Lisbon Challenge Success Stories Chapter I – Moneytis

August 12, 2018

Through the years there have been several success stories from startups that participated on Lisbon Challenge. Though it’s hard to keep track at times of them all – we’re making an effort on that direction -, we like to keep updated of their successes. Actually, we like to be updated on everything regarding them. We see them as our babies and like parents we’ll always be proud of them, no matter what.

The founders of Moneytis participated on three acceleration programs, first it was ING Innovation Studio in Amsterdam, the second one was Lisbon Challenge, where they learned the importance of being organized and structured, as well as, how to be fully focused on the phase they were in, not getting distracted by all possible actions they could be partaking in. And the third accelerator was what they most dreamed of: Y Combinator.

They face Lisbon Challenge as a stepping stone to achieve Y Combinator, the accelerator they claim is “run by magicians” and call it of “Tinder for entrepreneurs and investors”.

Being on acceleration programs also taught them the importance of creating something that people love and to focus on making their customers happy – loyal customers guide on how to build the product further. They tried to talk to every customer to ensure they were happy and figure out possible areas for improvement. Their way to acquire new customers was simply to build a service that is faster and less expensive.

After building trust, which besides being vital to the survival of any business is pretty hard to get, they ended up pivoting – not unusual for startups during the course of 3 months at Y Combinator -, because while talking to their customers, they realized the technology their solution was built upon was slowly improving.

So, they decided to go into the source of many problems: Blockchain. It allows people to take control of their finances, facilitating the request for payments, allowing invoices to be sent and processed in real-time. They are creating a layer on top of the blockchain for individuals to request and make payments without an intermediary, making it more efficient and less costly.

Now, their focus is on building the product and further evolving the ecosystem, creating a community of people working together towards the same goal. We, at Beta-i, are still waiting for their visit, because the benefits of entering Lisbon Challenge don’t end when the 10 weeks end.