2020 saw an unprecedented amount of disruption in Finterra‘s business, fueled in large part by the coronavirus pandemic. COVID-19 impacted nearly every aspect of the global economy, from supply chains to air travel to customer and investor confidence. Finterra wasn’t spared either, as event cancellations, clients calling of service deliveries, downsizing of team’s and falling earnings affected normal operations. And on top of all that, a hotly-contested United States presidential election, large flow of financial stimulus packages, and the all time high price of Bitcoin will leave even more questions heading into 2021.
Hamid Rashid, Founder of Finterra takes a look back at the company, executive moves, performance and projects that made a dent in Finterra’s performance in 2020.
The year 2020 started-off with a very strong sales funnel, and project line-up, as the traction from Saudi Arabia, Oman and Indonesia, and the Global Waqf Conference in Nov 2019 had created sufficient project opport for 3yrs.
COVID-19 related lockdown started in mid-March, where bulk of engineering team had to be moved to Hyderabad, India, and remote working arrangements had to be made. Initial adjustments to remote working culture was challenging.
In June 2020 we had to take stock of manpower, client deliverables, operating expenses, and strategize on the revenue generating activities. Austerity measure were implemented, and new Waqf Link Investment product were launched.
The launch of new product had immediate positive impact on revenue recovery. Focus shifted from engineering R&D to sales, grew the subscriber base tremendously. Operating with a smaller but a focused and motivated team.