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In this first 2022 Fintech Leaders episode, I bring you my live keynote conversation at LendIt Fintech LatAm in Miami with Maya Dadoo, Co-Founder and CEO of Worky, a groundbreaking all-in-one HR software and payroll platform for Latin American SMBs.
Founded in 2017, Worky is backed by great investors including QED & LEAP Global Partners.
We discuss:
Worky’s 4-day work week roll out and how the company has adapted to this new reality
“We've implemented a four day workweek for our product and tech teams. We are the first company in Mexico that's done that. And it's amazing… For the first month, our product and tech teams were working longer hours… now they are running with much more productivity. So they've cut the fat, we've reduced the number of meetings, we've learned to communicate in a written form, and squeeze everything that we can out of slack and documentation.
But it's interesting, who's been affected? It’s our customer success team. They are feeling that that tech replies are taking a little bit longer because we have our tech team very focused on getting to the end of the sprint.”
Importance of the HR function and why startup founders should look to hire a Head of People as early as possible
“It's really interesting to see the evolution of HR managers across the pandemic. When we looked at the data set… who was the key person that did not get fired in the pandemic? It was HR. For the first time, HR was the most sought after role in an organization.”
The incredible opportunity at the intersection of Fintech and HR Tech and some of the steps Worky is taking to launch fintech products.
99% of companies in Mexico and Latin America are scaling HR teams with Excel. There’s been a lack of innovation across the full stack of HR, but if you have a modern platform like Worky, it means companies can provide a lot more value to employees. What are the main solutions companies can offer through their HR stack? Loans, Savings, and Insurance.
State of talent management in Mexico and Latin America and why this is a massive opportunity for companies like Worky… And a lot more!
“Attrition in Mexico for SME workers is 60%. So you have 20 million Mexicans working in SMEs, and 12 million of them are rotating jobs every single year. This is insane!”
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Emerging Fintech Leaders
Three early-stage fintech companies doing amazing things
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Founded by four students at the National Institute of Technology in Tiruchirappalli, BharatX provides credit-as-a-feature services to middle class Indians. The tech embeds accesible credit options into the apps that consumers use every day, such as essentials retailer Khata. BharatX’s product requires little to no documentation from the customer, making it cheap and simple for both the platforms and their users to unlock the value of credit.
💰Funding Status: Currently in the pre-seed stage, the company recently raised a $250,000 round led by Java Capital. Joining Java were an impressive group of angel investors, including Faiz Mayalakkara (CIO of the UAE’s sovereign wealth fund) and Ritesh Jain (ex-COO of HSBC).
👥 Co-Founders: Mehul Nath Jindal (LinkedIn / Twitter), Eeshan Sharma (LinkedIn / Twitter), Shyam Murugan (LinkedIn / Twitter), and Siddharth Venu (LinkedIn / Twitter)
Estonia’s Raison is building a marketplace for late-stage venture investment at the retail level, with initial commitments as low as one euro. Democratizing venture investments participation beyond accredited investors is the key thesis behind the company’s product. With their ability to create digitized pre-IPO shares of companies such as Airbnb, Digital Ocean, and Robinhood, Raison has already attracted the attention of tens of thousands of retail investors.
💰Funding Status: In December 2021, Raison completed an $900,000 seed round at an $11.5 million valuation led by Server Partners. Prior to that, the company had raised $150,000 in pre-seed capital from angel investors.
👥Founder: Alexander Zaytsev (LinkedIn / Twitter)
⬆️UPBANX
Indonesian startup UpBanx offers the creator and influencer communities financial solutions, access to commercial partners, and unique investment opportunities. The platform is an all-in-one solution for brands to manage money, connect and do business with industry partners, obtain capital, and launch their own digital assets. Taking the creator-first approach of firms like the US’s Brex and Singapore’s Friz, UpBanx aims to fully unlock the massive value of social media and influencer marketing in Southeast Asia’s most populous country, where digital penetration is rapidly accelerating.
💰Funding Status: Just this week, UpBanx secured $5.2 million in pre-seed capital from the likes of Y-Combinator and Alpha JWC among other angel investors.
👥 Co-Founders: Wafa Taftazani (LinkedIn / Twitter), Hendri Wijaya (LinkedIn), and Alif Jafar Fatkhurrohman (LinkedIn)
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-Thank you for reading!
Previous Episodes You May Enjoy:
Miguel Armaza is Co-Founder & Managing General Partner of Gilgamesh Ventures, a seed-stage investment fund focused on fintech in the Americas. He also hosts and writes the Fintech Leaders podcast and newsletter.
Maya Dadoo, Co-Founder & CEO of Worky – Benefits of a 4-Day Work Week, Why It’s Never Too Early to Hire a Head of People, & The Massive Opportunity at the Intersection of Fintech and HR Tech