Interested in starting your own entrepreneurial journey in finance but unsure what to expect? Then read up on our interview with Tamara Kostova, CEO of Velexa, located in London, England, UK.

What's your business, and who are your customers?

Velexa offers a B2B2X investing technology platform that empowers any institution to capitalise on the demand for modern and ubiquitous investing solutions by a new generation of investors. With the goal to make investing available to everyone, Velexa delivers embedded and standalone investing capabilities for institutions varying from incumbent players, retail and private banks, Neo banks, brokerages, and disruptive players like TelCos and big retailers.

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 fees typically charged for investing small amounts are also a deterrent for many. 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 expects 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.

Velexa enables any institution to build new revenue streams and secure a competitive advantage in 4 areas: First, by adding new investment options to the existing portfolio of offerings. Second, by quickly launching investing services from scratch to respond to the growing interest from first-time retail investors. Third, by digitising end-user experience and providing self-service tools to attract and retain the new generation investors. And finally, by overcoming constraints for future growth and innovation posed by technological limitations of in-house legacy systems.

Tell us about yourself

As CEO of WealthTech Velexa, today I work with institutional clients on maximizing their growth opportunities through forward-thinking, customised embedded investing services. Having spent my entire career in the Banking sector, I am a passionate advocate for the modernisation of the financial services industry, offering personalised services with clients' needs at the forefront. I am actually a latecomer to startup fintech, having spent most of my career in traditional financial services and technology companies. I started my career with Thomson Reuters on the trading floor of some of the largest European banks before spending more than a decade supporting the firm's strategic customers in executing their treasury and trading transformation agendas. Afterward, I worked establishing and running large-scale business outsourcing engagements for tier 1 banks globally. Most recently, I launched a banking-as-a-service proposition for the Retail and SME markets and led the go-to-market and partner strategy for core banking at DXC Technology.

What's your biggest accomplishment as a business owner?

This is a simple but big one: achieving probability. We grew in a lean and disciplined way so we wouldn't have to raise a lot of money.

What's one of the hardest things that comes with being a business owner?

Balancing it all. As a mother of two children, I often feel burnt out, and I know that my kids can tell when it's too much. When my team underperforms, I feel like I need to cover for them. I know that I cannot be everything to everyone, but I feel so much responsibility for starting and growing this business that I really feel like I must.

What are the top tips you'd give to anyone looking to start, run and grow a business today?

  1. Hire the person, not the resume. Some of the best people we have found do not look the best on paper, but they work the hardest and perform the best.
  2. Every moment you are not a CEO is a moment lost. Stay focused.
  3. Find your best channels. The 80/20 rule is real, so be disciplined enough to find what works for you and keep at it.

Where can people find you and your business?

Website: https://velexa.com/
LinkedIn: https://www.linkedin.com/company/velexa/

If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.

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