Updated: Dec 20, 2020
One of our latest projects is all about setting freelancers free from everyday hassle so they can focus on what’s really important.
by Martina Sulková
There’s no way around it. Financial technology––or fintech––is the way of the future. With multiple companies popping up both in Europe and worldwide, fintech is only growing and it’s here to stay. This is why we’re excited to have launched a new fintech project here at Creative Dock––Fairo.
The perfect customers
Fairo started with freelance workers in mind, a segment that has experienced exponential growth globally in the past decade and specifically in 2020 due to the COVID-19 pandemic. From the very beginning, Fairo has been designed in a freelance economy, for a freelance economy.
In Ukraine, which we chose as the first market to launch Fairo, freelancers represent 36% of the overall income growth, ranking fifth in the world. It’s generally a young workforce with 70% of all Ukrainian freelancers being less than 35 years old. Not too shabby for a market that often gets dismissed and overlooked.
Freelancers are the perfect customers in many respects. They actively use social media and keep up with the latest trends. They also believe their position gives them the opportunity for upward mobility, which makes them driven, focused, and hard-working.
What does Fairo do?
We like to say it’s an all-in-one fintech app. Targeting the freelancer market, Fairo currently helps individuals and small businesses with income accounting, invoicing, and tax reporting. These are all things that tend to be time-consuming and difficult to understand. They are a hassle that freelancers and small businesses need to take care of every single month. With Fairo, all of these time consuming tasks can be automated, making our target group’s work process much more efficient so that they have more time to do what they love––whether that’s in work or pleasure.
How the idea came to life
When building the Fairo team, we put together seasoned specialists from all over Europe with experience in fintech (and beyond) to help us launch the product. Bringing in household names including fintech afficionado Lukáš Janoušek––pictured above and well-known in the Czech startup scene as shareholder and ex-GMO of Twisto––, we built a strong team to work on an equally strong product.
Launching a website, social media channels, numerous PR and marketing activities, and, above all, launching the Fairo app in a new country was no small feat. We were essentially starting from scratch, focused on a humble goal––transforming the freelancer market and making the lives of freelancers easier. We also had quite ambitious concrete goals, setting to gain around 10,000 customers by the end of 2020. With many fintech companies fighting for the customers’ attention, we knew we had to not only stand out, but also deliver.
Customer feedback is king
Apart from continuous testing, we have also been fortunate when it comes to customer feedback, which helps us constantly improve the app and its features. In addition to launching social media profiles, we also created a dedicated Facebook Group, allowing us to test the app with enthusiastic and interested individuals. We also built a community on the Telegram messaging app, which enabled us to reach even more potential clients in a non-invasive way.
Currently, we are working on improvements and bringing more features to the product so that freelancers’ professional lives in Ukraine can get even more streamlined. In early November, we launched a feature that simplifies tax reporting for them. Next step? Combining it with the best of banking services.
We’re also planning on launching Fairo in other European markets soon. There are definitely exciting times ahead, coupled with a lot of hard work and dedication. We hope you’ll follow along on this exciting journey.