March 08, 2021

Fininbox Doubled Revenue in 2020

The company managed to double its revenue for the third straight year to reach 1.4 million euros in 2020. This represents a steady increase when compared to the years before: Fininbox’s revenue reached 720 thousand euros in 2019, while the number was 350 thousand euros in 2018.

According to Anton Zujev, Head of Business Development and Sales at Fininbox, the doubling of revenue even during the pandemic year could be credited to increased customer demand to become fully digital and to the solid reputation of Forbis, the parent company.

Mr Zujev says that the financial institutions that became Fininbox’s partners last year were mostly interested in offering their client base the possibility of SEPA Instant Credit Transfer, which Fininbox fully supports, and in speeding up the automatization of their inner workflows.   

“Our customers differ in several ways - they are companies of different sizes, have different business needs, and business models, - said Mr Zujev. - For example, some of the recently joined businesses are especially interested in SEPA Instant Credit Transfer, while others use Fininbox as a tool to optimize their anti-money laundering efforts. We offer a wide range of solutions, and businesses, especially during these challenging times, are extra motivated to only pay for the services they need while still having the possibility to scale anytime.” 

Also, according to Mr Zujev, extensive experience in the field of banking software does not only ensure stability and high-quality service, but also a deep knowledge of the regulatory environment. 

“Financial institutions of all kinds - be it a fintech startup, a credit union in the process of becoming fully digital, or a bank - have to comply with strict requirements of a financial regulator, - continued Mr Zujev. - By using our tools, businesses can be sure that the software they use is in full compliance with those regulations. It saves both time and money.”

The knowledge of the regulatory environment, according to Mr Zujev, is what helped Fininbox attract foreign companies interested in expanding in the European Union. When working with Fininbox, companies that set up their branches in Lithuania are not only provided with the product that is in accordance with the EU’s regulations but are also assisted in the process of applying for a license with the Bank of Lithuania. If needed, the customer is put in contact with local lawyers specializing in the field, too.   

As a result, Fininbox's customer base is not limited to Lithuanian money institutions. The company also works with clients from Singapore, China, Germany, Italy, and other EU and non-EU countries. 

However, Mr Zujev is sure that the main selling point of Fininbox is the versatility of their product. Previously, before cloud-based SaaS became the industry standard, smaller players could not afford cutting-edge banking systems, and that is why only companies with large financial capital could afford to offer new, innovative financial products.

Now, as the process of digitization is being accelerated by the pandemic and smaller companies have access to banking SaaS for reasonable prices, the market has opened to more players to compete and innovate.

“I am sure - and that is based on us working with companies in different growth stages - that the main reason for our consistent revenue increase is the ability to cater for companies at different stages of business development, - added Mr Zujev. - Our customers don’t have to choose between investing in creating elaborate banking systems on their own and buying software only applicable in a certain business field. For example, an EMI working with us can become a bank or start offering credit services. We can easily adapt and offer the newly needed functionalities right away. Otherwise, the hypothetical company would have to invest extensive amounts of capital into building elaborate systems from scratch and maintaining them. They would also need to stay on top of the changing regulatory requirements. Our clients are covered in every aforementioned way.”

In the future, Fininbox plans for further growth and improvement upon their existing products. The company is constantly improving its core systems, and this year they are focusing on creating new products while also updating existing ones with the most up-to-date technologies. 

“We strongly believe that SaaS is the present and the future of fintech. Today, Fininbox is already responsible for a substantial part of our business group’s revenue. We are anticipating this trend to continue. - added Mr Zujev. - Although our SaaS products are up-to-date with the times, we are passionate about improving upon them. Currently, we are developing a next-generation banking system, and already have an MVP developed. By the end of this year, we are hoping to have a fully functioning first version of the new system. We can’t wait to share this system of vast capabilities with our existing and future clients.”