The Courageous Visionary

Katrina Iljinska

Forbes Staff

• Concryt founder Ryta Zasiekina.

F: Please briefly tell us about yourself, your childhood, and your career path. What were you doing before the invasion of Ukraine? and how did you end up in fintech?

My childhood was spent in a small town in the north-west of Ukraine, where I developed a deep love for mathematics from an early age. This passion for math and the exact sciences largely shaped my future. In 2006, I moved to Kyiv to attend the National Technical University of Ukraine “KPI.” The academic environment was challenging, and many students were expelled after the first year, making the experience both demanding and formative. But I always had a fascination for understanding complex concepts. During my time at university, my favorite subjects were higher mathematics, probability theory, and microcontroller programming. Being part of an incredible community of bright minds from all over the country was also a significant highlight. Many of those individuals later went on to achieve great success in their respective fields.

“KPI” is a massive university, with around 40,000 students at that time, it was almost like a small town. It had numerous faculties, each with its own student council. The central student council was the most important one, and I became a member of this central student council after my first year. Initially, I served as the head of the sports department within the student council.

Later, I became the deputy head of the student council. Being part of the “KPI” Student Council gave me a deep understanding of how internal policies and operations work at a local level, and I honed my organisational skills significantly during this time. When I joined after my first year, I knew nothing about project management or event organisation. The team there taught me the basics—how to plan, mobilise people, gather feedback, and build a team. 

In the four years leading up to the war in Ukraine, I dedicated myself to intense CrossFit training. Sports played a crucial role in helping me navigate challenging periods in my life and build resilience. I recently came across an interesting phrase that resonated with me: in sports, there's the right kind of discipline to achieve success. It involves showing up every day and doing the same actions, knowing that the results will only be visible much later. This routine of working towards a delayed result is crucial. It's about having the discipline to repeat simple, routine actions consistently. This approach is just as important in business. You can't expect immediate results; you need to have patience and keep repeating.

Before I got into fintech, I worked in the legal consulting industry. I was interviewed by a man living in the USA who was starting a representative office in Kyiv. He needed an assistant to oversee the business. I decided to work as a business assistant to gain this experience. I quickly advanced to the position of COO, as I fulfilled duties which were related to such position from the first day I joined.

This company dealt with company registration and assistance in opening payment and merchant accounts for e-commerce globally. During my time at the company, I learned about the legal aspects of starting businesses, banking procedures, and compliance requirements. First time I learned about the existence of fintech niche working with a client, who was a payment solution provider with e-commerce needs. That's how I was introduced to payment processing. Even from a distance, I realised that this was the industry I wanted to get involved in. I was really excited about it and felt it was the right direction for my growth and career development. I was drawn to fintech because of its complexity, which many found daunting. This challenge motivated me to become a specialist in the field.

After leaving the legal consulting company, I joined a payment service provider, where I was responsible for business development, establishing partner contacts, and communicating with different banks and clients globally. This role was a significant step for me as the PSP operated worldwide. During my time there I focused on learning how to negotiate effectively. I closely observed how CEOs negotiated, picked up a few valuable insights and started practicing negotiation myself after seeing it in action. That turning point in my life made me realise the profound impact negotiation has on every aspect of our lives. As the saying goes, ‘we live the way we negotiate’. This means our negotiation skills influence not only our business success but also our personal relationships—whether with partners, colleagues, children, parents, or friends. Learning to negotiate effectively is key to navigating all aspects of life with confidence and success. It's a skill that continues to have a significant impact on me to this day.

Your short biography mentions that your MBA’s thesis was in a field related to artificial intelligence. What exactly did you study? How did your multiple degrees affect your path in business?

My MA thesis topic was "AI Anti-Fraud Cloud System as a Cybersecurity Tool for Defense from Bad Bots in Online Video Advertising." Although my degree was a general MBA, I chose this topic due to my long-standing interest in AI. This passion has driven me to connect with more people in the AI community and invest in AI-related startups. For instance, recently, I invested in the Argentinian project called "Teramot." I met its CEO and co-founder, Bruno Ruyu, at the Stanford Executive Program earlier this year, where we were both studying. Teramot's co-pilot assistant allows users to ask questions in natural language via chat and provides accurate responses by accessing the company's data. While many options are available for such copilots, none offer the plug-and-play functionality that Teramot does.

