Revolutionizing Payment Operations: The Story of Modern Treasury's Founders and Their Journey to Streamline Financial Management.
Company profile
Company business details
Motivation to build the product
The founders were motivated to start Modern Treasury based on their experiences with inefficient financial systems at their previous company. They recognized the complexities and challenges involved in payment operations and aimed to create a more efficient and scalable solution for managing payments.Problem that their product solves
Modern Treasury solves the problem of complex payment operations for businesses, particularly in managing various payment methods like ACH and wire transfers. The end users are companies that require efficient financial operations to reduce errors and improve workflow. Solving this problem is crucial for these organizations as it allows them to focus on growth and innovation rather than being bogged down by manual processes.Their unfair advantage
Modern Treasury's unfair advantage lies in its ability to automate manual processes traditionally involved in accounting and money transfers, which often require large teams and are prone to errors. This automation allows for greater efficiency and scalability in financial operations.Strategies
Pre-Launch (Product Development & MVP)
Customer-Centric Product Development
During the Pre-Launch stage, Dimitri and his co-founders focused heavily on understanding their potential customers' needs. They spent significant time talking to companies to identify pain points related to payment operations. This involved direct conversations with potential users to gather insights on their challenges and how Modern Treasury could address them. They aimed to ensure that the product they were developing would meet real-world needs, which was crucial for building a product that would resonate with the market.
Customer Feedback Collection
Before launching Modern Treasury, Dimitri Dadiomov and his co-founders actively sought feedback from potential customers to refine their product. They reached out to companies they knew had payment operation challenges, engaging in discussions to understand their current toolkit and needs. This approach allowed them to gather insights on what features would be most beneficial, ensuring that their MVP would address real pain points in the market. They utilized both warm introductions and cold outreach to connect with these companies, focusing on smaller firms that were more open to adopting new solutions.
Launch Stage
Community Engagement through Meetups
In the early days of the Acquired podcast, Ben and David organized their first meetup in San Francisco after receiving encouragement from a superfan. This event was held at Founders Den and attracted a significant number of attendees, which surprised them. The meetup allowed them to connect with their audience in person, fostering a sense of community and validating their podcast's impact. This experience was pivotal as it demonstrated that their content resonated with listeners, leading them to realize the potential for deeper engagement with their audience.
Leveraging Y Combinator for Validation
In the Launch stage, Modern Treasury applied to Y Combinator (YC) as a way to validate their business idea. The YC application process served as a forcing function for the founders to clarify their business model and customer segments. They used the application to distill their thoughts on what they would do if they had 90 days to advance their idea, which helped them focus on the essential elements of their business and gain confidence in their direction.
Building Trust Through Personal Relationships
In the early days of Modern Treasury, Dimitri emphasized the importance of personal relationships in building trust with their first customers. Their initial client was a mutual friend who had a healthcare startup, which allowed for a level of trust that was crucial for a company handling sensitive financial operations. Dimitri believed that having a personal connection helped alleviate concerns about the startup's longevity and reliability, which is particularly important in the infrastructure space where clients are making long-term commitments.
Learn more about Modern Treasury
Modern Treasury interviews Ben & David (and vice versa!)
How to Move Quadrillions of Dollars - The Story of Modern Treasury with Dimitri Dadiomov (Co-founder and CEO, Modern Treasury)
