Welcome to an insightful conversation with Soumaya Hamzaoui, Co-founder and COO of RedCloud, a British fintech company, founded in 2014, which connects manufacturers, distributors, and merchants, enabling real-time payments, providing advanced business insights, and enhancing access to financial services.
RedCloud’s Intelligent Open Commerce Platform, powered by AI-driven insights and data for better decision-making, has enabled over 100K active local merchants and facilitated the trade of goods worth over $1 billion, making trade in emerging markets fairer and more profitable. Currently, with teams in London, Lisbon, Lagos, São Paulo, Johannesburg, and Buenos Aires, the company is expanding its innovative solutions to Asian and African markets, aiming to foster financial inclusion and enhance economic development.
With a career spanning over 15 years, Soumaya stands as a distinguished figure in the fintech industry. Known for her entrepreneurial spirit and passion for innovation, Soumaya has been instrumental in driving RedCloud’s strategic direction, focusing on product development and global market expansion, emphasizing innovation in mobile money and digital financial services.
In this interview, Soumaya walked us through her entrepreneurial journey, her experience in setting up RedCloud, the challenges faced, and how they were overcome. She discusses the company’s role in enhancing financial inclusion and economic development, and the impact of technology in modern business. Moreover, this conversation also provides insights and inspiration for aspiring entrepreneurs looking to make a global difference.
Can you walk us through your entrepreneurial journey, and how it led you to found RedCloud Technologies?
I come from North Africa and always had an entrepreneurial spirit and love for solving problems since I was young. We moved to France so that I could attend engineering school and this meant that I was exposed to a variety of different cultures, which ignited my awareness of and passion for promoting underrepresented African societies. Ever since I can remember, I’ve always been interested in and dedicated to empowering individuals, especially women and this led me to found RedCloud Technologies.
What main challenges did you face while building RedCloud Technologies and how did you overcome them?
The first challenge has to be the fact that I regularly faced scepticism and it felt like I was always explaining myself and our unique business model. In these instances, it was just a case of trusting my instincts and sticking to them. Another challenge was the fact that I was young and I can’t deny that managing an international team and business was daunting. However, with the support of Justin Floyd, my co-founder, we were able to navigate these doubts and challenges and created a team which spans eight countries. Finally, another challenge which I think every business owner faces is the fear of failure. I’ve found that viewing failures as lessons and learning from them has enabled me to grow personally and professionally.
How does RedCloud Technologies contribute to improving financial inclusion and driving economic development in emerging economies?
RedCloud Technologies is on a mission to revolutionize traditional commerce by addressing inefficiencies and providing innovative solutions. For example, most merchants in emerging markets and countries don’t have access to the digital trade they require due to financial constraints. We’re bridging this gap, however, by offering digital payments and real-time inventory data which also allows all merchants to trade more fairly and profitably – thus improving their visibility and allowing them to keep pace with the competition.
What role do you believe technology plays in reshaping the way people access services in the digital economy?
Companies like RedCloud are allowing businesses in emerging economies to become more visible to a customer base. Not just this but technology can help these companies to understand their customers, performance and any market gaps too. Plus, with the addition of AI and ML, businesses can boost the overall customer experience even further and optimise their operations.
What impact do you think the removal of physical cash could have?
I think removing physical cash could be a game-changer. You only have to look at RedCloud’s digital payment solutions to see how they can address common challenges associated with cash like payment fees, invoicing issues and reconciliation issues with offline payments. Furthermore, I think the removal of physical cash could also streamline transactions, improve our ability to track finances and reduce fraud. Of course, it’s important to consider those who don’t have access to technology or digital financial services which is why I don’t think there should be a complete switch. Instead, there could be efforts for financial inclusion to ensure that everyone has access to financial services and tools as physical cash diminishes.
How do you ensure the security and reliability of transactions and data on the RedCloud platform?
RedCloud is ISO27001 certified, which is the ultimate seal of trust that ensures that users’ sensitive data is kept secure. We also utilize stringent information security measures to keep user data secure. We also have a dedicated cybersecurity team that works round the clock to create and maintain security processes that are tailored to safeguard the interests of all our users and ensure that all user data and resources are kept safe.
Can you share any success stories or examples of how RedCloud Technologies has made a positive impact on businesses and individuals in emerging economies?
In Nigeria alone, 80% of our distributors are women. We’re dedicated to making a genuine impact in underserved communities, providing entrepreneurial individuals, especially women, with the tools and knowledge to grow their businesses. This alone is proof of our potential to transform international economies.
What are some of the key factors that have contributed to the growth and success of RedCloud Technologies?
I think our success comes down to a combination of factors. But, having a resilient team and invaluable partners is one of them. Next up, we’ve created a platform that can adapt to local regulations and market conditions, thanks to thorough research and local experts. And, of course, our commitment to empowering local entrepreneurs in unrepresented communities is another factor of our success.
What advice would you give to aspiring entrepreneurs who want to make a positive impact in the world through their ventures?
I think it’s really important to stay driven by a strong sense of purpose. Understand the changes you want to bring about and be solution-oriented. While being innovative in your approach is essential, it’s also important that you’re flexible. Your journey will likely be unpredictable which is why you need to always remember your core purpose.
What lies ahead for RedCloud? How do you envision the company’s future in the next 5 to 10 years?
By 2028, RedCloud Technologies wants to have a presence in every African and Latin American country. Currently, we’re working to expand into Ghana and Mozambique as well as looking for opportunities in the US and Europe. AI is also at the forefront of everything we do and is currently being used to enhance our payment and delivery services.
How do you see the future of digital financial services and the role RedCloud Technologies will play in shaping it?
I think the future is really promising. Platforms like RedCloud will be essential for fostering growth and access among emerging economies. But as we expand and integrate with the likes of AI and any new technologies, I envision a more inclusive and efficient commerce ecosystem.
Read the orginal article: https://www.eu-startups.com/2024/01/bridging-gaps-in-global-trade-an-insightful-interview-with-redclouds-co-founder-soumaya-hamzaoui/
