Meet the CEO of Bafu: The FinTech Startup Every Bank Would Love to Buy Next – 9×90™ (#25)
9×90 Episode 25
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About this FinTech Startup
About this episode
In this compelling episode, Adi Soozin, a 5th-generation investor, sits down with Henry Grijalba, the CEO of a swoon-worthy fintech company, to discuss the high-stakes world of fintech and the art of navigating a successful exit. Henry shares his company’s two-pronged strategy for scaling and exiting—through acquisition by a major bank or a public IPO—and offers hard-earned lessons on persistence, adaptability, and innovation in a highly competitive industry. Adi complements the conversation with her own expertise, revealing how aligning branding and strategy with an ideal acquirer can significantly boost a company’s chances of being acquired.
Throughout this dynamic discussion, Adi and Henry explore the challenges of regulatory hurdles, dealing with ruthless competitors, and leveraging the power of mentorship and networks. Packed with insights for entrepreneurs, investors, and startup enthusiasts, this episode provides actionable strategies for building a business that’s not just successful but irresistible to potential acquirers. Don’t miss this insider look at the gladiator arena of fintech!
The Transcript
This transcript was generated by AI & edited by ChatGPT:
Adi Soozin: Hello, everyone, and welcome to another episode of 9×90, the premier podcast for high-net-worth individuals, global investors, influential politicians, and fearless startup pioneers spanning 36 countries. Today, we have an exceptional guest joining us. His name is Henry, and before inviting him onto the show, I conducted two in-depth interviews to ensure his story and insights would resonate with our esteemed audience. Henry, it’s a pleasure to have you here—thank you for taking the time to join us.
To provide some context, Henry is the CEO of a fintech company specializing in payment processing. Personally, I find this sector fascinating. I’ve worked with various fintech and bank-tech startups around the globe, and the way these companies revolutionize outdated, slow-moving banking processes is nothing short of extraordinary. Today, we’ll explore Henry’s innovative payment processing solutions, and for our audience of banking executives, I know the question on your minds: Can his company or technology be acquired within the next few years? The answer is yes, and we’ll dive deeper into that later.
For the investors tuning in, you might already be thinking, Wait, he’s primed for an acquisition? How can I invest early? You’ll be pleased to know that opportunities are indeed available. And for those seeking an inspiring startup success story, let’s start at the beginning: Henry, what inspired you to launch this fintech company?
Henry Grijalba: That’s a great question, Adi. My journey into fintech stems from years of experience in the tech and financial sectors. I began my career over 20 years ago in Silicon Valley, working with a tech company that introduced me to the transformative power of technology. Over time, I developed a deep understanding of the financial needs of individuals, particularly those underserved by traditional systems.
I realized that the conventional financial industry, with its rigid and often exclusionary practices, could be fundamentally reimagined through technology. This belief led to the founding of my company. Initially, we explored decentralized finance, focusing on blockchain solutions to enable global, transparent, peer-to-peer transactions.
Adi Soozin: That’s so true. At that time, there wasn’t an easy solution for quick, cashless transactions—something as simple as “Venmo for the world.” So, that’s what you set out to create?
Henry Grijalba: Exactly. But shortly after launching, we faced challenges brought on by the crypto meltdown, which eroded trust in blockchain and decentralized finance. As a result, we pivoted to a more stable and pragmatic fintech solution.
We identified a significant opportunity to address the financial struggles of workers who live paycheck to paycheck, particularly in industries like hospitality, entertainment, and other sectors with low to moderate income levels. Our app provides early access to earned wages, empowering employees to manage unexpected expenses without resorting to high-interest loans. This pivot became the foundation of our mission to foster financial freedom and reduce stress for millions of workers.
Adi Soozin: That’s a smart pivot, and it speaks to a clear market need. I’ve worked with a billion-dollar company pursuing a similar solution—though I’m under NDA and can’t say much—but I know firsthand how impactful this model can be. How many people are on your team now?
Henry Grijalba: We currently have a team of 13 highly skilled professionals, ranging from project managers to marketing strategists, as well as developers managing the operational backend. As the CEO, I wear multiple hats, but I’m proud of the diverse expertise within our team.
Adi Soozin: And filming started when I joked about January hitting like a freight train, and you agreed—it’s been a hectic start to the year for both of us.
Henry Grijalba: Absolutely! January and September always seem to hit like a tidal wave. But even amidst the chaos, I feel blessed to lead such a dynamic team.
Our company operates internationally, with talent spread across multiple countries. By leveraging global talent, we’ve been able to scale efficiently while managing investor capital responsibly. Hiring internationally allows us to reduce overhead costs while accessing world-class expertise.
