Fintech company Fyorin enables businesses to operate more efficiently by providing them with solutions to help them solve their businesses' banking problems, they face in a digital world.
The problem that Fyorin is solving is that today, businesses are being forced to interact with multiple financial providers. Because these providers do not interact with one another, businesses have to face issues around treasury management across several providers which also results in slow reconciliations. This means that as the businesses grow, their financial operations team have to grow too. Hence fixed costs are also increased and finance teams are spending less time doing strategic activities.
Fyorin solves this problem for businesses. They have built a financial operations platform that automates the receivables and payables for a business across a secured network of international financial providers.
With one onboarding process, Fyorin clients are able to benefit from a number of banking features that have been created to suit the needs of diverse SMEs. They have the ability to seamlessly open a business account to send, receive and hold money in 40+ different currencies and segregate receivables that mirrors the accounting ledge to speed up reconciliation. They also provide the ability for a business to create unlimited Virtual Cards to better manage and control their corporate spending.
Some other offered facilities include; direct accounting integration, request pay and automation of payables, mass payments and the ability to manage and execute payments across multiple entities within a group from one portal.
We sat down with Fyorin CEO and co-founder, James Camilleri.
“Being the first of its kind in Malta, we found the process to be very exciting. The competition ticked all of the boxes for us. We thought it was very professionally organised.”
“What really made us feel comfortable while pitching to the judges was the fact that the team kept everything in a close environment. The confidentiality factor was very important to us, and they delivered upon it.”
“What Pitchora did for us is that through the incubation process we received, we met a number of mentors, whom we learned from. From a business perspective, it also allowed us to test the product across different business types.”
“The one-on-one feedback we received from the mentors helped us to identify certain areas that needed improvement or fine-tuning. We found this to be really helpful.”
“Being among the top 3 winners of the competition gave us a lot of exposure which in return in helped our business”
“You will learn a lot, and the exposure you will get really helps. It will also help you to improve or fine-tune areas you may have overlooked as a start-up. Since you’re meeting a lot of different mentors, the incubation gives you a lot of insight.”