Veronica Crisafulli: Using enthusiasm to Drive Innovation in the The financial-technology Industry
The worlds of finance and technology are two enormous sectors that have developed and evolved together. The fintech business has seen a revolutionary shift due to the combined efforts of financial professionals and technology enthusiasts. Mo Technologies was founded by Veronica Crisafulli, who saw tech as a supplementary part of the banking industry. Mo Technologies was established with the goal of revolutionizing the credit market and enabling credit inclusion because of this idea.
Veronica was inspired to succeed in her professional and business endeavors by her love of both money and technology. In this biography on Veronica as a leader and an awe-inspiring entrepreneur, she describes her incredible journey.
Company’s Initial Impetus
Before launching MO, I spent more than a decade in the technology, media, and telecommunications (TMT) arena in the consulting profession, so you could say that my interest in technology has been with me from the start. My business partner Paolo Fidanza shared this trait; he provided the driving force that allowed us to turn our vision into reality.
Years into my career, I arrived at Mastercard, and it was there that I learned to appreciate payments, digitalization, and the significance of financial inclusion. When I learned that financial inclusion might be achieved by combining my interests in technology and banking/payments, I was ecstatic. From then, the concept of using financial technology to supplement existing systems took root. And there was the beginning of MO. The phrase MO, which comes from the Romance language, means “now” or “at this very moment” and connotes quickness and ease. MO is a simple and cutting-edge cloud-based technology firm because of these features.
Struggles Create Character
It’s a roller coaster ride to start a business and get to the point where you can break even. The journey, with its ups and downs, is what makes it worthwhile. This is especially satisfying now that we have graduated from the startup phase and entered the scaling phase of our company’s development.
But I will admit that, like with any start-up, securing early capital was a major obstacle. This obstacle seemed insurmountable at the time. Our commercial mindset and comprehensive business strategy helped us attract the proper investors. Spending sufficient time on the company’s goals, objectives, and finances is a key takeaway.
It was also difficult to find the proper individuals to work on MO, since we wanted to build a strong team of professionals who would be fully invested in the project. In order to do this, we provide our “MOvers” with a number of advantages over competing fintech companies, including an Education program and the company’s shares after a vesting time.
As COVID 19, we’ve also had to deal with the challenge of keeping our staff happy and engaged in their positions while keeping a safe distance and being secure. It’s difficult because we want to keep thinking as one unit at all times. To maintain a human tone and ensure that everyone’s requirements are being met, we are expanding our internal communications strategy.
Keeping up with the rapid expansion of the company has also been difficult in terms of both personnel and infrastructure. That is, how to expand our personnel and services to meet the evolving requirements of the market. We are meeting this issue head-on at this time of rapid growth for the firm by establishing ourselves as an industry leader in cutting-edge technology. Through our proprietary technology, we’ve shown our superiority and earned the confidence of customers and backers. We were finally awarded our first patent last year, and this year we’re going for number two.
MO Technologies’ Offerings in a Nutshell
MO is a fintech company that has been working since late 2016 to change the credit industry and increase credit inclusion.We are a fintech company that provides Credit as a Service (CaaS), using our own unique technology that is based on Machine Learning and AI. At MO, we’ve created a cutting-edge data and credit scoring methodology to assess the reliability, default likelihood, and foresight of businesses, retailers, and consumers. Our modules allow us to provide a comprehensive solution for a wide range of applications, including but not limited to Money lent Increasing the proportion of refused credit card applications that are eventually approved Payroll advances, merchant cash advances, and instant overrides for denied purchases owing to insufficient funds in a debit or prepaid account all fall under the category of microcredits.
The Importance of Creativity
Technology and new ideas are the very foundation of MO. Since creating comprehensive credit solutions is what we do best, we focus on staying ahead of the curve by using AI and ML models in our company. When it comes to the execution of our projects, we may connect with our collaborators through API.
In order to stay ahead of the curve, we are always reevaluating our strategies in light of the ever-evolving nature of our business. That’s why we’re always updating our value offering; for example, our newest solution, MO Override, aims to accept refused transactions caused by insufficient funds in prepaid and debit portfolios, which has repercussions across the board.
We think that a company’s success is ultimately dependent on the quality of its employees. At MO, we value open dialogue and encourage all employees to expand their horizons via formal and informal learning opportunities. We share a commitment to open communication and lifelong learning, and as a result, MO offers its employees the opportunity to further their education by paying for the tuition or fees of one professional development course or certification every year.
MO Technologies way with Industry Competition
Our core principles are to be progressive, revolutionary, technological, and welcoming.
