Incard

Last week, @FundersVC had the pleasure of joining Incard’s summer party, a fantastic evening with a team that continues to change the industry. Konstantin Gimazov joined the evening on behalf of @FundersVC, and it was great to spend time with the wider Incard team. @Incard joined the @FundersVC portfolio this year, and we have been consistently impressed by both the pace of execution and the clarity of the team's long-term vision. Incard is building far more than a business banking product. It is creating a financial operating system for digital-first businesses, integrating with platforms such as @Shopify, Facebook Ads, TikTok, and @stripe, while developing its own App Store ecosystem where partners can build and monetize products tailored to Incard customers. This year, Incard successfully migrated customers onto their own regulated banking stack, expanded payment capabilities across the UK and Europe, launched new mobile experiences, introduced new revenue streams, all while maintaining exceptionally strong, more than 90%, customer retention. As investors, these are the kinds of milestones that matter. Stronger infrastructure creates greater control. Better margins improve scalability. High customer retention validates product-market fit. Together, they lay the foundation for sustainable long-term growth rather than short-term headline metrics. Beyond the execution, a few aspects of Incard's strategy continue to stand out. Focus over universality. Building financial infrastructure for every business at once rarely works. Different companies have different operational needs, and Incard has remained disciplined by focusing on the customer segments where it delivers the greatest value first. That focused approach creates stronger product-market fit before expanding into new markets. A product roadmap driven by customer workflows. Every conversation with the team reinforces the same principle: build around how digital businesses actually operate. Banking is only one piece of the puzzle. Analytics, payments, automation, embedded financial tools, and ecosystem integrations all contribute to becoming the financial operating system for modern online businesses. A distribution engine that compounds over time. While customer acquisition continues to become more expensive across fintech, Incard is investing in owned media and educational content to build trust with its audience. Seeing the company launch its own media initiatives alongside product development is another example of thinking beyond traditional growth playbooks. We're also excited about what comes next. With the core infrastructure now in place, the company is entering a new phase focused on scaling this operating model, launching additional products, strengthening monetization, and accelerating its European and US expansion. Congratulations to Theo Cesarini, Soraya Tribouillois, Matteo Martino, Liam Seskis, and the entire @incard team on the progress so far. We can't wait to see what the next chapters bring. 👏