FrankieOne has raised $23 million from two of the leaders in the crypto space, Binance and Kraken, amongst others.
👉 Background: FrankieOne is a “regtech” or regulatory technology startup. Put simply, FrankieOne helps lenders, banks and crypto exchanges avoid fraud and comply with regulations.
👉 What happened: In the past year, FrankieOne has seen a 400% growth in revenue. And now, it has raised $23 million from two of the leaders in the crypto space, Binance and Kraken, amongst others.
👉 What else: But things started out very differently for FrankieOne who was planning to launch a neobank before seeing an opportunity in regtech and jumping ship - in a major pivot.
💡A pivot is when a startup changes direction from its initial or core focus. It can feel a bit like ripping out the paper, scrunching it up and starting again.
💡FrankieOne launched as a neobank in 2017 but they pivoted two years later. And they’re not the only ones. Some of the most popular companies we know today actually took some major pivots back in their early days.
💡Instagram used to be a location-based check-in service before it turned into a photography-focused social media beast. And YouTube which used to be called “Tune in. Hook up.” in 2005 was originally a video-dating site.
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