In addition to being disruptive and inventive across all of our solutions and easily adapting to any setback, we put our values into reality by treating our people and teams as the most valuable assets of our organization.
We are able to maintain our status as market leaders because to our swift execution and high-caliber products. Most importantly, we have never wavered from our commitment to make financial inclusion a reality by making it our overarching aim in every project we do.
Things to be Accomplished
It has always been a goal of mine and Paolo’s to have MO be the first firm people think of when they hear the terms “alternative credit score” or “alternative inputs.” In addition, to get credit for the vital roles they play in making universal access to financial services a reality. In the end, we hope that our efforts will have helped to better the lives of others.
View on the Tech Evolution
The pandemic has the potential to be a watershed moment and a driving force for technological advancement. Technology is more important in today’s business climate. Various factors made the pandemic a game-changer for us at MO:
Digitization: The pace of virtualization quickened. Companies saw the need for digital solutions to provide credit during the epidemic as a result. Our fully digital, cloud-based solution is more in demand than ever before.
The crisis has had the opposite impact on the loan market. The need for credit products increased during times of crisis as businesses saw the value of financially integrating their customers in the fight against the downturn and the eventual revival of the economy. We’re getting there with the help of our services and goods.
In an attempt to mitigate the financial fallout of the epidemic, several non-financial businesses began providing their workers with access to credit products. Several of our partners, like Uber, Didi, Cabify, etc., are good examples of companies who have found MO technology to be a reliable partner in their efforts to provide micro and nano credits to their customers.
Financial institutions and financial technology firms have intensified their cooperation in response to the epidemic, resulting in new ecosystems that are better equipped to handle, on the one hand, the technical expertise offered by fintech firms and, on the other, the financing and client base offered by financial institutions. Users benefited from the shorter development times and lower expenses.
Responsibilities at MO Technologies
Since our business has been expanding at an unprecedented pace over the past several years, I have made defining the role of Strategy, Business Development, and Financial Planning my top priority. I also oversee People Management since I know how important it is to instill the appropriate values in our MOvers and share my enthusiasm and expertise with them.
Notable awards and accomplishments at MO include:
The International Chamber of Commerce and the innovation advice company Mind the Bridge named Mastercard’s StartPath the best corporate accelerator in the world, and we’re proud to call ourselves a member of that family. As one of the 10 fintechs in StartPath’s worldwide network of innovators, we are poised to help shape the financial landscape of the future. Together, over the course of the next six months, Mastercard and ourselves will co-innovate and explore potential to put Mastercard’s technology, knowledge, and network to work for the future.
Our Artificial Intelligence Default Prediction System was awarded a patent by the United States Patent and Trademark Office on December 29, 2020. With a bad debt projection system in place, this patented technology may be used to provide loans to reputable firms and individuals.
Veronica was recently highlighted as one of CIOlook’s 10 Most Inspiring Business Women Making a Difference in 2021 and one of CIOlook’s 10 Most Successful Businesswoman To Watch in 2020. The website Beyond Exclamation also included her in its list of The 10 Most Successful Women Redefining the Future of Technology in 2021.
A Leader’s Way with WorkPlace Motivation and Productivity
We’re always looking for new methods to meet the requirements of our Movers and keep them inspired, and thus far we’ve included the following perks:
This initiative is designed to encourage our workers to take a career break and see the world, all while connecting them with other MOvers in other locations. The first people to experience this will be making the trip to the Miami headquarters this month.
We have designed a scheme to help all of our employees continue their education with the financial backing of MO by allowing them to take one course or acquire one certification every year based on their individual interests and professional goals.
- Following the vesting period, the Official Certificate of the Shares will be issued to the MOvers.
- Extra time off sprinkled liberally throughout the year.
- Employees at MO are automatically enrolled in the company’s private health insurance program at no additional expense to themselves.
- Working from home
In addition to these advantages, we value open lines of communication and honesty. To help employees feel like they belong in the firm and have a voice in strategic decisions, we use a number of channels to keep them apprised of major corporate achievements and developments.
MO Technologies Plans Ahead
Short-term goals include establishing a foothold in the United States and expanding our technology in Asia-Pacific (Singapore) and European Union (Spain) in order to make financial inclusion a reality everywhere. Our first European base of operations is now operational in the Spanish capital of Madrid.
We plan to grow our business and increase our reach with the help of Mastercard’s Start Path, Mastercard Advisors, and Mastercard Middleware platforms to better serve issuers (banks) and other clients who require credit scoring or services related to credit.