Listen Here

| |

Conversation
Highlights

 

Welcome to another episode of Category Visionaries — the show that delves into GTM stories from the tech world’s most innovative B2B founders. In today’s episode, we’re chatting with Daniel Grunstein, CEO and Co-Founder of Crowded, a digital banking platform designed specifically for nonprofits, that has raised $6.4 Million in funding.

Here are the most interesting points from our conversation:

  • Global Citizen Turned Fintech Innovator: Daniel’s unique background, spanning continents and cultures, from Sweden to Australia to the US, shaped his perspective and approach to solving complex problems in the fintech space, especially for nonprofits.
  • Identifying a Unique Market Need: The genesis of Crowded stemmed from Daniel’s personal experiences with the financial disarray in large, multi-chapter nonprofits. His intimate understanding of these challenges drove him to create a solution that no one else was offering.
  • COVID-19 as a Catalyst for Change: The pandemic played a crucial role in Daniel’s decision to leave the comfort of salaried positions within established financial institutions. The constraints faced by these giants during uncertain times sparked his entrepreneurial journey.
  • Product-Led Growth: Crowded’s marketing philosophy centers around a product-led approach, highlighting the platform’s unique features tailored specifically for nonprofit financial management and compliance, differentiating it from both traditional banking and modern fintech solutions.
  • Embracing Challenges and Competition: Daniel candidly discusses the diverse competitive landscape Crowded operates within, from niche fintech startups to major banks and peer-to-peer payment platforms, outlining strategies for differentiation and success.
  • Impactful Decisions and Team Dynamics: Key hiring decisions, particularly in leadership positions like CTO, significantly influenced Crowded’s trajectory, underscoring the critical impact of assembling a driven, cohesive team on the startup’s culture and success.

 

Actionable
Takeaways

Strategic Market Entry is Crucial for Startups:

Daniel's journey with Crowded underscores the importance of identifying a specific initial target market within a broader industry. For startups, especially in fintech, choosing a beachhead market like college organizations can provide a more accessible entry point and enable founders to refine their product with direct feedback from an engaged user base.

Leverage Personal Experiences to Identify Market Needs:

Daniel’s firsthand experience with financial management challenges in nonprofits led to the creation of Crowded. This highlights how personal experiences and pain points can be powerful motivators and sources of inspiration for developing solutions that address unmet needs in the market.

Patience and Persistence in Product Development:

The early days at Crowded, involving manual data entry and building with no-code solutions, illustrate the value of patience and persistence in product development. Founders should be prepared for a hands-on approach in the initial stages, focusing on validating their concept before scaling.

The Significance of Strategic Hiring Decisions:

Crowded’s success story reinforces the impact of strategic hiring, particularly in leadership roles. Bringing on the right people can significantly alter the course of a startup, enhancing product development, company culture, and the overall direction of the business.

Navigating a Complex Competitive Landscape:

Crowded's approach to dealing with a diverse range of competitors — from niche fintech startups to major banks — offers a playbook for startups operating in crowded markets. Understanding your unique value proposition and maintaining focus on your specific niche can help in carving out a sustainable position in the market.

Recommended Founder
Interviews

Shamir Karkal

Co-founder and CSO of Sila

Shamir Karkal, CEO of Sila: $20+ Million Raised to Build the Money API For Fintech

Stephany Kirkpatrick

CEO and Founder of Orum

Stephany Kirkpatrick, CEO and Founder of Orum: Over $85 Million Raised to Build an API integration for Instant Payouts

Laura Kornhauser

Co-Founder and CEO of Stratyfy

Laura Kornhauser, Co-Founder and CEO at Stratyfy: $10 Million Raised to Power the Future of Financial Inclusion

Olga Chin

CEO and Founder of InterPrice Technologies

Olga Chin, CEO and Founder of InterPrice Technologies: Over $10 Million Raised to Build the Future of Capital Markets Treasury Management

Ben Borodach

Co-Founder and CEO of April

Ben Borodach, Co-Founder and CEO of April: $40 Million Raised to Embed Intelligent Tax Experiences

Steve Pomfret

Steve Pomfret, CEO & Founder of Cygnetise: $8 Million Raised to Build the Future of Signatory Management

Matt Bivons

CEO & Founder of Canopy

Matt Bivons, CEO & Founder of Canopy: $30M Raised to Build aModern Servicing Platform for Scaling FinTechs

Florian Wimmer

Co-Founder & CEO of Blockpit

Florian Wimmer, Co-Founder & CEO of Blockpit: $15 Million Raised to Power the Future of Crypto Tax Management

Helen Chong

Head of Growth of Puzzle

Helen Chong, Head of Growth at Puzzle: Collaborating with Founders – Insights for Effective Marketing Alignment

Yasmin Graeml

Marketing & Communication Leader of Flourish Fi

Yasmin, Marketing & Communication Leader at Flourish Fi: Driving Financial Engagement with Innovative Tech

Jessica Zhang

CEO & Co-Founder of Pier

Jessica Zhang, CEO & Co-Founder of Pier: $2.5M Raised to Build the Future of Credit Infrastructure

Daumantas Dvilinskas

CEO & Co-Founder of TransferGo

Daumantas Dvilinskas, CEO & Co-Founder of TransferGo: $125 Million Raised to Build the Future of Cross-Border Payments

Julio Martínez

Co-Founder and CEO of Abacum

Julio Martínez, Co-Founder and CEO at Abacum: $40 Million Raised to Build the Future of FP&A

Brian King

CEO of LODAS Markets

Brian King, CEO of LODAS Markets: $8.5 Million Raised to Power the Future of Alternative Investments