When it comes to my education, I have multiple higher education degrees. My primary field of study is technical education (I was graduated from the National Technical University of Ukraine “KPI”), which has profoundly influenced my life; it means I approach all problems in life and in business like an engineer. This methodical way of thinking helps me solve problems and handle issues smoothly. In addition to my technical education, I also studied International Economics during my Master's degree at the same university.

For my MBA at the Kiev School of Economics, I enrolled in one of Ukraine's top business schools. I recognised that to achieve my goal of becoming an entrepreneur, I needed to learn how to build teams, collaborate with others, and gain essential skills like scaling, financial analysis and reporting, operational management, strategic decision-making, etc. This program offered me the opportunity to delve deeper into these areas and expand my knowledge beyond its current limits. I completed my diploma in June 2021, and shortly after, the war began. Having this diploma proved crucial, especially as I had to relocate to another country. The knowledge and skills I gained played a significant role in enabling me to establish a successful business in my new environment.

My most recent educational experience was the Stanford Executive Program. Before that, I had a solid understanding of CIS countries and Europe, and I thought I had a clear picture of the rest of the world. The Program significantly broadened my perspective. It gave me a deeper understanding of the different markets in the Americas, including Latin America, which shares similar values with the US, and the distinct Asian market. Overall, it helped to further globalise my thinking. What Stanford gave me can be summed up in two words: expanded consciousness. It showed me there's no limit to how much you can expand your thinking, no limits to what you can achieve. Also, the contacts you make are invaluable. They can act as advisors or consultants to your business ventures. Classmates are also great contacts because they're all accomplished professionals already making strides in their respective fields. Unlike university, where you're still finding your footing and unsure of who will succeed, at Stanford’s program, everyone's background and achievements are clear from the start. This makes the network instantly valuable and beneficial to each member.

Tell us how you end up in Latvia and how Concryt was founded. How did the company's name come about? What problems do you solve? What markets are main for Concryt now, and how can you estimate a competition in fintech, especially in Latvia?

Before the start of the war, I had only ever lived in Ukraine. While I traveled extensively for work and exclusively engaged with the international market, I had no experience living in another country. On February 24, the day the war started, I was in Kyiv, and it happened to be my birthday. At 5 in the morning, I heard explosions near my house and saw fighter jets flying low overhead. The fear I experienced was overwhelming and unlike anything I had felt before. Immediately, I made the decision to leave the country and head towards Europe, leaving my entire previous life behind. I had no clear plan or destination in mind; I simply knew I needed to leave. I was uncertain about how my life would unfold or whether I could rebuild it in another country, and I didn't even know which country that might be. Despite this uncertainty, I remained open to new experiences and unafraid of the changes and challenges that lay ahead.

As I mentioned earlier, I had a well-established international network in fintech, and many contacts advised me to move to Latvia when the war broke out. Recognizing it as a hub for fintech companies and being familiar with several people there, I decided to temporarily relocate and start rebuilding my life. Quickly, I began attracting talented specialists from Ukraine—some still there, others scattered worldwide—whom I had known previously, and we formed the core of product development team. In Riga, I also met new industry talents, whom we joined our efforts with. All together we embarked on new business project, the first being a trial venture that I successfully sold within a year. Retaining the core team, and making some of them my co-partners, I realized we were ready for something more substantial, thus giving rise to Concryt. The name signifies concrete reliability and a strong reputation, emphasizing our commitment to fulfilling agreements and ensuring our partners and customers can depend on us.

Our main product is the technical processing of online payments for merchants in e- commerce. Additionally, we offer the deployment of payment gateway environments as a white-label solution for payment institutions lacking in-house development capabilities.

Even though fintech is rapidly advancing and evolving, there remains a high demand worldwide for robust technical platforms for online payment processing, especially those accompanied by excellent technical support.

We decided to focus on this niche because we have extensive technical expertise in fintech, accumulated over the years. Thanks to our skilled IT engineers from Ukraine, where financial technologies were highly advanced compared to Europe, we were able to bring together a team of well-experienced engineers for the Concryt project, which enabled us to create this high-core product. In Latvia, we formed a strong team in business development, sales, and accounting. In general, Concryt operates across 10 functional areas.

