Up and Coming Startup ‘Uptopy’

If someone was to pitch to you their idea of upstarting their very own Fintech business you’d probably have many questions; the first one being ‘who are you and what part of the future did you descend from?’ Shortly followed by the standard:‘what is Fintech? And how do you go about even starting up a Fintech company? These are the questions I had when first entering the sometimes jargon fueled and technologically advanced world of finance and technology. However, with a little bit of research on your side and the opportunity to talk to someone who’s been there, done that and worn the t-shirt (to an ungodly amount of Fintech conventions) it will all begin to make sense. Though we can all Google and can discover the definition of Fintech, not many of us are fortunate enough to have the opportunity to talk to somebody well versed and experienced in the Fintech startup world. However, I was fortunate enough to have the absolute pleasure of interviewing Fintech Executive, Tech Entrepreneur and Founder of Uptopy, John Smoll. 

What is Uptopy?

Uptopy is a self described ‘SaaS company’s new best friend.’ Why? Well, because Uptopy are firm believers in the notion that SaaS (software as a Service) companies should not have to wait months for funding like they would do with VCs (Venture Capital) and banks. They also push forward the popular concept that SaaS companies should not have to give up a share of their business in exchange for money. Uptopy is the solution to such problems and offers instant, non-dilutive financing to just about any SaaS business. In simple terms, Uptopy has been created to turn your expected ARR (Annual Recurring Revenue) into upfront payments that you can receive today, right now, rather than alternatively having to wait a whole year. Uptopy is a great example of how Fintech is being used to make money transactions and business growth easier and more attainable. 

What is Fintech? Smoll Explains

Smoll uses an analogy to define Fintech: ‘Fintech is like a cake, the first layer is infrastructure, the second layer is banking and debit products, the third, is letting and borrowing, the fourth is investment and trading[…]Cryptocurrency is the jelly.’ [Overall the cake] is packed with solid State Care.’ Whilst this may be a lot to digest, no pun intended, Stoll’s knowledge has been obtained over time and through a rather ‘interesting’ Journey which he also states wasn’t ‘simple.

Smoll had previously been working with banks, inquiry businesses and through doing so had made many connections. However, Smoll had felt that this was not enough and he wanted to know what was ‘next’ and figure out how to ‘add value to the world.’ In a timely manner,  subsequently Smoll had received a phone call from a friend who was struggling to acquire a large sum of money.’They then started to brainstorm ideas on how they could create an app and almost as if the Fintech God’s themselves were shining their technologically advanced light on Stoll, on the very same day he had received a call from a friend working at BillMax (a software company) who was also wanting something new and was looking for assets. Stoll says that it was from there, from ‘just a few sentences’ Smoll would enter the Fintech industry and not only did he find Fintech but he also found his much desired ‘value’ to add to the world. 

Getting ‘Uptopy’ on Top

From humble beginnings to successful endeavors Smoll eventually founded his very own Fintech startup company titled ‘Uptopy’, alternatively known as ‘Up’ in September 2020. Since then the company has gained notable traction for its assistance in helping SaaS companies finance growth without debt or dilution. Within a few months of launching, Uptopy began to operate in stealth mode and created a product that they believe ‘best suits the needs of the digital industry.’ You may be confused as to what this means, Smoll states that Uptopy’s mission is to ‘help other companies grow, we are the marketplace to sell recurring revenue, we allow companies to sell a fraction of their future revenue and trade it.’ 

Smoll further expands upon this point and believes it is imperative that you understand ‘what it is that you are looking for, and what dependencies there are’ within the market. Uptopy recognises the gaps within the Fintech and money sharing industry and have made it so that  you can convert all revenue from your subscriptions in one upfront payment and spend it on growth, ensuring ‘no dilution, no collateral, no waiting.’ It is achievements like this that amplify the success of Uptopy which Smoll aims to continue. 

When questioned about Uptopy’s future Smoll, with much excitement, refers to Uptopy as a ‘time machine, bringing you the future.’ Smoll goes on to refer to Uptopy ‘as the place for people who would like to grow their business’ and firmly believes that ‘at the end of the day it is all about growth.’ A notion that I am sure successful Fintech influencers such as Nikolay Storonsky (Founder of Revolut) and Anne Boden (CEO of Starling Bank) can attest, for these Fintech’s assist millions of people with their finances.

Thinking About Exploring the World of Fintech?

Whilst Uptopy’s success and other Fintech startups alike are inspiring, it is important to note the industry’s frequent obstacles such as compliance laws, the overuse of artificial intelligence (AI) and trust in cash. Having brought up the notion of struggles to Smoll he recounts the very struggles he faced: ‘it’s all about sell-side and buy-side’ and they constantly battle each other, ‘so both challenges were really hard but we did it.’ Smoll goes onto expand upon how Fintech is ultimately consumed by compliance laws, meaning that there are rules and regulations that a Fintech startup or other traditional business model should follow such as requiring some startups to hold much more capital and in turn, introducing new obligations such as the Internal Capital Adequacy and Risk Assessment process. Though an intimidating aspect of producing a Fintech startup Smoll concluded that even though ‘it is not easy [it is] good to be here.

A Wake Up(topy) Call

In a closing statement Smoll reaffirms the importance placed upon the concept that Fintech does not only assist in ‘helping build a company, but in building a community.’ So, if  this community of technological experts, Fintech entrepreneurs and time travellers (as Smoll hints to) appeals to you then perhaps Fintech is the way to go. Though it would be remiss to disacknowledge the reality that not everyone receives a phone call like Smoll, not everyone makes it.