Welltrado: “No” is not an answer

Although Startup Wise Guys have always operated in the Baltics, this is the first batch ever to have a Lithuanian startup (took us 8 programs to get them). Proudly representing Lithuania & Fintech – we have Welltrado, Peer-to-Peer lending platform marketplace. Read below their CEO Tomas thoughts on, how to approach clients and how to get an answer (even if it is a “no”) no matter what.

As a marketplace for Peer-to-Peer (p2p) lending platforms, we operate in a two sided market, where we have our own investors and also p2p lending platforms themselves. From the latter, we often need to ask a bit sensitive information that they need to share, and it is not always publicly available. So how do you get a person that you don’t know sharing information with you?

First, and that’s something we learned already in first 3 weeks at Startup Wise Guys, you need to show that you have genuine interest and that you both work for a common goal, you could even say – a common vision. In our case – both us as marketplace, and p2p lending platforms on their own would benefit from a transparent & secure market environment, dominated by trust and long-term investment deals. That’s one of the points we emphasize on our sales calls, along with showing respect and that we’ve done our home-work reading and searching on them.

Secondly, you have to get out there – call them, write to them and also be ready to hear a “no”. Sometimes, not getting any reply is even more frustrating than a clear and definite “no”. When our business developer does outreach, he usually has 3 steps to get in contact. First one – you can simply try to reach front-desk of a p2p platform (via mail or phone call) and ask, whom they would suggest talking to. Next step, if there’s no luck, would be finding the right person via company’s website and social media such as LinkedIn or Facebook. Last but not least, you can see, if through your extended network you can get his/her phone number and just do a very direct outreach. As you can tell – “no” is not an answer, when it comes to Lithuanian style of doing business.

Besides, with our experience we have learned that hiring a professional business developer with industry experience early on is a smart thing to do, if you want to grow fast.

Welltrado is a meta-search engine for Peer-to-Peer lending platforms. There are around 1500 different Peer-to-Peer lending platforms in the world. Most of these are not regulated and investors might lose their personal information and funds. Welltrado aggregates statistical data and gives ranking to Peer-to-Peer platforms.

Team: Tomas Medeckis, Povilas Urbonas, Arturas Svirskis, Kim Nielsen, Zygimantas Stancelis.