scudi - a social impact fintech

Inspiration

Personal note from the founder: after being confronted with the endebtness of my mother’s care person, I looked for a solution to prevent this and quickly realised there was a high percentage of people in low paid jobs fighting the same problem, a situation which has been worsened by the pandemic. How could this trend can be turned around? what can be done and how to improve this? I was quickly joined by a few passionate partners. scudi’s journey started in January 2021.

What it does

scudi is a tool to empower employees and gives them control of their finances through instant access to their earned salary.

How we built it

Using passion and drive to picture our vision of how and what we wanted to achieve, combined with what is offered on the market in the US and the UK. We built scudi as team of entrepreneurs, an experienced inhouse IT advisor and external specialist developers, working hard the last 12 months, translating our thoughts into decision processes and flow charts, for the developers to built the product.

Challenges we ran into

We met various challenges over the last year, each of them with their own difficulties and barriers to overcome. To mention only a few:

• funding : bootstrapped and entirely self-funded, paying the external specialists, developers, systems, legal advisors – we kept hearing there could be no funding as long as we had no MVP.
• regulations and legal requirements, on all levels from employment law to the financial regulators and their demands. The inflexibility of the institutions and the difficulty in finding the correct advise without spending more than we could afford. There is practically no free support available in the EU.
• the complexities of working with different languages, regulations and local legislation (still ongoing). Every document needs to be translated in the local language, from notary acts to proof of residency. This is a costly affair, which seems to be a timewasting and costly exercise which basically has no impact on the product.

Accomplishments that we're proud of

Our small team of 2 Full-time and 2 half-time partners, with the help of our advisors kept the euphoria we had from start until today, leading to a great product with great potential for the future.

What we learned

Goals can be reached despite many setbacks. From every setback we learned and strengthened our believe in scudi and it’s success.

What's next for scudi - a social impact fintech

scudi is looking to expand it’s reach and to bring more products and benefits. scudi will adapt to trends and paying mechanisms. We want scudi to become an established and leading EWA provider all over Europe.

Built With

• api
• capacitor
• ionic
• java
• kotlin
• postgresql