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Timothée Raguin:
Hello Frédéric, what is your project about?
Frédéric Moioli:
Hello, at Lingua Custodia, we created a SaaS platform to help financial institutions manage their document processes using artificial intelligence.
Timothée Raguin:
And what motivates you in developing your project?
Frédéric Moioli:
Well, we started from a pain point we encountered in the asset management world, particularly related to business activities, notably the translation of financial documents. Over time, we added new services that were suggested or indicated to us by our clients, like speech-to-text or the document analyzer, which is the first secure generative AI solution for finance.
Timothée Raguin:
Great. And what is the goal of your startup?
Frédéric Moioli:
In the short term, it’s to continue growing within large corporates, what we call big financial institutions, such as asset managers, private banks, custodians, and wealth managers. We also aim to open new offices, particularly in Switzerland and London, which are our two favorite markets, as well as in Asia. Additionally, we aim to continue expanding by hiring more people.
Timothée Raguin:
Since you started developing your project, what has been the biggest challenge you’ve faced, and how have you overcome it?
Frédéric Moioli:
The biggest challenge we’ve had, which many fintechs/startups also face, is the time it takes to close deals. We’re fortunate to have many requests and a strong network, allowing us to engage with many providers, such as asset managers and private banks. However, the decision-making time is very long, which means we always need to find ways to shorten this process. That’s a major challenge. But I believe it’s a common issue for most fintech or regtech companies targeting the financial sector. How have we reduced this? We’ve streamlined our offering with an easier sales method by offering per-user pricing and a dedicated enterprise package with a flat fee, making it easier to present a global budget to the large companies we visit.
Timothée Raguin:
And in your opinion, what are the challenges you will face in the coming year?
Frédéric Moioli:
The challenge is the multiplication of players linked to artificial intelligence. Many companies are creating solutions, but in reality, we see that they usually rely on solutions like ChatGPT or Mistral AI. So, we need to maintain our pace and keep in mind that we have a distinct, finance-focused approach. This is how we will continue to make progress with our banking clients.
Timothée Raguin:
Thank you, Frédéric.
Frédéric Moioli:
My pleasure.