SRI focused fintech solution that also aims to provide competitive returns for customers
Blueopes is a low-cost, automatized wealth management service provider, seeking to deliver competitive financial returns, while focused on socially responsible investments (“SRI”).
They help their clients to optimize their investment gains according to their individual goals and personal value preferences. Their differentiated service is democratizing the access to sophisticated, custom-tailored investment advice by offering a superior user experience at the fraction of the price.
Balázs Faluvégi CIO, Founder answered our questions.
“Can you tell us in one sentence what you guys do?”
An automatized, wealth management software tool for asset managers focused on Socially Responsible Investing.
“Why did you and your co-founders (if you have any) decide to build something like you do today? What was your initial inspiration or problem you wished to solve?”
I was in personal wealth management for more than 15 years, and my co-founder partner, Miklos Kovacs was a client of mine. We started to discuss how wealth management could be more effective, and scalable. Right now for most people, a private banker or any experienced financial advisor is not affordable. Through a robot-advisor, it’s accessible for anyone, and at a fraction of the traditional costs. Also, Millennials would like to express their personal value preferences through their work, shopping and in their investments too, but there is no service provider who does this in the region.
“What excites you the most about your work, and what is that single moment in your past that you are most proud of?”
I tend to think that there are no best single moments in building a startups, but a huge, and process, so it’s not easy to pick any point in time. What I enjoy the best is testing the financial models and portfolio constructions and see new ideas working properly. If you mean “aha-moments” there were some big ones during user tests and interviews, we also enjoy these a lot.
“…and fails? We all have them, but what were your most spectacular ones? Of course only the ones you wish to share”
I wouldn’t call it a failure, but a hard decision: when we realized, that it’s not possible to build up the whole company for a pure B2C value proposition and had to change the business model.
“We all know entrepreneurship is a difficult road to take, especially in the world of startups; are there any mantras, hobbies or routines that you use to keep your mind and body healthy?”
Walking. I try to approach every meeting on foot, rather than public transit or car, where it’s possible. Budapest is an amazing city, you always find something new to discover on the way, and it also clears my mind from the noise inside :)
“Is there something in startup-zeitgeist that in an ideal world we would not need to have? Like pitching? :)”
Not exactly pitching, but too many — in many cases contradictive — advice on how to pitch right.
“What do you value most in people? Especially those in your team?”
Different skill-sets and different perspectives. The more diverse a team, the better, because it helps to find new ideas and ways to progress or solve problems.
“What do you anticipate the most for technology in the forthcoming 5 years? What are the things that knock your socks off?”
Artificial Intelligence in wealth management. It’s mind-blowing to see how much more effective it is than traditional financial advisors, and the market has barely seen the tip of the iceberg. Yet.
“Who are you most excited about in your local startup ecosystem and why?” — this could be startups, coworking offices, accelerators, mentors…basically anyone who you think highly!
Lots of them actually. From the investor/incubation side we really like MKB Fintechlab (Jani Pereczes and his team), because they have a huge program on developing fintechs, and BnL Growth Partners, because of their extensive experience (we especially liked how Jozsi Nyiri challenged us during conversations). Posts and interviews of Peter Oszko and Peter Balogh are also great inspiration. Besides MKB Fintechlab, Impact Hub is also a very good coworking office with very interesting events. For insights, advice and organizing great events Invendor’s Zsombor Imre and Maria Ackermann. I also learned a lot from Nora Szeles. As for other startups we highly respect what Dorka Horvath and Dani Karanyi of BookRKids achieved, and we really like GreenGo as well, both companies not only for their professionalism, but
positive social and environmental impact. There are also two other Hungarian (fintech) startups I’d like to mention here: FintechBlocks and Family Finances.
“In your opinion what are the single best and the single worst things running a startup from Central Europe?”
The best: talent. The worst: bureaucracy.
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We at CESAwards stand with our hats in our hands each year in front of all the amazing innovation, the incredible stories and brave startupper who strive for more, who are here to build and change the status quo in the CEE region.
In this interview series we introduce our National Winners of 2017.
Meet the best minds of the CEE region on the Grand Finale of CESAwards on the 23rd of November in Sofia, Bulgaria. Tickets available → http://bit.ly/GrandFinale2017