Adi Soozin: That’s such a smart strategy. Hiring overseas is a no-brainer for many startups. For example, Kazakhstan has incredible developers, and the Philippines offers outstanding marketing talent. The cost savings are significant—you’re paying above-market wages there while remaining far below what you’d spend in the U.S.
Henry Grijalba: True, but international hiring comes with its own challenges. It requires meticulous management, clear processes, and regular oversight to ensure quality and accountability. That said, I’m deeply invested in Miami’s growing tech ecosystem. While international talent has been instrumental in our early-stage growth, I envision building a robust local presence in Miami as the company scales. The city’s vibrant culture, low cost of living, and influx of talent make it an ideal hub for innovation.
Adi Soozin: Miami has certainly positioned itself as an international tech capital, attracting talent and startups from across the globe. It reminds me of the tech push in Venezuela a couple of decades ago and Eastern Europe before that—regions that quickly became tech hotspots. Miami’s combination of affordability and quality of life is drawing incredible talent, especially from places like Silicon Valley.
Adi Soozin: I completely agree with you on the growing perception of Miami as what some are calling the “next Silicon Valley.”
Henry Grijalba: Yes, absolutely. Although, I think we still have a long way to go. Miami doesn’t yet have the academic institutions that could better support a robust tech ecosystem.
Adi Soozin: That’s true.
Henry Grijalba: It’s developing, but when you compare Miami to cities like New York, Austin, or San Francisco, there’s still significant ground to cover.
Adi Soozin: I do believe we’ll eventually surpass Austin. However, we’ll never truly surpass cities like New York—it’s nearly impossible given the sheer talent they attract across so many industries. But Miami does have unique advantages, such as industry-specific opportunities and regulatory environments that make it particularly appealing for certain sectors.
Henry Grijalba: Exactly.
Adi Soozin: I was recently speaking with the team at Air Matcha—do you know them?
Henry Grijalba: Yes, I’ve met them. Absolutely.
Adi Soozin: They were on the show as well, and we were discussing how, 20 years from now, we could be seen as the godparents of Miami’s tech ecosystem. We’ll be the ones mentoring young founders who are pitching their startups, reminiscing about how “back in our day,” we were there at the birth of the Miami tech wave.
Henry Grijalba: That’s definitely the direction we’re heading.
Adi Soozin: And we’re hoping to ride that wave. I think we’ve positioned ourselves early enough. You’ve been bitten by the Silicon Valley bug—many of us have. You’ve seen how transformative technology can be when it’s embraced fully. Now, with your fintech company, you’ve completed two funding rounds. Do you have a timeline for your third?
Henry Grijalba: We’re actively working on it. We’re collaborating with several venture capital funds. Right now, they’re evaluating our performance in terms of revenue generation. Since we only launched three to four months ago, they want to see more data to determine our trajectory. This current round is already open, and we’re hoping to secure the right partners soon.
Adi Soozin: That makes perfect sense. Now that you’ve launched, investors are naturally focusing on your revenue growth. Congratulations on the launch, by the way—I didn’t realize it was so recent.
Henry Grijalba: Thank you! It’s been a long journey with its share of challenges and learning curves. But we’re on the right track. We’re already on the Apple App Store and Google Play, and we’ve started acquiring customers across several states. We’re refining our marketing strategies and are fully focused on scaling.
Adi Soozin: That’s fantastic.
Henry Grijalba: Our vision is to become Miami’s first digital bank, offering a transformative way for people to engage with banking—not just locally, but nationwide. That’s the ultimate goal.
Adi Soozin: I could see the determination on your face just now, so let me say this: anyone who’s launched a company knows the journey is full of gut punches. The scars we earn along the way—those moments of betrayal, failed projects, and sheer persistence—are what define us. My own marketing software, which is now used in 59 countries, had to survive five attempted hostile takeovers. There was betrayal and drama, but overcoming those challenges is how we earned our success.
Henry Grijalba: Absolutely. Even just managing the fundraising process is a full-time job. Most people don’t understand how relentless it is. Doors slam in your face constantly, and you have to keep pushing. Persistence is everything.
Adi Soozin: Yes, it’s a battle.
Henry Grijalba: You have to believe in your vision and its potential impact. If you’re solving a real problem and doing something meaningful for humanity, you can’t give up. It’s about surrounding yourself with the right people who believe in your mission and about staying flexible enough to adapt when the market shifts.
Adi Soozin: I completely agree. Resilience is critical. I often look at a team’s resilience when deciding whether to invest. Things will go wrong—that’s inevitable. What matters is how quickly the team bounces back and how resourceful they are when solving problems.
