Never stop learning or taking risks; those are the only ways to stay ahead of the curve in any industry. Embrace failure.

 

Victor is a Sweden-based seasoned FinTech innovator with multiple years of experience in the payment sector. Currently, he serves as the CEO of Shufti Pro, leading the charge to offer better, AI-powered Identity Verification technology. He loves attending AI/Blockchain events around the world.

Where did the idea for Shufti Pro come from?

The FinTech market is growing rapidly, and digital security is one of the foremost concerns of all business providers. The existing solutions for identity verification back then were offering poor support, their APIs were not well written, verification journey wasn’t smooth and they supported only a few languages. To cover all these aspects we made Shufti Pro, a world-class service that simplifies the way business is done using both artificial and human intelligence.

The aim was to help safeguard business transactions through innovative AI-powered ID verification and KYC/AML solutions. ShuftiPro builds trust among businesses across all industries and countries.

What does your typical day look like and how do you make it productive?

I usually begin my day early and with a simple goal in mind. It could be a daily, weekly or monthly metric that I pick out and then work my way towards it.

My typical day involves collaborating with multiple teams across four countries and clients that span seven continents. Due to different time zones, I catch up with the progress made before and after my work hours and structure my day accordingly.

This means I’m constantly in touch with my teams (mostly remote) that help me put our plans into perspective. Thanks to innovative technologies you can sit anywhere and work, and that’s what I enjoy most about the digital age.

How do you bring ideas to life?

Conceptualizing solutions is not hard if the end goal is clear. Once an idea hatches in your mind or bounces off a team member, all it needs is the right tools to achieve that end goal.

I generally map out a journey for the best ideas, and put each one to test to see what works. The right skillset and a creative team get the rest of the work done.

A pro tip is to make sure every idea sees the light of day. As a risk-taker, I try not to waste any opportunity to provide creative solutions to tech problems. Brainstorming sessions for my team can last longer than your typical meeting before zeroing in on the solution.

What’s one trend that excites you?

I see a lot of growth in cybersecurity systems and that excites me as a service provider.

The FinTech industry has really picked up steam recently and I see a growing demand for AI solutions for identity and credit management. Know Your Customer (KYC) and AML is the niche that I’m particularly enthusiastic about.

What is one habit of yours that makes you more productive as an entrepreneur?

Collaboration. I never undermine the significance of networking and teamwork in order to keep everyone on board. I look forward to learning from the process tirelessly and improving productivity.

What advice would you give your younger self?

Being an entrepreneur is probably the most popular professional title in this digital age, but it comes with a mountain of responsibility. I’d tell myself to never stop learning or experimenting unless growth potential in a field diminishes.

Risk-taking is an inevitable part of the journey, and any fear of the unknown should never hold you back. When I started off in the ID verification business, it felt like there was limited demand for the product. But by being proactive and independent in my work, I learned how to look for the silver lining.

Tell us something that’s true that almost nobody agrees with you on.

I keep telling everyone that learning is the key to long term success. Even if you’re constantly failing, it never hurts to look around and find inspiration from your competition.

As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?

Collaborate. Learn. Experiment. I do this on repeat.
I train myself to be the best I can be, but I can’t do it alone. The power of knowledge and teamwork can never be overstated, and I step out of my comfort zone frequently to accomplish both goals.

What is one strategy that has helped you grow your business?

Risk-taking. Without the courage to tread unknown waters, it is hard for any business to grow. Especially for newer industries like FinTech and AI solution providers, it is important to allow your business to compete fearlessly for top place.

What is one failure you had as an entrepreneur, and how did you overcome it?

When I started off, I thought businesses would flock to us since we were providing the fastest identity and document verification, but that didn’t immediately happen. I had to take the initiative to reach out to businesses and really put myself out there. I learned to take charge instead of waiting. It’s crucial to embrace failure and use it to nurture your future endeavors.

What is one business idea that you’re willing to give away to our readers?

Digital signage, especially after the introduction of artificial reality and virtual reality, I see a lot of business potential there.

What is the best $100 you recently spent? What and why?

I bought the Ultimate Ears Wonderboom Bluetooth speaker. It’s portable, efficient and has great sound.

What is one piece of software or a web service that helps you be productive?

Team collaboration and modern messaging software Mattermost helps keep me connected to my team and meets our security requirements. While efficient networking is absolutely important for productivity, our topmost priority is to ensure complete protection of client data.

What is the one book that you recommend our community should read and why?

Traction: Get a Grip on Your Business by Gino Wickman.

Starting a business can be overwhelming, and budding entrepreneurs need all hands on deck. This book walks startup owners through the operations of a small business, from hiring the right people to establishing business growth.

What is your favorite quote?

Show me a person who has never made a mistake and I’ll show you somebody who has never achieved much. – Joan Collins.

For both professional and personal success, it is important to appreciate the role that failures play in shaping the overall trajectory of growth. In the end, what’s important is to never give up.

Key Learnings:

  • Collaboration is key. Remember the best results only come with efficient teamwork.
  • Never stop learning or taking risks; those are the only ways to stay ahead of the curve in any industry. Embrace failure.
  • Read Traction: Get a Grip on Your Business to learn from successful entrepreneurs and better manage business operations.

Connect:

Website: https://shuftipro.com/
Twitter: https://twitter.com/fredungvictor
LinkedIn: https://se.linkedin.com/in/victor-fredung-n-3a69819a
Crunchbase: https://www.crunchbase.com/person/victor-fredung