Ryta Zasiekina of CONCRYT On 5 Things You Need To Succeed In The Modern World Of Finance & Fintech

Make sure you have the right combination of expertise and youth on your team. This is one of our key values: we attract experienced individuals as well as young, ambitious people who can offer a different perspective. This creates balance when building products.

As part of my series about the “How to Navigate and Succeed in the Modern World of Finance”, I had the pleasure of interviewing Ryta Zasiekina.

Having spent a decade consulting in the payments and banking industries, Ryta Zasiekina, Founder of CONCRYT, has gained a reputation as a dynamic decision-maker and skilled negotiator. Originally from Ukraine, Ryta was forced to flee her homeland for Riga, Latvia, in spring 2022, where she started her first business, a payments consultancy for e-commerce and fintech businesses, and is now founder and co-CEO of CONCRYT.

Thank you so much for your time! I know that you are a very busy person. Our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started?

Certainly. I am a qualified engineer and have spent around a decade in the payments and banking industry as an independent entrepreneur and business advisor. My specialism is in general e-commerce and FinTech business consulting, payment processing, alternative payment methods, risk management and anti-fraud.

After graduating from university, I was unsure of my place in the world. I studied the biographies of many successful people in business and politics, the institutions they graduated from and the level of education they received. From this, I compiled a checklist of the skills, competencies and traits I knew I would need to reach my goals.

I tried my hand at several different companies across various industries, and in time, I uncovered a new area of e-commerce that instantly captivated me.

Concryt has been created to help merchants across all sectors make quantifiable impacts in the online space, by combining unrivalled sector knowledge and experience to create a sustainable, mature, efficient global payments business.

Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lessons or ‘take aways’ you learned from that?

Looking back, I find it funny to think about how impatient I was to scale the career ladder. I exuded self-confidence but had nothing concrete by way of experience to back it up. When I think back, it all seems ludicrous to me now, and I struggle to understand how my colleagues and superiors put up with me!

I learnt a lot about the value of experience, but it does mean that when I see that same ambition in young people today, I have a better understanding of what motivates them and how to channel their ambition — so I like to think that the lessons I have learned from my own mistakes are now benefiting others.

Are you working on any exciting new projects now? How do you think that will help people?

I am working hard developing the Concryt offering — we’re working to develop existing services as well as a gateway that will meet the needs of our fit B2B client.

In particular, we’re looking at how to ease cross-border payments, which are crucial for international trade and business operations, but come with several challenges and pain points. For instance, traditional cross-border payments can take several days to process due to the multiple intermediaries involved, and the fact that each country has its own set of regulations and compliance requirements, making it challenging for businesses to ensure they are adhering to all necessary laws.

Addressing these pain points means leveraging advanced payment technologies and partnering with specialised financial service providers, which is where we come in; we’re dedicated to helping our customers navigate the complexities of cross-border transactions effectively.

Outside of Concryt, I am always looking for startup investment projects as an angel investor, and am currently considering one project in Argentina that has a fascinating AI product.

Thank you for that. Let’s now shift to the central focus of our discussion. Extensive research suggests that “purpose driven businesses” are more successful in many areas. When your company started what was its WHY, its purpose?

I really like this phrase ‘purpose driven business’ — it really helps to keep everyone focussed on the ultimate mission. For Concryt, that’s ‘to solve the pain points of B2B customers’. We understand what they need from software for their B2C customers and try to develop software in-house so we can offer a very good product that addresses a gap in the market and alleviates the pain points we know our B2B customers have.

Again, if we look at cross-border payments, we know they face technological challenges such as integrating cross-border payment solutions with existing accounting and ERP systems, which can be complex and costly, as well as ensuring the security of cross-border transactions is crucial.

By getting to the heart of these pain points, we can fulfil our purpose of enabling businesses to thrive in the global marketplace.

Do you have a “number one principle” that guides you through the ups and downs of running a business?

Yes, I would say it’s to be flexible, but not to change direction too fast. In the fast-paced world of business, adaptability is crucial. However, I have seen many instances where management tries to be too flexible, constantly shifting strategies in response to every new challenge or opportunity. This often leads to confusion and instability within the organisation. When strategies are changed too frequently, employees don’t have enough time to adjust their procedures, and the rest of the business struggles to keep up. This can result in inefficiencies, lower morale, and reduced productivity.

Moreover, frequent changes can make the company appear inconsistent and unreliable to clients and partners. They might perceive it as a lack of clear vision or a sign of carelessness. This can damage the company’s reputation and erode trust, which are essential for long-term success.

Therefore, while it is important to remain adaptable and responsive to changes in the market, it is equally important to maintain a certain level of consistency. When adjustments are necessary, they should be implemented gradually and thoughtfully. Clear and transparent communication is key in this process. Employees need to understand the reasons behind the changes and how they fit into the broader goals of the organisation. This helps ensure that everyone is on the same page and working towards the same objectives.

By balancing flexibility with consistency and clear communication, businesses can navigate the ups and downs more effectively, maintaining stability and fostering a positive environment for both employees and external stakeholders.

If a fellow business leader would ask you for advice about whether to bootstrap or to look for VC capital, how would you help them weigh the pros and cons of that decision?