Henry Grijalba: Exactly.
Adi Soozin: You’ve proven your resilience. You’ve made it through the initial hard rounds, and you’re raising your third round now. If someone hears this episode and wants to participate in that round, how can they get in touch with you?
Henry Grijalba: They can reach out via email at support@bafu.io, and I’ll personally respond.
Adi Soozin: Perfect. We’ll include that in the show notes.
Henry Grijalba: Today started in a way I didn’t plan for, but that’s life—you expect one thing, and then something entirely different happens. You just have to adapt and move forward, right?
Adi Soozin: Absolutely. That’s the reality of life and business. I’ve reached a point where I only allow highly supportive and protective people into my inner circle. If you haven’t faced significant opposition yet, you probably haven’t encountered the kind of rivals who try to tear you down just for the sake of it.
Henry Grijalba: Yeah, I completely agree.
Adi Soozin: Especially in fintech—there’s no shortage of gladiators in that arena, constantly giving you a run for your money.
Henry Grijalba: That’s so true. It’s always a battle.
Adi Soozin: Just last month, my software company faced a flood of inaccurate one-star reviews. Each review read like it was written by a competitor. Then, to make matters worse, I found out that a major competitor had copied all of my marketing materials from five years ago and was using them to promote their new product. That’s when I realized: sometimes your fiercest competitors are better off as your allies.
Henry Grijalba: That’s a unique perspective.
Adi Soozin: Especially if they’re aiming to acquire you. Those who are competing with you might actually benefit more from partnering or investing in your company.
Henry Grijalba: Exactly. That’s part of our strategy as well. We’re working toward an exit, and there are two potential paths: one is an acquisition by a bank, leveraging our operational efficiency and AI-driven processes to enhance the digital banking landscape. The other option is going public through an IPO.
Adi Soozin: Both are excellent strategies. I’ve always believed in starting with the end in mind. One of the best approaches I’ve seen is tailoring your business to align with your ideal acquirer. When friends ask me for marketing help, I always ask, “Who do you want to exit to?” They’ll often reply, “That’s not relevant right now.” But I disagree. I research the branding and strategy of their target acquirer, craft marketing to mirror it, and then introduce their company as a younger, innovative version of that acquirer. It’s like preparing the bride for the wedding.
Henry Grijalba: That’s brilliant.
Adi Soozin: It’s essentially an arranged marriage in business. It’s been highly effective for founders I know. In fact, some of the most satisfied founders I’ve spoken with brought executives from their target acquirer on board as mentors or advisors early on. These mentors then helped guide them through decisions that made the acquisition a natural fit.
Henry Grijalba: That’s a powerful insight. Actually, I’ve seen something similar with Sabina.
Adi Soozin: Sabina is incredible. She’s a force to be reckoned with—fluent in five languages, constantly hosting high-caliber events, and always willing to connect people. She’s the kind of person you want in your network.
Henry Grijalba: Absolutely. She’s been incredibly supportive, introducing me to investors and creating opportunities to grow in the market.
Adi Soozin: That’s fantastic. Sabina has a wealth of connections, including VCs who might be interested in your fintech company. And for those tuning in, there are likely a few listeners who will see your company as a promising acquisition target.
Henry Grijalba: I appreciate that.
Adi Soozin: So, what’s next for your company? Is the app currently available only in the U.S., or are you expanding internationally?
Henry Grijalba: For now, it’s U.S.-only because of regulatory compliance. We’re considering Europe next, but as you know, banking is one of the most highly regulated industries.
Adi Soozin: That’s an understatement! Banking and biotech are in a league of their own when it comes to regulations.
Henry Grijalba: Absolutely.
Adi Soozin: Well, Henry, thank you so much for joining us today and sharing your journey. Congratulations on the launch of your app and your ambitious plans for the future. I wish you all the best as you navigate the gladiator arena of fintech!
Henry Grijalba: Thank you, Adi. It’s been a privilege to share this space with you. Success isn’t just about luck—it’s persistence, effort, and learning from failures. I’m grateful for this opportunity to discuss what we’re building.
Adi Soozin: And we’re grateful for your insights. Thank you to everyone who tuned in. If you have ideas for topics, guests, or anything you’d like us to explore on the show, feel free to reach out to me on social media. Until next time, take care and keep building your dreams. Bye, everyone!
This interview was conducted by Adi Soozin of Molo9.com. If you enjoyed this interview and would like to see more like this: follow Adi on LinkedIn or drop your email in below to receive regular updates.
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