Our primary sales markets are all of Europe, the United Kingdom, and Canada. We collaborate with financial institutions and merchants from these countries. However, our technical platform is capable of processing payments globally. We have already integrated the main payment methods of these key markets into our platform. For example, these payment methods include not only VISA/MasterCard cards but also alternative options such as local online banking methods (Sofort, EPS, Blik, P24, Multibanko, etc.), prepaid cards like Paysafecard, and mobile commerce. Additionally, we offer consultation and assistance in opening merchant accounts for acquiring payments, leveraging our relationships with various payment institutions.

Recently, given the numerous fintech projects in Latvia and the resulting high competition, we decided to transfer the company's office from Riga, Latvia, to Barcelona, Spain. Our future plans include obtaining a financial license in Spain to become a payment service provider, which will help diversify our product portfolio.

Was there a moment you faced in the industry that really challenged you? How did you overcome this?

When the war started, it forced a lot of people to reassess their situations. Many companies had Ukrainian employees, Ukrainian engineers were involved in numerous IT projects for various companies. Businesses had to swiftly make decisions to mitigate the risks to their operations.

In times of uncertainty, businesses are often faced with unpredictable risks. While diversifying is a common strategy, when faced with uncertainty, there are typically two courses of action. The first is to contract, to operate conservatively, and to avoid unnecessary spending due to the unclear future. The second option is to take advantage of the opportunity presented by the uncertainty to launch new businesses and address new challenges.

The chaos brought by the war created an unusual opportunity. Some companies were firing employees because they were against remote work or because employees wanted to relocate. Others were struggling because they couldn't quit their companies due to being afraid of looking for new one in conditions of uncertainties, leading to decreased motivation. I seized this moment to attract good staff, ensuring that I brought in the best expertise. Expertise is developed over years in many companies, and when people are still learning, they often make mistakes that can be costly for the business. Therefore, gathering seasoned professionals and integrating their expertise into the business structure yields results much faster and cheaper in terms of mistakes than, if you limit yourself to the local market alone. By focusing on attracting top talent regardless of their location, and leveraging their accumulated knowledge and skills, I was able to accelerate business growth and quality.

I now fully embrace the idea that people can work from anywhere on the planet, even though it was both a challenge and an experiment for me initially. You can attract and retain these people no matter where they are. This was a pivotal moment for me. I discovered that businesses face no real disadvantage when employees are remote; in fact, employees often trust and value you more as an employer when you offer this flexibility.

Now, we can easily attract talent from different countries, work with them effectively, and improve our product, regardless of their location. By embracing this approach, we transformed a potentially chaotic situation into a structured and efficient way of operating.

However, we maintain a hybrid work model which benefits everyone: employees enjoy the freedom to choose their work environment, and the company benefits from reduced overhead costs and a more engaged and productive team.

What are your main principles when running a business?

I have several guiding principles that have become second nature to me over time. These principles, shaped by my experiences, are deeply embedded in my behavior and decision- making process.

The first and most important principle is to take care of your reputation. Reputation is built over time through various situations, whether in front of clients, partners, or employees. It's important to be honest, to discuss openly, especially problematic issues, and work together to find solutions. Rumors of unfair treatment can spread quickly and damage your reputation. Leaving offended people behind is never profitable, as we can never predict how this may impact us in the long term. However, it's a fact that they will likely complain and tarnish your reputation. One of the crucial aspects of maintaining a good reputation is managing cash flows competently and ensuring timely payments. Reliability should be a defining characteristic that everyone associates with you. Moreover, if your reputation has been built over the years, it can serve as a shield during moments of provocation and in the face of competitors' information wars.

