Pioneer in the field of online-video-identification

Leveraging acquired domain expertise in the financial services sector and payment industry, Fürst Advisory Services was mandated to devise, set-up and position in the market a solution that was to digitally solve the requirement to physically identify oneself before entering into a relationship with a banking insitution as part of the regulatory requirements around anti-money-laundering (AML) and know-your-customer (KYC) processes.

The client in this instant was an idea for a service-offering that needed to be devised, funded, and executed. This boot-strap support in 2011 has yielded the pioneer in the field of online-video-identification, achieving revenues in excess of 13 million EUR in 2019 with operations in 5 geographies and serving millions of customers globally.

Key challenges in boot-strapping this start-up included:

• Obtaining regulatory clearance from the Federal Ministry of Finance in Germany, paving the way for a brand-new market-offering.
• Devising the data protection strategy for the operation that would foster the trust of customers world-wide.
• Setting up a video service center and defining the KPIs needed to operate profitably from an early point on, conserving cash.
• Locking in blue-chip clients before the arrival of „me-too“ offerings in the market to drive revenue growth cement first-mover advantage

Fürst Advisory Services provided 360 degree start-up support to successfully launch the operation. Key elements included:

• Complete legal and regulatory set-up of the business.
• Provision of the Managing Director role from the day of incorporation.
• Strategic guidance on market-entry vertical selection and expansion path.
• Full sales execution in launch vertical, providing immediate market presence.
• Leveraging of domain experts in the legal profession to drive regulatory clearance.
• Complete set-up and ramp-up of video service center operation.
• Definition of KPIs and implementation of management processes to drive these.

The start-up has developed into a reknown international leader in its market segment that has successfully established profitable operations and raised a total of 8 million EUR in funding. It is now ideally positioned to source further growth funding and play a key role in consolidating the market in Europe, as well as expand internationally.