Den Melnykov, CBO and Co-founder at Corefy tells us how they integrate payment providers and acquirers all around the world to bring a unified communication, control, and management interface.
First of all, how are you and your family doing?
Den Melnykov: My family and I are doing well. We follow all the WHO recommendations to keep safe.
Tell us about you, your career, and how you founded Corefy.
Den Melnykov: I joined the Corefy team in March 2018 when the MVP was just released. My primary task is to lead the business development direction and facilitate the transformation from the startup phase to a global enterprise.
In 2020, as a Chief Operating Officer of Corefy, I moved to Copenhagen to scale up the product in the Scandinavian market by participating in the Danish government’s Nordic Fast Track program.
In 2021, the Corefy team grew rapidly, and we decided to improve the company’s structure. As a Chief Business Officer, I have focused on developing the business, building partner networks, etc. At the end of 2021, I moved to Israel to expand Corefy presence in one more region.
How does Corefy market its product/services online?
Den Melnykov: For the last year, all marketing activities at Corefy were primarily associated with building awareness about our platform, its functionality, and killer features, in addition to spreading the word on the key benefits that the solution delivers to our customers. Initially, our marketing efforts concentrated first-hand on the local market to create solid traction. As for the PR activities, we have conducted educational meetups, attended several conferences online and offline, received an award as one of the best FinTech projects, etc. Along with it, we have extended our media coverage and created marketing materials for potential customers.
In 2021, the key milestone in terms of marketing was rebranding from PayCore.io to Corefy. All marketing resources were allocated to creating coherent communication with our clients and delivering key communication pillars to all stakeholders.
We aim to expand our presence geographically; hence, our marketing activities currently target European countries. To create traction, we have extended and localized our efforts. Namely, the team works on generating organic and paid traffic, testing hypotheses regarding the positioning pillars, creating targeted campaigns on our subscribers’ base, etc.
How the coronavirus pandemic affects your business, and how did you get through it?
Den Melnykov: It changed the company’s strategy and targets, development and release schedules of product features, management approach, etc. We’ve got the challenge to adapt our operations to new conditions as fast as possible. And I think we did a great job!
We managed not only to stay in the game but also to deliver a great result. Corefy offers more than 650 payment providers and supports more than 400 payment methods. We’ve increased our global reach. Today, Corefy is represented in 5 global locations with a team of 90 like-minded people.
In 2022, we’ve already contributed to establishing a new fintech hub in Latin America and reached the milestone of 200 integrations available for our clients out of the box.
What specific tools, software, and management skills are you using to manage your online marketing?
Den Melnykov: Having 10 years of expertise in payments, we build a brand image of the payment experts on the market, primarily utilizing partner networks and PR tools.
We have rapidly increased the number of marketing employees, opening up more promotional activities. Having 7 team members aboard, we can now grow internal expertise and instantly produce more qualitative and value-added marketing materials for all stakeholders. Also, we improved our approach by using Google Data Studio, Hotjar, HubSpot, and other tools, enabling customer behavior, needs, and interest tracking.
Who are your competitors? And how do you plan to stay in the game?
Den Melnykov: Since we started, the competition has drastically changed. Several independent providers were acquired by payment giants, such as Ingenico, PayU, and Checkout.com. Meanwhile, dozens of new players emerged.
At the beginning of May, we announced exceeding the number of 200 ready-made integrations on the platform. And the dedicated Integration team keeps gaining pace in its work. I see it as our big advantage over the competitors.
Intending to simplify the complex, Corefy’s development team is working on the platform’s new version. It will incorporate the best features of the existing one while being more innovative and intuitive for customers.
Your final thoughts?
Den Melnykov: Today’s world is full of challenges for business. The coronavirus pandemic and the war in Ukraine, the homeland of our R&D unit, have had an enormous effect on the strategic and operational activities of our company and other businesses. As we can see, the situation may change in a single day. Companies should be ready for fast decision-making, open to new opportunities, and as agile as possible in order to stay in the game.