With her impressive background in economics and finance, Lilia Stoyanov knew she wanted to join the financial technology space from early in her career – but she didn’t want to simply develop the next basic payment app in a crowded market.
She wanted to create a software that would keep users coming back to the product, while at the concurrently providing functionality with a unique hook and problem solving angle. So her and her team of partners decided to develop Transformify, a website businesses could use to track applicants, but at the same time workers could use to find and apply for job postings. Since it’s invent in 2016, Transformify has advanced into an all-in-one workforce management system, allowing companies worldwide to source freelancers, manage workflow, automate payments, and more all while saving those businesses up to 60% on average associated costs and streamlining the payroll process for contracted workers.
Allow me to introduce Lilia Stoyanov…
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My name is Lilia Stoyanov, and I’m a chief executive officer and angel investor at Transformify. As a fintech and digital transformation expert, I’m also a professor at Zigurat Business School.
Finance became an integral part of my life when I was enrolled in the High School of Economics at 14. Eventually, I graduated from Oxford University with a major in Financial Strategy. All that, complemented by a career in payments and financial services as the GM&CFO of Skrill/Paysafe, a leading payment provider listed on NYSE, inspired me to start Transformify (TFY). On top of the innovative business model, Transformify workforce management system aims to transform people’s lives for good by providing access to remote jobs and secure payment to people in need across the globe.
If there was a business model trap I wanted to avoid, it was becoming the next payment app. There are so many of them and it is very hard to differentiate them from each other. We needed a business model that would inspire our users to stay loyal to the brand as it would add value to them beyond pure payment processing.
Our MVP (minimum viable product) was our applicant tracking system (ATS) complemented by a job board focusing on remote jobs. We launched them in 2016. To attract users, we knew that at the beginning we would offer our SaaS platform for free. However, we monetized our user base through our partnership and affiliate programs. Then, at the end of 2018, we piloted our Freelancer Management System which was initially also offered for free to attract mid-sized businesses, and later enterprises, to try it out and use it. All the time, the focus was on minimizing our churn rate and keeping it below 1%. Then, in 2020, we started monetizing our platform and adding new capabilities every six months. This led to revenue and profit growth of 600% in 2021 vs 2022 and 250% in 2022 vs 2021 despite Covid-19 and the war in Ukraine.
First, our marketing channels and communication were launched 8 months before the first pilot of our MVP. We started with a landing page that allowed interested parties to subscribe to our newsletter and social media channels focused on Linkedin. After that, our focus was on industry awards and grants. In 2016, Transformify (TFY) participated in Virgin Startup Pitch Challenge which was recorded as a Guinness World Record. Then, in 2017, Transformify was one of 49 companies selected out 1600 to participate in K-startup Grand Challenge subsidized by the Ministry of SMEs and Startups of South Korea. In 2018, Transformify (TFY) was enrolled in the program for innovative startups of Vienna Business Agency, Austria. In 2020, we received an r7D grant from Innovate UK to further develop our AI-powered ATS.
Initially, our customers were attracted by the innovative idea as we started as an all-remote company long before Covid-19. Our social angle was also a magnet for enterprises looking to optimize their CSR programs and budgets. later, it was the excellent product and the personal touch provided our business development executives and customer support. Not to mention that Transformify workforce management system saves on average 60% on costs through talent sourcing, onboarding, compliance, billing and payment automation.
Reading has been my passion since I was a child. The books that had a significant impact on my entrepreneurial journey are ” How to Make Friends and Influence People” by Dale Carnegie and ” Be Smarter Than Your Lawyer and Venture Capitalist” by Brad Feldt and Jason Mendelson. Lately, I’ve been using the principles outlined in ”Sell!” by Dale Carnegie & Associates in sales training materials for our business development team.
Despite the adverse market conditions, high inflation and recession, Transformify (TFY) is growing steadily and the forecasted profit growth is 300% vs 2022. It is challenging and exciting as so many established companies filed for bankruptcy since the beginning of 2023. Flexibility and product offering tailored to the needs of our customers is key to achieving it. Most of our competitors are yet to reach break-even despite the numerous funding rounds. Being a private independent company has one big advantage – we can move fast and make decisions in a blink of an eye.
Starting out is super exciting. Yet, planning is crucial for your success. Start with mapping your buyer persona and understanding the communication channels that can help you to reach those people. Remember that you are selling a product, but it is sold to people who buy based on appealing to their values and emotions. Your branding strategy needs to be ready prior to launching any communications or announcing your pilot beta. The best approach is to drive interest and desire months before the product is launched and secure a list of potential customers willing to try your product.
Transformify – https://www.transformify.org
Linkedin is a great way to connect with me if you are interested in angel investing, financial services, payments, freelancer management and any business-related topics. Link – https://www.linkedin.com/in/lilia-stoyanov-fcca-41972b14/
Instagram is the social media channel if you want to experience digital nomad life style, work-life balance and see the human side of a manager. Link – https://www.instagram.com/ls_transformify/
Also, I have my own Entrepreneur column and you can follow my articles there. Link – https://www.entrepreneur.com/en-gb/author/lilia-stoyanov
Last, but not least, I regularly publish articles on Transformify blog focused on workforce management trends, payments, crypto, DeFi, entrepreneurship and much more. Link – www.transformify.org/blog
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