Swapnil Shinde

CEO and Co-Founder of Zeni

Swapnil Shinde, CEO and Co-Founder of Zeni: $47+ Million Raised to Build the Finance Operations Category

Ben Goldin

CEO and Founder of Plumery

Ben Goldin, CEO and Founder of Plumery: $4.5 Million Raised to Power the Future of Digital Engagement for Banks

Reed Switzer

CEO of Hopscotch

Reed Switzer, CEO of Hopscotch: $10M to Build the Future of B2B Payments For SMBs

Kalpesh Kapadia

CEO and Founder of Deserve

Kalpesh Kapadia, CEO and Founder of Deserve: $50 Million Raised to Build the Future of Credit Cards

Sohaib Zahid

CEO and Co-Founder of Railz

Sohaib Zahid, CEO and Co-Founder of Railz: $15 Million Raised to Build to Accounting Data as a Service Category

Jeremy Almond

CEO & Founder of Paystand

Jeremy Almond, CEO & Founder of Paystand: $100M Raised to Power the Future of B2B Payments

Ahmad Ibrahim

CEO of NeoTax

Ibrahim, CEO of NeoTax: $13 Million Raised to Build the Future of Tax Automation

Don Muir

CEO of Arc

Don Muir, CEO of Arc: Over $180 Million Raised to Empower Startups with a Better Cash Management Experience

Felix Rodriguez

CEO & Founder of Finally

Felix Rodriguez, CEO & Founder of Finally: $110 Million Raised to Power the Future of Finance Automation

Bob Suh

CEO of OnCorps

Bob Suh, CEO of OnCorps: $18M Raised to Help Large Financial Institutions Solve Operational Problems with AI

Colin Luce

CEO & Co-Founder of Basis Theory

Colin Luce, CEO & Co-Founder of Basis Theory: $20 Million Raised to Build the Future of Payments Tokenization

Rafael Loureiro

CEO of Wealth

Rafael Loureiro, CEO of Wealth: $16 Million Raised to Build the Future of Estate Planning

Iris Pfeifer

VP of Growth of Wisetack

Iris Pfeifer, VP of Growth at Wisetack: Mastering B2B Marketing Through Sales Alignment and Product Strategy

Jack McDonald

CEO of PolySign

Jack McDonald, CEO of PolySign: $50 Million Raised to Power the Future of Digital Assets

Fady Hawatmeh

Founder and CEO of Clockwork

Fady Hawatmeh, Founder and CEO of Clockwork: Nearly $3 Million Raised to Make Financial Modeling and Cash Flow Forecasting Easy

Steven Greene

CEO of Standard Practice

Steven Greene, CEO & Co-Founder of Standard Practice (Previously Nibble Health): $8 Million Raised to Bring the Fintech Revolution to the World Healthcare Payments

Scott Dorey

Co-Founder of OpenPath

Scott Dorey, Co-Founder of OpenPath: $25 Million Raised to Build the Future of Payments

Brendan Playford

CEO of Pngme

Brendan Playford, CEO of Pngme: $18 Million Raised to Support Financial Inclusivity and Unlock Economic Potential Across the Developing World

Ron Benegbi

CEO & Founder of Uplinq

Ron Benegbi, CEO & Founder at Uplinq: Over $5 Million Raised to Transform SMB Lender’s Existing Credit Evaluation Process

Eric Velasquez Frenkiel

Founder and CEO of Pomelo

Eric Velasquez Frenkiel, CEO of Pomelo: $70 Million Raised to Build the Future of Remittance

Ankit Ratan

Co-Founder and CEO of Signzy

Ankit Ratan, Co-Founder and CEO of Signzy: Over $38 Million Raised to Build the Future of Digital Onboarding Infrastructure

Wade Arnold

CEO and Founder of Moov

Wade Arnold, CEO and Founder of Moov: $77.5 Million Raised to Build the Future of Embedded Payments

Thibaut Sahagian

CEO of Multis

Thibaut Sahagian, CEO of Multis: $9 Million Raised to Build a New Category of Software Designed to Meet the Needs of Web3 Organizations

Patrick Mollard

CEO & Co-Founder of Fipto

Patrick Mollard, CEO & Co-Founder of Fipto: $16 Million Raised to Build the Future of Blockchain Payments

John Lunn

CEO and Founder of Gr4vy

John Lunn, CEO and Founder of Gr4vy: $27 Million Raised to Build the Future of Payments Infrastructure

Klas Bäck

CEO & Co-Founder of Pagos

Klas Bäck, CEO & Co-Founder of Pagos: $44 Million Raised to Power the Future of Payments Operations

Magali Chapuis

Marketing Manager of Embat

Magali Chapuis, Marketing Manager of Embat: Strategic Insights for Scaling Fintech Marketing Across Borders

Kevin Hart

Founder and CEO of Green Check Verified

Kevin Hart, Founder and CEO of Green Check Verified: $16 Million Raised to Power the Future of the Cannabis Business

Arik Shtilman

CEO of Rapyd

Arik Shtilman, Rapyd: $15 Billion Valuation (Unicorn Builders)

Rodney Reisdorf

Co-Founder & CEO of Co-Founder & CEO

Rodney Reisdorf, CEO of Verivend: $3 Million Raised Transform Private Capital Transactions

Dan Beck

Dan Beck, CEO & Co-Founder of 401GO: $14 Million Raised to Build the Future of Retirement Benefits for Small Businesses

Nik Talreja

CEO & Co-Founder of Sydecar

Nik Talreja, CEO & Co-Founder of Sydecar: Over $16 Million Raised to Make Venture Deal Execution a Frictionless Process

Jonas Overgaard

CEO of Anyday.io

Jonas Overgaard, CEO of Anyday.io: $4M Raised to Transform the Buy Now Pay Later Market