In this edition of "Startup Spotlight", we turn our attention to INSTO, a groundbreaking startup at the forefront of democratizing credit card payment solutions. As individuals and vendors worldwide seek effortless methods to accept digital payments, INSTO arrives on the scene with a free app designed for unprecedented ease and access. It was a pleasure to sit down with Bruce, the founder of INSTO, to dive into the motivations that sparked this endeavor, the critical gaps they aim to fill, and their ambitious roadmap in the ever-evolving FinTech landscape.
This article is also available on QIDS Venture Partners website and Medium, and we invite you to share your thoughts by leaving a comment.
Could you give a brief overview of your startup and its services?
Bruce: INSTO’s flagship product, "INSTO Tap" allows anyone to accept credit card payments using a free app on smartphones and tablets.
What is the core problem Bilby is addressing?
Bruce: There isn’t a simple way for individuals and mobile vendors to accept credit card payments.
What motivated the establishment of INSTO?
Bruce: Prior to founding the company, I worked with three different startups in Silicon Valley, Sweden and Beijing. Each of them faced unique challenges, and as an employee, I felt limited in my ability to intervene. That led me to the decision that instead of placing trust in others, I should give myself a chance.
In a concise sentence, what is INSTO's primary mission?
Bruce: Our primary mission is to serve the “long tail” of merchants by enabling them to accept credit card payments through our free app.
With the numerous solutions in the FinTech sector, how does Bilby distinguish itself?
Bruce: We developed the app and offer it to users for free.
To date, how many users or clients have benefited from your solution?
Bruce: Over 2,600 sellers in Taiwan have registered to use our service, and that number is continuously growing at an accelerating rate.
What are your team's main priorities right now?
Bruce: Our current focus is on launching in the US market by the end of October 2023.
As 2023 draws to a close, what trends or challenges stand out in your industry?
Bruce: The shift toward mobile software POS has become more prominent, especially with Apple introducing "Apple Tap to Pay."
Do you have specific industries or groups in mind for collaboration?
Bruce: Yes, we are particularly interested in collaborating with credit card acquiring banks* in various countries.
Note: An acquiring bank is a financial institution that processes credit or debit card payments for merchants. It verifies cardholder details, ensures sufficient funds or credit for transactions, collects funds from the cardholder's bank, and deposits them into the merchant's account, minus fees. It acts as an intermediary between the merchant and the customer's bank during card transactions.
How do you believe partnerships or collaborations could enhance your startup's journey and offerings?
Bruce: Inherently, a FinTech company like INSTO needs to form partnerships with banks to be successful.
Can you share any goals or milestones you're aiming for in the next year?
Bruce: Our objective for the next year is to have 10,000 registered sellers in Taiwan and the United States processing a total of 100 million USD in transactions.
For readers keen on learning more or discussing partnerships, how can they contact you?
Bruce: They can reach me at bruce@ins.to
QIDS Venture Partners is dedicated to supporting and catalysing the developments in FinTech by sharing with our audience FinTech trends and interesting FinTech business ideas. You may forward this article to other investors who are interested in FinTech as well. If you need more information or would like to arrange a meeting with us, please feel free to contact our Managing Partner Edward Shen via LinkedIn or email.
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