The technology world is known for innovation; new applications and startups are launching faster than anyone can keep track of. Unfortunately, the accounting software solutions used in this space aren't evolving as quickly, or even at all. It's one of the only software categories that hasn't seen change in years; for the last few decades, the same names have been at the forefront of the industry without doing anything to deserve that space.
A natural technology enthusiast and entrepreneur himself, Gregory Gevorkyan is no stranger to standing up new products and starting businesses. Before he graduated college, he had started 2 tech companies and raised enough funds to get them off the ground. A few years after graduating, Gregory set out on his own once again to start Modernbanc. At the time, he had intended for it to be an application that tracked financial movements through Open Banking APIs and rewarded customers with loyalty points.
After Modernbanc was accepted into the YCombinator, Gregory's vision changed because of the pain points he was experiencing as a technology entrepreneur. Managing the finance side of the business was complex and there was no full-stack financial software solution that had all the functionality he was looking for. He wanted to be able to have the same solution in the early stages of his business as he would in the late stages, but with the current products on the market, that was impossible. Nothing could scale with him, and Modernbanc went from needing that solution to becoming that solution.
Today, Modernbanc serves other tech companies that need something robust enough they can trust but scalable enough that it can adapt at the speed the technology industry requires. This wasn't Gregory's first time trying to build financial service from the ground up. First as a software engineer at the Royal Bank of Scotland and then as part of the bank's project team he helped build a new mobile bank from scratch to compete with the likes of Revolut, Chime and Monzo. His experience in the banking industry, along with his founding team who has experience building 7 different fintech products prior to Modernbanc, came together to change an industry that desperately needed it.
A large reason why most financial and accounting software is outdated today is mainly because of the complexity to build it, and for the risks involved in adopting and implementing it. This risk-aversion has resulted in stagnating, low-quality products that are now holding businesses back and are increasingly outdated in the technology landscape of the modern world. Data safety and security is something that non-technical solutions grapple with, but as a technical solution itself, Modernbanc provides unparalleled levels of data security to its clients.
Whether a developer is entering the market with a new video editing tool or an online platform used in the healthcare space, Modernbanc's modules can be used to do any activity related to finance, accounting, or payments. It can help accept and manage multiple payment methods, track sales and revenue, offers loan and core-banking backend, automate reconciliation tasks, and generate regular financial reports. For tech entrepreneurs, spending less time on finance and accounting means they can spend more time on product refinement, which is where their time is most valuable.
Navigating new technologies has been part of Gregory's life since he was a child. He's built video games, websites, and mobile apps before graduating college. It wasn't until adulthood that he was exposed to finance and accounting, but with that, just like everything before, he applied technology and created a better solution that makes a difference in the lives of business owners. Modernbanc isn't just a powerful tool because of the platform itself, it's powerful because Gregory and his founding team took the time to build a solution instead of just a product. Day by day, the archaic accounting systems and frustrating financial experiences are being replaced with a modern, Figma-like experience known as Modernbanc.
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