Not only has the Bangkok-based startup has secured seed funding, which details will be announced later this year; but in September it had also released the premium version of their product, a cloud-based accounting platform for small business owners.
The premium version includes features that allow users to input expenses and create easy-to-understand reports, apart from the usual invoice and receipt-making features.
According to Gideon Kridsada, Founder of FlowAccount, converting users to premium product is not as difficult as it sounds. Everything comes down to identifying the user’s needs and build your product according to it.
“When you are a freelancer or a small business owner, all you care about was making invoices, making quotations, or trying to collect your cheque. But after you’ve been in the business for some time, you start thinking about recording your expenses. These are different types of users who’d happily switch [to the product that they need],” Kridsada explains.
Navigating Thai fintech scene
FlowAccount comes out at a great timing as Thai fintech startup scene is growing rapidly at the moment, with payment gateway services dominating the scene.
When it comes to winning the Thai market, Kridsada notes on the importance for startups to localise their service.
“Fintech has a lot to do with accounting and tax invoice. For a fintech company, if they want to win the Thai market, then they have to be integrated locally,” he explained. “Payment gateway system [should be able to] provide users proper Thai tax invoices.”
He also noted that the Thai market remains reluctant in adopting e-payments, preferring the classic method of wire transfer instead.
“It may take some time, but the prospect is actually very good because credit card penetration in Thailand is very high. Almost everyone has credit cards in here,” he concludes.
Onward with challenges
Kridsada told us that the startup had just came back from another regional-level competition in Singapore, in which they won the competition and received an opportunity to present their work to executives at Singtel.
Taking part in business competition is a crucial part of FlowAccount’s journey in securing investment and developing their company. The company will also take part at the upcoming Echelon Thailand.
“Whatever idea you are working on, you take it out and let other people hear about it,” he said.
“Meeting people opens doors for new opportunities … Be confident with what you are doing, and let other people validate,” he affirms.
Gideon and the FlowAccount team will be exhibiting at Echelon Thailand 2015 on November 26-27 in Bangkok. Tickets are now on sale, use code e27Subscriber to be part of Mekong’s biggest international Tech conference!