Launched in 2019, Finductive delivers B2B payment solutions including, but not limited to, SWIFT/SEPA, payment accounts, multi-currency accounts and currency exchange. The company serves the affiliate, aviation, corporate service, iGaming, maritime, and yachting industries. Increasingly approached by alternative energy companies, Finductive is now diversifying its client portfolio, an expansion that fulfils its aim of playing a significant role in emerging sectors.

A team of seven at the outset, Finductive has learned and adapted from the expected challenges of launching a new business (and unexpected ones such as a pandemic) and instigated initiatives to help it become a 35-person outfit. Founder & Director Carsten Schaefer, Head of HR Charmaine Gauci and Head of Marketing & Customer Engagement Claire Kennington share the dynamic steps taken to support Finductive’s advancement to corporate status.

Charmaine Gauci, Head of HR, Finductive

The recent release of a new vision statement: ‘Your trusted partner for moving money worldwide’ reflects Finductive’s commitment to becoming a key player in the B2B payment solutions market. This statement is noticeable on the refreshed website whose clean look and navigation are also evidence of the company's evolution to date and its forward march. Ms Kennington mentions that these changes “are part of a broader rebranding exercise aimed at making the company more visible in the market”. The intensive phase of redefining the company’s strategy, clarifying its vision and establishing clear core values has been driven by the “growth of the last four years”, she explains, which has led management to “realise it’s time to lay down a solid foundation for sustained success”.

Naturally, scaling a business from initial modest-sized startup to larger corporate form often necessitates personnel changes. To this effect, Finductive has undergone a transition from a handful of single person roles to a departmental setup with individual heads responsible for specific areas, including risk and operations. This year alone, 18 new hires have been added. Key functions such as legal and compliance have been separated, three customer relationship managers have been engaged and other appointments include a senior business development manager and an AML Analyst to name a few. Additionally, the IT department has had significant reinforcement to support ongoing projects and upgrades, including the current implementation of a new holistic payment platform.

The heavy investment in recruitment goes hand in hand with re-evaluation of the business approach and renewed focus on customer-centricity. Mr Schaefer is confident that the restructuring “aligns with the corporate values and the whole Finductive way”.

Charmaine Gauci, Head of HR and Carsten Schaefer, Co-founder and Director, Finductive

ISO27001 certification is testament to Finductive's attention to compliance and robust infrastructure, again prerequisites of the transition to corporate entity. Certification brings multiple benefits, Ms Gauci clarifies, as it gives Finductive peace of mind about being “up to scratch from an IT perspective”, enables them “to stand credibly alongside industry competitors and shows that [they] mean business”. Just as importantly, it “provides assurance for our customers, stakeholders and regulator,” Mr Schaefer adds.

Aside from making conscious, strategic decisions and continuously strengthening vital technologies, Finductive’s management found themselves confronting COVID barely a year after launch. Coming out the other side, the company has not simply weathered the pandemic’s impact but thrived. Due to its tech-based business model, including a user-friendly client onboarding platform, the company “was well positioned to adapt to the new normal” and serve its clients reliably, Ms Gauci reveals. Mr Schaefer shares that a major factor in their ability to continue operating as usual was the immediate embracing of remote working and employees were immediately fully supported with the necessary equipment and hardware to work from home, including quality notebooks and anything available at the office that they may have found useful for their remote set up.

Incidentally, rather than being a top-down exercise, the devising of the company’s mission statement was a collective internal endeavour that deliberately involved the employees, a vital cog in Finductive’s machinery. This process fostered “a sense of buy-in from the entire team,” Ms Gauci explains, adding “that’s the culture over here: decisions aren’t just made”.

Hiring individuals based on attitude and fit with company values and not just on CV merits is also highlighted for its importance. As a seasoned HR specialist, Ms Gauci’s intuitive take is “you can teach an employee a skill but you can rarely change an attitude,” making mention of integrity, teamwork, agility and passionate co-workers. Elaborating on the concept of a supportive, collaborative culture, Mr Schaefer draws attention to the internal ethos of championing team achievement while also recognising individual effort.

A strong emphasis is placed on training and development with an annual budget and level of training designated for all employees. In-house performance evaluation has been further strengthened by deployment of the calibration method to measure how individuals work interdepartmentally. This year has seen the introduction of a performance-related pay framework, in preparation for which top tier management has received extensive training. Coaching for leadership, conflict management and self-branding also point toward continuous improvement.

Meanwhile, high value is attached to employee well-being. Despite only four years of operation, the company has mental health first-aiders, and gold grading from the Richmond Foundation for mental health.

Corporate social responsibility bears a mention with efforts here extending beyond business operations and employees are involved in choosing the recipient NGOs for Finductive’s charitable donations.

In short, as Finductive grows, a core priority is to ensure its employees grow with it. While Ms Gauci admits that “like any family”, the company has its hiccups and challenges, low attrition rates would indicate its philosophies and methods are working well.

Finductive's trajectory from startup to corporate entity is a tale of patience, vision and dedication to the goal of building on four years of growth. As Ms Gauci says, “we are doing all the right things and don’t believe in tick box exercises”. With an award for ‘Best Alternative Banking Solution of the Year’ Award (SiGMA Eurasia) and plans to finish 2024 with an even bigger headcount, there is plenty of proof they really do mean business.