Welcome to 5 Questions with FinTech Founders, where we sit down with the next generation of FinTech innovators to hear about how they got started, and where they are going.
In this installment, we spoke with Sunil Madhu, Founder and CEO of Insnt, the first fully managed customer acceptance platform for businesses with fraud loss insurance. Sunil has spent over 30 years innovating in the Identity and Access Management, Security, Governance, and Risk and Compliance markets.
Previously, Sunil was the Founder & CEO and CTO of Socure, which he grew into what is now a $ 5 billion business and a leader in AI-driven fraud prevention and digital identity verification that powers several of the top banks, fintechs, card issuers, and e-commerce companies in the world. He holds a master's degree in Management Information Systems from Glasgow Caledonian University and a bachelor’s degree with honors in Computer Science from Strathclyde University in the UK.
Sunil is recognized as a Top 100 Fintech Influencer in the US by Forbes and CB Insights.
1. What inspired you to start Instnt?
As a seasoned entrepreneur in security, risk, and compliance for over 30 years, I founded and grew Socure into what is now a $5 billion identity verification and fraud prevention service provider. Recognizing the persistent issue of businesses bearing fraud-loss liability despite advanced tools, I decided to start Instnt, with which I also wanted to address the challenges of a layered approach to fraud mitigation and compliance, which often excluded a growing younger customer base.
2. What problem were you trying to solve in the market?
The problem we are solving is helping businesses grow without fraud losses. Our comprehensive solution spans the entire customer life cycle from the initial account opening, verification, and onboarding to subsequent logins, transaction processing, and the enhanced accessibility of additional products and services strategically upsold to them.
3. Describe a time when you needed to course correct.
When starting a business, it's common to bring a developed idea to the market, aiming to achieve a product-market fit. However, challenges such as unfavorable timing or capital depletion may necessitate a pivot. In fortunate cases, the original idea may have multiple facets, allowing for a strategic pivot by leveraging one of its components.
4. What lessons have you learned that you would share to other entrepreneurs looking to scale?
In the beginning, when your business is growing rapidly, it always costs twice as much and takes three times as long as you think it will until you reach a steady pace of growth.
5. What measures do you take to create a culture of growth within your company?
To create a culture of growth, you have to normalize change, so people are not afraid of change. The most constant in start-ups is change. If you create a culture to not fear change, then you allow growth to naturally occur.
To learn more about Instnt visit instnt.com.