The second principle is to stick to the win-win approach with everyone to build long-term relationships. Running a business based on short-term gains and fleeting relationships is a waste of resources, not an investment in the future. This principle applies to everyone: clients, partners, and employees. You should never count on people’s loyalty in business if you are the only one benefiting. It's essential to consider their gains as well and ensure they are not being shortchanged. If you are merely squeezing everything out of them, you cannot expect genuine loyalty or sustainable success, at least in long-term. And here, we are talking not only about financial interest, although it is paramount, but also about development, additional benefits, and addressing individual unmet needs. It's essential to pay close attention to the key parties involved in the business and not shy away from direct conversations about these topics. Don’t be afraid to initiate these discussions yourself. If you avoid these conversations, you risk losing control of the situation and might find yourself in a difficult or irreversible position one day. For instance, it’s crucial to recognize in time if you cannot meet the future development needs of a key employee. In such cases, it’s best to discuss and agree in advance on what steps you will take together. This proactive approach can help maintain stability and ensure mutual growth and satisfaction.

Third; always assess the risks. There are various types of risks, both external and internal. To manage these risks effectively, you must first learn to identify them with your team in all areas. This can involve building scenario analyses (e.g., considering the impact on your business if you lose a partner or client), testing your business's dependency on certain factors, and evaluating legal, financial, and team interaction risks. Proper risk management can keep you afloat even in the most challenging market conditions. Working with risks is an ongoing process that ensures your quarterly and annual plans are adaptable. By continuously identifying and mitigating risks, you can safeguard your business and ensure its long-term stability and success.

And last but not least, a principle I emphasize is not to make decisions based on emotions. It's crucial to pause and gather information to avoid hasty conclusions. Whether it's an internal issue or an external challenge, maintaining calm and composure is key. Approach decisions thoughtfully, similar to playing chess: consider the potential outcomes and analyze your choices from multiple perspectives. Consistency is vital in business—making impulsive decisions and then to backtrack undermines credibility. By adopting a deliberate approach, you demonstrate reliability and strengthen your position as a respected decision-maker.

How do you measure growth - both from a business and personal perspective?

For me, business growth isn't solely measured by revenue, net profit, or company size. What truly matters is the caliber of talent within your team and how attractive your brand is to such individuals within its niche, as this inherently drives future growth. Talented individuals bring forth valuable initiatives, ideas, and innovations, adeptly identify problems and risks, and offer solutions without needing excessive oversight. People are the most crucial asset in any business. Evaluating talent retention within a company provides insight into its internal dynamics; a significant outflow of talent may indicate impending challenges, necessitating a review of management principles, strategy, internal policies, communications, and more.

Personal growth doesn't occur without investment. What you choose to invest in is a personal matter. However, the result of personal growth is evident in an improved quality of life, enriched personal connections, gained experience and knowledge, diverse leisure and hobby options, and the extent to which people are drawn to you. This can be seen as a form of feedback from the world on your personality. How well were you able to balance rest and other aspects of life? How did you generally feel throughout the year: excited and joyful, or stressed and irritable? The answers to these questions reveal whether growth is actually happening and whether it is sustainable or potentially leading to burnout. It's crucial to understand that it's not the presence of money that changes our worldview and signifies growth, but the new experiences we gain. This is why it's important to be very selective about where we invest our time, energy, and money.

Lastly, what is some advice you would give to an aspiring person looking to get a start in your respective industry?

I often say fintech is an industry where change happens at lightning speed. The regulatory landscape is constantly evolving, and the ecosystem includes a vast array of players. When it comes to technology, merchants in e-commerce are always introducing new demands, and user experiences are fast evolving. In general, innovation in the payments industry is something that requires close attention. Indeed, there are markets where VISA and MasterCard do not dominate the payment landscape, like in Africa, where mobile payments reign, capturing about 80% of the market. Understanding these nuances and collaborating with clients to refine their product for new market entries is crucial.

Challenges are inherent in the fintech industry, regardless of your specific role. If you thrive on overcoming obstacles and can find fulfilment in problem-solving, then this industry is likely a good fit for you. If you thrive in dynamic and rapidly changing environments, and if you feel comfortable navigating complex systems and challenges, then the fintech industry is definitely suited for you. However, it's important to distinguish between working in progressive fintech projects and traditional banking institutions. In the fintech space, PSPs are driving innovation and pushing the industry forward.

When it comes to advice, managing expectations is crucial in this industry. Long-term planning is often difficult due to the pace of change and uncertainty. If you're someone who enjoys being part of constant development and can adapt to an environment of uncertainty, then you'll likely find the fintech industry fulfilling and rewarding.