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A financial gateway across three verticals within the financial services space: Investments, Insurance, and Lending with the idea to connect two B2Bs using a common protocol

A financial gateway across three verticals within the financial services space: Investments, Insurance, and Lending with the idea to connect two B2Bs using a common protocol

In the investments space, products are sold through many advisers, intermediaries, insurance agents, or even tech-enabled platforms such as Policy Bazaar. The problem with some of these verticals is that because of the lack of non-standardization, digitization has not happened. Any online platform such as MakeMyTrip has back-end engines or emitters that connect to all the other airlines to get customers the information of all the flights in the world. This is exactly what 1SilverBullet is trying to do for financial products.

Primarily, 1SilverBullet is an infrastructure company that is building networks akin to a SWIFT or a VISA for investment and insurance products. Currently, all the processes in this area are heavily paper-based; it involves 100 pager documents, countless signatures and is extremely time-consuming. They’d be digitizing some of these pain point areas by building a standard protocol that will allow distributors to communicate with manufacturers through an API.

1SilverBullet Milan Ganatra Angel Investor and Co-Founder & CEOMilan Ganatra is an Angel Investor and Founder & CEO, 1SilverBullet, where the idea came to him when he was running his earlier company, Miles Software. With almost two decades in the financial services space, identifying opportunities as well as dissecting and developing technology that can streamline the space, has led to some of his greatest discoveries and investments. 1SilverBullet is his next adventure, and he has a brilliant team working behind the scenes to ensure its long-term success.

“I also saw a lot of value in doing this because these are verticals that I have a deep understanding of. I think that my 15+ years of experience in the financial services and products industry gave me vision and insight into what a company like 1SilverBullet could become. And most importantly, the revenue stream here is extremely recurring in nature because we make our revenue off of every transaction that goes through our platform,” said Milan.

“We’ve faced challenges at every level because we were going about starting a company from scratch during a global pandemic. So, every process was doubly hard, right from hiring to deciding a location for our development center to logistical support, every step of the way we faced hurdles.”

Patience was the key to overcoming all the hurdles they faced. Milan realized that the entire world was in such a precarious and unfamiliar position, hence, things would take longer than normal and you can’t rush processes – it will take as long as it takes.

They’ve been able to sign up 12 major customers so far, all of whom are large asset management companies. In addition to this, they have in the pipeline 30+ customers who will join them in the next two months. This would capture almost 30% of the meaningful PMS providers in the country. Also, it is significant to note that they’ve garnered all these clients only on the basis of word of mouth and these are all B2B clients only.

“In terms of pure numbers, we aim to have a top line of at least $200 million in the next 5 years. And our target is to be profitable from our third year onwards. Also, we’d like to grow in terms of employee size and have at least a 200-member team,” envisions Milan.

Milan sees their competitive advantage in, “having a blend of domain expertise, technology systems and a wealth of experience in terms of our senior leadership team. We’ve brought in a young and energetic team who are enthusiastic to work on new ideas and innovate. And to back them, we have a team of senior industry experts who can become guides and mentors.”

“There is an extremely high level of energy in the start-up ecosystem in India. The new enterprises have proven to be agile and they aren’t afraid or hesitant to deal with the traditional large companies of India. They’ve been brave in challenging the incumbents in every shape and form. I like how entrepreneurs are disrupting the status quo and moving away from conventional methods. The founders of each of these start-ups are willing to risk so much financially and personally, it is admirable and very courageous,” is Milan’s view.

His advice for young entrepreneurs and upcoming start-up is, “it is important to have a five-year vision and a strong plan for the future in mind. In a competitive economic climate that is driven by tech, being myopic isn’t an option. Also, start-ups have to be agile in their thinking because it is not just an idea that matters but it is also the team that matters. And don’t be afraid to acknowledge wrong decisions, accept your errors and then resort to course correction.”

You can check out 1SilverBullet at: 1silverbullet.tech

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