The prototype phase has had an immense impact on Infidia’s growth. During the mentoring sessions, the company has defined its perfect customer and beachhead market and determined its value proposition to its customers.

Given the complexity of manufacturing and distribution companies’ processes, Infidia confirmed its hypothesis that a light ERP solution that records companies’ transactions in the blockchain brings two types of benefits: 

1. it will help SME’s to optimize and automate business processes
2. it will allow the company to record business transactions in the blockchain and use it as proof that the transactions behind the invoices submitted for discounting are valid.

As a result, the company was able to make a significant outreach (1.800+ leads) and connect 300+ small businesses and 400+ bank executives. Eight companies agreed to become Infidia’s testers, while 6 of these companies applied for the BlockStart SME adopters’ Open Call #1. From the lenders’ side, Infidia conducted a survey, gaining insights into their processes.

During the Pilot phase, Infidia tested its solution and gained feedback from 5 companies. Moreover, it immediately included some of their suggestions for the web app interface and functionalities in its product roadmap. Therefore, by its testers’ recommendation, the Infidia web app now has additional features that improve scalability. For example, users can send a batch of invoices as invoice financing requests. Another improvement that Infidia is developing is a unique system of notifications for the factoring process. Derived from the factoring process’s identified mistake, Infidia is improving this process for its ten clients (BlockStart KPI).

With these improvements, Infidia is tapping into a large portion of the 2,87 trillion-euro factoring market and opening another eight trillion-euro market of invoices not used for invoice financing.

At this stage, 10+ people are working on Infidia: two co-founders, four team members, freelancers, and two consultants. In October, one more financial professional joined the company-s ranks, making Infidia proud as it validates the potential of the team. Moreover, as highly motivated and enthusiastic, Infidia sets an example for its future team members, regardless of their expertise.

Finally, Infidia became a member of additional programs and accelerators. As part of the R3 Corda ecosystem and venture development, the company was invited as speaker at the most significant blockchain conference this year – CordaCon 2020 – as in on the process of being connected to the highest-ranking executives of leading banking institutions and blockchain-focused VC funds, that have shown an early interest in investing in Infidia.