Meet 19-Year-Old Ogunme Oluwatimilehin, An Entrepreneur & Final Year Student At Babcock University, He’s The Founder Of
Finstaq Technologies

19- year-old Ogunme Oluwatimilehin, is a student of Babcock University and an Entrepreneur, founder of Finstaq Technologies, he came up with this business idea because of the
lack of robust financial tools in the Nigerian / African ecosystem.

He speaks to Elorasblog in this interview.

Please tell us a little bit about your background?

My name is Ogunme Oluwatimilehin
I am a 19 year old final year student of Computer Science at Babcock University.
I have been a freelance and professional software developer for the past 3 years, juggling my passion for development and business with school.

What motivated you to start up Finstaq technologies?

The motivation for Finstaq came from a personal notice in the lack of robust financial tools in the Nigerian / African ecosystem.

Please can tell me the services that
Finstaq technologies provides?

Right now, we have our debut product, Trakka, a tool that aggregates a user’s personal finances into one singular application.
Giving users the ability to monitor their balances, creating custom budgets, tracking and categorising expenses, pay bills – across all their bank accounts.

How did you come up with this business idea?

The idea came about from a personal pain point my co-founder and I had when we realized existing personal finance tools are not as robust as we would like.
So we decided to brainstorm on building ours.

Did you attend any form of training before starting up Finstaq technologies?

Not formally. Most, if not all of my experience and knowledge on running a business and building a product have been from personal experience, online research and mentorships.

Many young youths like you have business ideas but raising capital is the challenge, how were you able to raise capital for your business?

Raising is indeed a challenge for any startup, especially one with low founder-credibility like ours, but with our MVP and initial traction in our community and waitlist.
We were able to pitch to some angel investors who funded an early round to launch the product and get it to the market.

How can your clients build their trust in your services?

We built our product around transparency and accessibility. Our service calls through financial data aggregators and the banks are encrypted and secure.
We take user privacy and protection quite seriously at Finstaq.

Your debut product is Trakka
A personal finance application that aggregates your bank accounts into one place for better expense tracking and budgeting, how do you intend to help customers who have challenges using this app?

We put a lot of effort into user education, with blog articles, tutorial videos and graphic contents explaining all parts of the application in-depthly.
And if that’s not enough, our support lines are always open to meet user at their needs.

How do you make profits from this services?

Trakka is a freemium service. So users can sync 2 accounts for free.
But to sync more accounts and have access to more premium features like custom time periods on budgets, and automatic updates, a value-based 500 naira subscription fee is required.
We also charge a transaction fee on bills higher than 1,500.

Can you share with me the setbacks and challenges you’ve encountered in this business?

Asides from funding in the earlier stages, product development was relatively smooth.
The highly talented team made rolling out updates and features a seamless process.
And we had a built a product that basically marketed itself.
We didn’t really face any hurdle that was too big for the team to handle, mainly due to our shear tenacity and the advice from investors and advisors.

Where do you see Finstaq technologies in 5 years?

We, the team and myself, see Finstaq as an ecosystem in the next 5 years.
A suite of financial tools for consumer and business needs alike.
We aim to build a financial operating system for indivduals and organizations, in Nigeria and Africa by extension.

Email: elora.akpotosevbe@yahoo.com