By adopting the right steps promoted by Q2, Knoma, an education finance tech business platform experienced exponential growth.
Indeed, it collected £2 million worth of loan applications in its first year, experienced a rapid business scale-up, and integrated a good Application Programming Interface (API) in its system enabling it to help more students to facilitate their decision process resulting in 90 per cent of applicants making their decision in under two minutes.
Q2’s challenge is to find the right solutions for businesses to scale up in order to promote their success on both the company and customer sides.
Q2 is a lending company that provides the best solutions in digital banking and lending to banks, alternative finance and fintech companies in the United States.
Indeed, Q2 focuses on four main steps that if followed will ensure growth.
Firstly, it is paramount that the company encompasses a huge place for customer service early in its development to understand and consider customers’ needs.
‘Build your initial proof on concept with your customer in mind.’
‘The foundation of success, now and in the future depends on how relevant you can be to your customers, at any given moment’, stated Ian Nelson, Managing director in EMEA of Q2.
The second step to consider is not rushing the company’s investment process.
The investment made for the company needs to be proportional to the company’s growth at a given time.
Q2 states that it is useless for a company to over-invest in its development because it will not miraculously reach a high level of growth just because a large investment has been made.
‘Start with a lower level of investment that builds as your business grows’, commented Ian Nelson.
The third step according to Q2 to enable businesses to scale up is to keep in mind their unique selling proposition (USP) considering the fast-paced and innovative environment fintech start-ups evolve.
‘Your USP is crucial to ensuring success when new technologies are incorporated; we always encourage this thinking when working with customers’, mentioned Anna Piefferi, head of Fintech at Q2.
Lastly, finding the right partner, technology, and timing is key when seeking growth in a company.
These three elements are linked since to develop the right technology it is paramount to find a partner to collaborate with whom you can rely on, trust and work effectively with.
These elements together will create greater investor and business credibility and hopefully, companies will be assured a great path for growth as did Knoma.