Some firms struggle when their back is up against the wall, while others thrive.
Kin Group can be put into the latter category. The London-based fintech organization has gone from operating out of a spare bedroom to making a spate of new hires as the business grows.
Specializing in venture capitalist services, Kin has learned how to make the most out of its available resources.
This has helped it to the point where this week it has revealed that it is making seven new hires, which includes the recruitment of two senior positions.
Richard Hoskins, Kin Group Co-Principal, discussed how the company went from humble beginnings into this period of growth.
He said: “We spent the first 12 months of the business working in a cramped spare bedroom because we couldn’t afford an office.”Growing without external funding, especially developing our technology, has been tough. But being cash-constrained has forced us to be lean and efficient. Efficiency around expenditure is something that overly funded fintech typically fails at.”
This sentiment was shared by another Kin Group Co-Principal, Christian Elmes.
He added: “We are now well on our way to looking after more than £1Bn of VC assets. We are normally the first place UK VCs come when looking to improve the level of service they offer their clients.
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“This growth has come purely from word of mouth and client referrals. We don’t have a sales or marketing team. Initially, this was because we couldn’t afford one. Now with lots of happy clients saying nice things about us, we don’t need one.”
The firm offers custodian, nominee, and administrator services to investors.