Harbor Statements
This press release may contain “forward-looking statements”. Forward-looking statements reflect the Company’s current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.
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