FinTech Wales Foundry Season 3 – Introducing fyio
Get to know fyio, one of the seven startups forming the cohort for Season 3 of the FinTech Wales Foundry.
What is fyio’s story?
“The concept for fyio came when Louise’s husband left the British Army after 25 years’ service and began applying for work in the private security sector. This involved sharing confidential and highly sensitive documentation through unsafe channels such as email. Additionally, he had no idea where to find the documents required without Louise’s help. In response fyio was designed as an exceptionally simple, accessible, and secure app to file and share paperwork. Their motivation was to produce an app so simple that anyone could use it, and everyone would want to.”
What is the problem your startup has spotted and is looking to solve?
“We all have to share sensitive documentation at certain points in our lives, and usually do so through unsafe channels such as email putting our personal identity at risk or via links that get lost in the digital ether. The problem is not just an individual one but also a very real challenge for businesses, especially providers of professional services, who frequently require highly sensitive documents to be shared, which bring both security and data compliance risks.
Managing day-to-day paperwork is challenging. Research by Censuswide (April 2021) shows that people find paperwork frustrating and time consuming and, while nine in 10 of us would like to be in control of our paperwork, only two in 10 of us say we actually are. This comes at an emotional, time, and financial cost. According to Moneyweek (June 2022), £50 billion is currently unclaimed due to lost or forgotten paperwork. fyio makes filing and sharing important documents exceptionally simple and secure.”
Why did you decide to apply for an accelerator programme and what do you hope/expect to get out of the Foundry?
“After an early and considered ‘go slow’ phase, fyio is ready to ‘go fast’ but we were conscious that scaling at pace would be challenging without expert guidance and support. The programme is already making a difference, helping us refine our narrative and better understand our customers and market segments.”
Stay tuned on our socials for updates on fyio’s journey throughout the Foundry Accelerator Programme.