OkMoney was launched remotely, with every team member working from abroad
Back in 2015, launching online lending operations remotely was challenging across many dimensions. Most notably, finding reliable and matching partners in areas such as legal, marketing and web development proved challenging.
We appointed a local expert who had these connections in Spain. He arranged meetings, leading to pilot testing assignments that validated our initial choices.
This is how we did it
When iBerotech launched OkMoney in 2015, we navigated legal complexities and remote collaboration challenges in an uncharted landscape. The OkMoney story goes beyond a successful payday lending platform in Spain; it showcases our innovation within regulatory frameworks and our ability to build resilient remote teams. This case highlights a project that achieved profitability in 20 months and laid the groundwork for iBerotech's continued success in the financial services sector.
The challenge: In 2015, the landscape of payday lending and remote signing of legally binding documents was relatively uncharted in Spain. The challenge lay in navigating complex regulations, including laws such as Ley 22/2007, Ley 16/2011, Ley 34/2002, and Real Decreto Legislativo 1/2007, among others. Finding a legal partner who understood these regulations in the context of remote signatures and compliance while delivering personal loans was a significant hurdle. The task was not merely to comply but to innovate within the framework of these laws.
The team: Our remote team, based out of Turku, Finland, where the subsidiary's headquarters were located, worked diligently to meet the project's timelines. With the Project Manager travelling extensively to Madrid, the development went smoothly. However, disturbances from other business divisions later in the project presented unexpected challenges.
The solution: The selection of partners was a rigorous process. We conducted exhaustive testing for cultural match, values, delivery speed, communication, and overall quality. Beyond the focus on service quality and speed of delivery, we also placed a great deal of effort on keeping costs low. The constant evaluation and willingness to change companies at the first sign of weakness, although exhausting, ensured that we worked with the best.
The outcome: OkMoney became one of the most renowned brands in Spain in the payday lending sector at the time. This reputation significantly aided customer acquisition, and the project became profitable within 20 months from launch. The success of OkMoney was not just a business achievement but a testament to our ability to innovate, adapt, and thrive in a challenging environment.
The legacy: The journey of launching OkMoney has left an enduring impact on iBerotech. One of our key selling points today stems from the critical partnerships we've built through the years. New entrants in the financial services sector no longer have to endure the pains we faced back then. Our experience with OkMoney, as well as with other fintech brands, has positioned us in a place where we can confidently guide any financial services business to profitability with a high degree of success, provided all other business pieces are in order. The lessons learned, the relationships forged, and the innovative approaches we developed during the OkMoney project continue to shape our strategies and drive our success.
Learn more: If you wish to gain deeper insight into our experience with launching OkMoney, or explore how iBerotech's expertise and partnerships can assist you in your financial services journey, please don't hesitate to contact us directly.