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The founders of Native Teams, Alex Mitrevska and Jack Thorogood started working together more than eight years ago, creating a video software for the marketing sector. The business was growing and so was their team, when they faced a problem common to many international companies – everyone was effectively a “freelancer” working on a self-employed basis.
Jack and Alex saw firsthand the importance of being properly employed locally – without which taxes cannot be easily paid, pensions are not contributed, and even healthcare provision can fall short. Determined to find a solution, the challenges became features, the features then became usable functionalities, аnd this is how Native Teams was born – revolutionizing the way people are employed and paid for work.
Sitting at the intersection of Fintech and Future of Work, Native Teams was an ideal investment case for Eleven. In comparison to other similar companies we reviewed in that space, Native Teams was an outlier because they had the right ingredients in place. A strong founding team with entrepreneurial background, a growing market influenced by global trends, and a real differentiator – fintech infrastructure, which could be deeply embedded into the user’s journey, allowing the company to own the customer relationship end to end. In 2022, we invested in Native Teams and also onboarded them into the Visa Innovation Program Europe, furthering their vision to become Shopify for remote employees.
The impact of fintech on Native Teams
Fintech has been a cornerstone in Native Teams’ ability to operate on a global scale. Integrating fintech infrastructure into the platform has streamlined payments, saving time, ensuring compliance, and peace of mind. Receiving your salary in a trusted environment, the e-wallet’s flexibility, and the embedded card rails make the overall value proposition of Native Teams а no-brainer.
The multi-currency digital wallet quickly became the core of clients’ financial management. It allowed them to efficiently store and oversee their assets, juggling between different currencies and payment options, which is extremely important when dealing with international clients. Native Teams Vault – the saving feature introduced, allows users to reserve a portion of their balance for a set period and receive additional financial rewards once the period ends.
Additionally, fintech has opened up access to freelancers’ earned wages in advance. This allows them to eliminate the 45 days delayed payments, which although being suboptimal still occurs as a normal practice in the freelance space.
By offering these services to the users, the team has been able to attract more clients and retain existing ones, leading to increased transaction volumes and revenue. Additionally, the introduction of value-added services, like embedded insurance, has allowed them to diversify their revenue streams and capture additional sources of income.
“Overall, the adoption of fintech has been instrumental in driving revenue growth and ensuring the financial sustainability of our platform.”
Alex Mitrevska
Co-founder and Chief Evangelsit at Native Teams
Native Team’s advice on leveraging fintech
Alex and Jack advise startups to view fintech as a catalyst for growth, not just a back-office function. Drawing from their experience, they share that the successful integration of fintech into an existing business depends on a few key factors.
Firstly, it’s crucial to thoroughly understand your business’ specific needs and goals to identify the most suitable fintech solutions. Secondly, ensure compatibility between existing systems and the chosen fintech platforms to minimise disruptions and maximise efficiency. Thirdly, invest in training and support for employees to ensure they are equipped with the knowledge and skills to fully use the new fintech tools. Lastly, maintain open communication with fintech providers to stay informed about updates and improvements that could further optimise integration.
The founders also emphasize the importance of partnerships with established and emerging fintech players to drive innovation and provide more value to their users. Collaborations with payment processors, financial institutions, and technology providers enhance their offerings, expand reach, and maintain competitiveness.
"Integrating fintech into your business model can be a powerful way to enhance efficiency, scalability, and customer satisfaction, so embrace the opportunities it presents with enthusiasm and strategic planning."
Alex Mitrevska
Co-founder and Chief Evangelsit at Native Teams
The future of Native Teams
Fintech is poised to play a crucial role in the future of Native Teams. The advancement of digital payment solutions and financial management tools will increase efficiency, accessibility, and global reach. Fintech will further empower Native Teams to confidently navigate the complexities of global transactions. The team is also excited about integrating emerging AI fintech trends to revolutionize secure transactions, drive personalization and improve KYC and digital identity verification. These technologies will optimize financial processes, ensuring Native Teams remains at the forefront of the future of work.
At Eleven Ventures, we believe the future of fintech is deeply woven into the fabric of every startup and the next wave of successful companies will be those that recognize and harness its potential. Native Teams is a shining example of how fintech can revolutionize an industry, and we are proud to support their journey towards becoming the global payment platform for everyone.
Are you ready to turn your startup into a fintech powerhouse? Reach out and join our #fintech portfolio.