I think the main thing to remember about attracting venture capital (VC) is that you risk losing control of your business. When you bring on VC investors, you are not just accepting their financial support; you are also opening the door to their influence over your company’s direction. Venture capitalists often come with their own ideas about how your business should be run, including strategic decisions, operational processes, and even key hires. This can significantly impact your original vision and opinion.

Many entrepreneurs don’t fully realise that VC funding brings more than just money. With it comes a level of oversight and expectation that can alter the course of your business. VCs typically seek high returns on their investment and may push for rapid growth strategies, sometimes at the expense of the company’s foundational values and long-term sustainability. This can lead to pressure to scale quickly, pivot strategies, or enter markets that may not align with your initial plans.

If you have a strong vision and deeply believe in the potential of your business, I personally think it’s often better to bootstrap. Bootstrapping allows you to maintain full control over your company, make decisions that align with your values, and grow at a pace that suits your strategy and resources. While it may be more challenging financially and slower in terms of growth, it preserves the integrity of your business and keeps the decision-making power in your hands.

Ultimately, while VC funding can provide significant resources and accelerate growth, it’s important to weigh these benefits against the potential costs to your vision and control. For many entrepreneurs, retaining full ownership and direction of their business is worth the trade-off.

What measure do you use to determine the value of a company? What advice would you give to other leaders about how to get an optimal evaluation of their business?

I think a great measure of value is how attractive your company is to the most talented people in your industry. If talented and young people want to be part of it and bring their expertise there, that shows me you’re successful. It’s a great signal to the market.

What would you advise to a founder who initially went through years of successive growth, but has now reached a standstill. From your experience do you have any general advice about how to boost growth and “restart their engines”?

If this happens after good growth, to me it means one of two things. Growth is connected to solving problems for the customer, so it could signal you have lost the feeling for your customers pain and needs. This can be remedied by communicating with main customers and understand their own strategies and pain points in more detail.

Or it could be problems within your team, in which case better motivational strategies may be the solution. Think about individual growth for team members.

What are the most common finance mistakes you have seen other businesses make? What should one keep in mind to avoid that?

For SMEs I think it’s when management and shareholders feel they can relax because they see good growth and impressive numbers, so they lose attention. But success today may well be due to decisions and actions made in the past, so it’s crucial to understand how what you’re doing now affects the future. Do this by keeping all financial documents in order and never taking your eye off the ball. Complacency is a huge mistake, but understanding that the actions you take today will impact things down the line will ensure consistent growth.

Ok, here is the main question of our discussion. Based on your experience and success, what are the five most important things one should know in order to succeed in the modern finance industry? Please share a story or an example for each.

One — stay constantly aware of your customers problems — or at least have someone keeping management informed. Leaders must have awareness and communication with customers — it’s the reason the business exists. If leaders are out of touch, it’s harder to make the right decisions.

Two — networking; in this industry, you can’t do anything without it. It not only broadens knowledge but helps with communication both internally and externally and is the best way to understand and operate in the market.

Three — maintain flexibility. This is particularly important because regulations change so fast and there are always new products being developed. This is a competitive market, so you have to be able to adjust strategies to keep up. Being flexible in your working practices is also crucial — for example, being open to remote working means you can attract more talented people from around the world.

Four — develop your technology or software continuously. This means constant interaction with customers so you can be the first to address any problems they encounter — it’s the only way to stand out in such a competitive environment.

Five — make sure you have the right combination of expertise and youth on your team. This is one of our key values: we attract experienced individuals as well as young, ambitious people who can offer a different perspective. This creates balance when building products.

Which tips would you recommend to your colleagues in your industry to help them to thrive and not “burn out”?

The most important tip is to never lose your passion for the industry. Entering the fintech space purely for financial gain or because it’s the latest trend is not sustainable. Passion for fintech — its innovations, challenges, and potential to transform financial services — is essential for long-term success and satisfaction. This genuine interest will drive your motivation and keep you engaged, even during challenging times. Passion is key to doing a good job.

Build a strong professional network within your industry’s community. Engaging with peers, attending industry events and participating in forums can provide support, inspiration and new perspectives. Collaboration with others who share your passion can reignite your enthusiasm and offer valuable insights.

Set realistic goals for yourself and your team. Unrealistic expectations can lead to unnecessary stress and burnout. Break down larger objectives into smaller, manageable tasks and celebrate your progress along the way. This approach helps maintain motivation and a sense of accomplishment.

In short, thriving in the fintech industry requires more than just technical skills and knowledge. It’s about nurturing a deep passion for the field, continuously learning and building strong supportive networks.

You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)

I believe many of the world’s problems stem from a fundamental lack of understanding between people. This misunderstanding goes beyond mere language barriers and touches on deeper issues of emotional intelligence and empathy. My movement would focus on fostering greater emotional intelligence and deeper interpersonal understanding to improve communication on all levels. The foundation of this movement would be to incorporate emotional intelligence training into educational curriculums from an early age. Teaching children how to recognise, understand and manage their own emotions, as well as how to empathise with others can create a generation of that is more emotionally aware and considerate.

Additionally, I would initiate a global workshops and programmes aimed at teaching empathy and active listening skills. These workshops would be designed for all age groups and sectors, including schools, workplaces and community centres.

How can our readers further follow your work online?

https://www.linkedin.com/in/zasiekina?originalSubdomain=lv

This was very inspiring. Thank you so much for joining us!