Let’s start off by explaining what enfineo is, what it does, and why it’s quite tough to build such a complex project. We’ve received a lot of fair questions on why we’re not using a white label product, so Alex Grigorescu, enfineo Product Manager took the reins on explaining why we’re building the app from scratch, as opposed to using a white label.
Now, usually, when you’re a start-up, you want to test your product and see if it works. However, we know exactly what we’re aiming for: we’re trying to become the next decacorn ($10 billion+ valuation). In order to get there, from a strategic perspective, it’s much better to have a custom-made product, rather than a white label. With a white label, not only do you possibly have similarities to 10 or 20 other apps, but you’d also have to spend time customizing it. If we were to have used a white label, we’d have saved around 2-3 months of work. However, long term, it would have been more disadvantageous.
As a bit of a side note, Alin & enfineo graduated from Founder’s Institute London Spring Cohort 2023. The ceremony will be held the week after the AMA, and you can watch this live. We’ll keep you posted on our social media. Now let’s get back to enfineo.
When you use a white-label product, you’re very dependent on the provider and the services he offers. Basically, what you offer your users is simply an interface and the operations behind that interface are managed by the white-label provider. So we decided against it, and now we’re building a custom product, our own ecosystem.
What does this ecosystem mean?
Well, we’re going to handle reporting to authorities, money flows, integrations, data collection & processing, you name it. So we created a banking ecosystem similar to what banks use. Besides this, we also developed our own crypto ecosystem, which is integrated with our banking one. Quite intricate.
While usually it takes around 15 minutes (900 seconds) and 1%-2% fees for you to transfer money from a crypto exchange to a bank, with our ecosystem, you can transfer money from a crypto exchange to a bank account in 15 seconds. 3 clicks to crypto and back.
Continuing, let’s take a look at the new app update. On the day of the AMA (July 28th), we updated to the 0.4 version.
First, we introduced biometric authentication to the app, so now you can log in with a fingerprint or facial scan. Additionally, we introduced dark mode to the app and made several visual enhancements. We’re also currently testing graphs for various cryptocurrencies, however, this feature is still in its inception phase.
Next, we’re going to introduce you to an important item we’ve worked on. The customer risk score.
Naturally, this score is part of our compliance procedures, which we’re required by law to follow. We’d like to reach a level where we have compliance procedures similar to those of top banking institutions.
So what’s the customer risk score? It’s a rating that every enfineo user receives when they create an account. It starts off from 0, and it can go up infinitely. Once a user’s score reaches a certain threshold, his account will be locked. In order to unlock it, there are several manual investigations to be done and legal requirements that must be met.
Almost everybody will be part of the low-risk category of users, and they will go through the usual KYC process. They will also be screened for political exposure and other relevant risks.
If several parameters are triggered, the user’s risk score will be increased, leading to an enhanced investigation.
If you’re curious about the actions taken for each risk category, check the photo above.
To continue with, we’ll show the most recent roadmap, with what we’ve done, what we’re doing, and what we will do.
As mentioned, we implemented the stunning dark mode, as well as the biometric login. We’ve also done several user experience improvements and added blockchain forensics. We also solved 113 bugs since the last release.
Currently, we’re working on improving user experience when it comes to the Swap functionality, as well as further improving AML procedures. Also, we’re optimizing the liquidity when it comes to the app – how the money flows, in order for it to be safe.
In the future, we’ll implement topping up your enfineo account with an external card, as well as buying crypto with it. We’re also integrating RON accounts, as well as connecting to the SWIFT network for other currencies. Physical cards, Apple/Google Wallets and Subscription Tiers are also on the to-do list.
Cristian Mateescu, enfineo co-founder & Head of Crypto hopped in at this point. Cristi handed over the Chief Technology Officer position and will now serve as enfineo’s go-to person when it comes to all matters crypto.
When it comes to the token listing, that will take place around 1 month before the app goes live. After several talks with partners, they all advised us on listing before the product goes live, and once it does, token holders will benefit from various features and cool stuff that comes with holding $ENF.
Also, given that we postponed the token listing, we’re reducing the vesting period of early adopters & private sale by roughly 33%. Check the new tokenomics below.
Aaaand here’s our new Chief Technology Officer, Alex Olaru. With a lot of experience gained at Finastra, Alex will now be in charge of all technical aspects of enfineo.
Since we’re on the topic of new people, we’d also like to present you Didier Lepoutre, our new CFO. Although he’s been at enfineo for a while now, we didn’t get a chance to properly introduce him in one of our AMA’s. He’ll be in charge of the company finances (obviously), and he’s making sure we have enough funds to develop and scale enfineo.
Now, as we’re nearing the end of the AMA, we’ll start answering questions from the community.
Q: Are you still in the fundraising process?
A: According to our P&L Statement, yes, we still are. Next year we’re going to raise $10 million, the year after that $24 million and so on. If people are more “excited” about the product than we expect, we won’t need to raise that much funds.
Q: How do you guarantee that the money is safe?
A: First and foremost, we hold an EMI license. Before a company can hold such a license, there’s an extensive process which involves management screening, interviews and constant audits. Secondly, we dare to say that funds kept on enfineo are safer than a traditional bank’s because we cannot offer credit to our clients. No overdrafts.
Q: Updates on fundraising?
A: Yes, we’ve signed a contract for a 7-figure amount, for which equity of the company was given. Further details will be given once we’re able to do so.
Q: Updates on marketing?
A: Yeah, we’re still working on the final plan; it’s going to be complex, and it’s not yet necessary to start aggressively marketing the product. Nonetheless, that will happen soon. To this, we’d like to add that we were able to fill up the waiting list with zero budget. We’re still developing a plan that would position us as superior to other projects in the market right now. We’re really excited about this.
Q: What happens if economic prospects don’t look good when it’s time to list? Is it still going to happen?
A: Yes, because we’re going to have a working product and utility for the tokens.
Q: There were plans for 5000, 10000 testers. Is this still the case?
A: Yes. Once we launch the product, we will gradually roll out the app to more and more people. This will happen because we want to make sure it will support a high number of users.
Q: Are office tours still available?
A: We haven’t really done them in a while, but that’s a great idea. We probably will revive the concept soon.
Q: Will you be able to invest in the stock market using enfineo?
A: Yes. That will happen eventually.
Starting from the next AMA, we will be talking in English, since Didier, enfineo CFO, will also be present, and we’d also like to address a more international community.
And that was it for this AMA. Thank you for those that tuned in live, and we’ll see you in the next AMA.