Orlando businesswoman Suneera Madhani has come a long way in a short time with her financial tech firm Fattmerchant.
The company, which was founded in 2014, now has nearly 20 employees, hundreds of customers for its subscription-based credit card processing service, released a new digital product to better help clients understand their sales and has surpassed a major milestone: It hit $100 million in transaction volume from its customers earlier this month.
But even though Madhani, the CEO and founder of Fattmerchant, has hired a sales team and tech team to handle the many gears that turn to make the firm a success, she’s still quick to pick up the phone to land a new client or meet with a client to close on a deal.
“I did a customer sales call right before this interview,” the 28-year-old told the Orlando Business Journal. “While my primary role is not sales and service calls, I would say I do it everyday.”
That sort of drive may be one of the reasons why Fattmerchant saw almost 2,000 percent growth in transaction volume in 2015. Last year, the company had $5 million in transaction volume, compared to the more than $100 million it has now.
This year, the company landed more than 500 customers as well as a $850,000 venture capital deal with Winter Park-based venVelo.
So what’s the secret to Fattmerchant’s success and how can other startups follow in its footstep? Madhani gave three tips:
Take your time:”Make sure you hire the right person that fits the organization. For every new employee that you bring in, make sure that they mesh well with your team and company culture.”
Create a disruptive product or service:”We are a zero percent markup provider. We had a disruptive technology, and we surrounded ourselves with a team than can execute that idea. There is no such thing as a billion-dollar idea, but, rather, a billion-dollar execution.”
Community involvement:”Being at many community events helps because they offer a chance to land more customers. We have been at most tech events, pitching, networking and gathering customers.”
Source: Orlando Business Journal, Matthew Richardson
Photo: Fattmerchant staff members celebrate as the company’s transaction volume reached $100 million, a milestone for the young company that was founded in 2014. (Fattmerchant)