Founded in 2019 in Hamburg, Finrocks began with a clear vision: to bridge the gap between technology and business needs through innovative software solutions and scalable IT teams. Led by passionate entrepreneurs with a strong background in digital industries, Finrocks has assembled a world-class team of experts. Leveraging a robust partner network, they have quickly become a pivotal player in the tech development sector, known for tackling complex projects and providing future-oriented digital solutions. We chat with Alexander Braune, Founder & Managing Director of Finrocks, to get the scoop on their success.
What was the motivation behind founding the company?
Our motivation for founding Finrocks stemmed from our experience in a fintech startup, where we realized the immense power held by those with access to technology resources. This insight led us to leave the startup in 2019 and establish our own company.
Our extensive network became the fundament of our endeavor. We recognized an opportunity in tech development and fulfilling a niche demand for specialized tech talent. Our ability to rapidly source remote developers for our clients became a cornerstone of our business, improving our offerings and distinguishing us in the tech industry.
What makes Finrocks successful?
Since the start of 2019, our guiding principle has been “Tech Answers to Business Questions.” This slogan isn't just something we put under our logo; it's at the heart of our operations. One thing I noticed early on was the language barrier between business administrators and tech developers; they often speak entirely different languages, which can lead to misunderstandings.
Our success stems from our ability to bridge this gap. We understand and fully embrace both the corporate and tech languages. This means we can clearly grasp the entrepreneur's objectives and then effectively translate these into the technical execution of a project. We don't just pass on the requirements; we ensure these goals are realized in the tech solutions we create for our clients.
This dual fluency is our unique selling point. Unlike some tech agencies founded by developers who might only understand the technical side, we've been involved in tech projects from their inception, building and leading them to success.
What have been the most significant challenges so far?
The most difficult challenge when starting was securing that first customer. You might have the slickest website or the most persuasive pitch, but it all comes down to gaining a customer's trust. It took us about six months in 2019 to land our first real customer. That experience taught us the importance of grabbing quick, short-term gains and building something sustainable. Our first customer stayed with us for three years until the project ended. That was a massive lesson in the value of long-term relationships.
The effort to attract new customers never stops. The market is crowded, and only some inquiries will fit what we offer. Sometimes, you have to say no, like when a potential client has a budget that's too low and doesn't align with our value. And while we've grown, boasting an annual turnover of two or three million, the hustle continues. You can't afford to get complacent in this business.
One of our significant challenges this year is expanding our operations internationally by setting up a branch in Dubai, a rapidly growing fintech market. We've initiated the setup with a registered branch and office address and aim to have everything operational by late September. This move is crucial as the German market, while stable, is relatively saturated and slow in terms of generating large-scale projects, which often go through lengthy tender processes. Our aim in Dubai is to tap into a more dynamic market, opening up new opportunities for growth and expansion.
Please tell us more about your financing solution journey.
Our background is deeply rooted in the financial sector; my co-founder and I have experience working in banks. This has given us a solid understanding of effectively utilizing debt capital, provided you have suitable credit standing over time.
How did you come to know about Silvr?
Qonto's recommendation initially sparked our confidence in Silvr as a reliable partner. Qonto had recently acquired Penta, a move we respected, showcasing their effectiveness and proactive approach to supporting small businesses. Given that Qonto is recognized as incredibly startup-friendly, their recommendation carries much weight.
Other than the recommendation from Qonto, what about Silvr convinced you?
The transparent approach to our financial evaluation reinforced our decision to proceed with Silvr. The team thoroughly examined our account turnovers, assessing incoming and outgoing invoices. This wasn’t just about checking boxes; they genuinely understood our financial activities and made their credit decisions based on comprehensive data, not surface-level information. This level of clarity and attention to detail in handling our financials confirmed that Silvr was the right choice for us.
We recently received a follow-up loan of €70,000 from you. This is consistent with our strategy of keeping our network of financial services providers tight and efficient. We focus on a few strong relationships rather than scattering our energies.
We feel very secure and optimistic about our partnership with Silvr.
How does Silvr compare to other financing providers?
Working with Silvr has been a smooth and straightforward experience. It offered us the significant advantage of efficient handling and a clear flow of information that simplified our decision-making process.
"Compared to our experiences with traditional banks, where processes can be slower and more conservative, Silvr stands out distinctly. Traditional banks often need help understanding why a company with a substantial balance, like 100,000 euros, might still need additional financing. They ask questions that don't quite grasp our financial strategy or the nature of our business needs.
Silvr, on the other hand, makes everything simple and transparent. Their financing terms are straightforward, which I appreciate. For example, their offer fits neatly onto just two pages, contrasting sharply with the cumbersome 37 pages from other banks."
This clarity and ease of understanding suit our needs perfectly and align with our business operations. Additionally, their service is remarkable in its efficiency; we've never experienced any delays.
Overall, I'm very pleased with how things have been going with Silvr. Their approach is uncomplicated, clear, and perfectly aligned with what we look for in a financial partner.
What kind of expenses are you using Silvr for?
Last year, we plunged into the solar energy sector, which was completely self-financed. We then used Silvr to purchase goods for this solar supply company under the name Finrocks GmbH. However, this new venture quickly became an integral part of our business, which led to the founding of Peeek at the beginning of this year.
Today, for example, we transferred the office rent to our new location in Dubai.
Who would you recommend Silvr to?
We repeatedly recommend Silvr to other businesses because of their simple and efficient financing. Silvr is particularly useful for startups and businesses facing cash flow challenges, as it offers fast, uncomplicated financial solutions that help manage finances efficiently.
"Silvr is an excellent choice for anyone needing reliable and straightforward financing."
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