Akurateco
About the Company
Akurateco was founded by Vladimir Kuiantsev and his team, who have extensive backgrounds in payment processing and technology. The company operates as a cloud-based platform, offering services to entrepreneurs looking to monetize payment processing effectively. Since its inception, Akurateco has witnessed exponential growth in transaction volumes, achieving over 1 million transactions within its first two years. The firm focuses on providing a robust payment gateway solution, allowing clients to grow without significant upfront investment in their own payment systems. Akurateco employs 45 people, primarily in technical roles, to support its expanding operations.
Idea Behind Company
The idea for Akurateco emerged in 2016 but was delayed until 2020 due to the need for extensive development and infrastructure planning. The founders recognized a market gap for advanced tools that could help merchants manage payment processes more efficiently. Their goal was to create a service that not only addressed the operational challenges faced by merchants but also offered them flexibility and scalability. The team’s extensive experience in developing payment service providers provided the insight necessary to build a platform that met market demands, ensuring that the minimum viable product (MVP) contained essential features to attract early adopters.
Creating the Company
The development process began with outlining the main business requirements, followed by selecting suitable programming languages and technologies. A focus on security and compliance with industry standards, such as PCI DSS, was also a priority. The early integration of clients who had strong trust in the team allowed for smoother feedback and iteration during the MVP stage. By understanding the technical requirements and common issues faced by clients, Akurateco was able to launch a robust platform that could be customized to meet diverse business needs, setting a solid foundation for its operations.
Launching the Business
Akurateco’s launch was understated, primarily due to global pandemic restrictions. The company relied on its existing network and digital marketing strategies, utilizing paid ads, email campaigns, and social media to attract clients. An older website initially provided organic traffic, but subsequent updates resulted in a drop in visitors. To counteract this, Akurateco has focused on educational content to inform potential clients about the benefits of its platform compared to traditional payment processing methods. As the business continues to grow, Akurateco emphasizes the importance of personal relationships and exceptional customer support in retaining clients.
Earnings
As of the article's publication, Akurateco generates $100,000 in monthly revenue and aims to break even by mid-2022. The company monitors key performance indicators, including conversion rates and customer acquisition costs, to refine its business strategies. The founders plan to seek external investments after achieving break-even status to accelerate growth and aim for a valuation of over $100 million within the next five to seven years. Continuous improvement in service delivery and product offerings is crucial for maintaining the company's competitive edge and ensuring long-term success.
