A Painful $26.5M Lesson
Six years ago I had the opportunity to lead the engineering team building the reconciliation and operations backend for a broker-dealer. The founders envisioned Motif Investing, a $125M VC backed retail trading platform for the masses; the Robinhood of our time.
In late 2012, after raising over $25M and 2 ½ years of development, we finally got the beta out the door. It would be months before we would publicly launch. While a startup faces many challenges, I do not believe Motif was ever able to recover from the enormous costs to get started. I learned just how costly and slow it is to build FinTech applications.