I cover fintech for the money team at Forbes. I am an NYU graduate with bylines at AMNewYork, Gotham Gazette, and Prague Daily Monitor. Reach me at [email protected] or follow me on Twitter @emilymason00
Srinivas Njay, CEO and cofounder of interface.ai, has signed up more than 100 credit unions and community banks, with 16 million customers, to use his AI-powered virtual assistant.Interface.ai cofounder Srinivas Njay built a powerful virtual financial assistant with just $1 million in capital. The VCs are lining up—but like many self-funded entrepreneurs, he doesn't need them.founders Srinivas Njay and Bruce Kim have been building interface.
Njay and Kim are hardly an overnight success story. After meeting and joining forces in 2015, they spent four years building financial bots to assist with bill payments and money transfers for the Indian market before concluding the U.S. market had more potential. Today, 130 of San Jose-based interface.ai’s 170 employees are in India, which keeps payroll costs low and productivity high, since the time difference means engineers can work on problems around the clock.
U.S. venture firms raised just $67 billion in 2023, the lowest haul since 2017 and down 61% from 2022. Yes, the VCs are still chasing deals in AI and have plenty of uncommitted funds. But the continued weakness in the market for initial public offerings since 2021’s record crop, is“We have these factory-farmed unicorns that were supposed to be worth a few billion dollars in a public market and everyone built to that spec rather than building authentically good businesses.
That’s been the approach that Gateway X has taken since its founding three years ago as a self-described “venture studio.” It comes up with promising business ideas, puts together a team of entrepreneurs and provides them with $500,000 or less in startup capital, expecting them to bootstrap from there. One startup, for example, is a platform that helps marketing teams find overseas workers to help roll out campaigns.
PayQuicker has been profitable since 2014, but has grown comparatively slowly. “Some would argue that by taking in outside money, we could have grown faster,” Beldham reflects. “I must have watched 20, 30 fintechs in the payout space emerge, and every time I saw one back in 2010, 11, 12, I thought, ‘oh my goodness, somebody's going to get this right. This is going to be it,’ and then they just went away after a period of time.
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