A figure recently named CEO of Codatech has explained the firm’s rebrand as Finity, his appointment and future plans for the business.
Varun Monteiro joined Codatech as managing director in August 2020 during the height of the Covid-19 pandemic and lockdown.
The newly-appointed CEO spoke to BusinessCloud as he explained the reasoning behind the relaunch as Finity.
“We wanted to connect the unconnected supply chain, bring everyone together and create an ecosystem around it, and we decided to call that Finity,” he explained.
“The name Finity also has meaning – we’re trying to create financial unity. We’re creating financial unity across the whole supply chain, whether it’s end clients, agencies, payroll companies or workers.”
Monteiro joined Codatech after a successful exit from Accentra Technologies, which was a competitor at the time.
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Since he joined, the bootstrapped business has gone from a team of seven to around 35 and seen a 50% year-on-year ARR growth in the last two years.
“We’re now 35 people across two or three jurisdictions because we’re trying to be a global company and we’re trying to be remote-only, rather than remote-first,” he said.
“I joined the business when everything shut down and everyone was working from home due to Covid, and that was working very well.
“So we got rid of the office spaces, used that money to invest in the team and that is why we have been able to scale to different countries.
“It also means we can support customers around the clock and not just be working during UK hours.”
Monteiro also outlined his plans for growth for the newly-launched Finity.
He continued: “We are planning to at least hit 30% growth this year, which is lower than what we did last year, but we have gone through a major change.
“Getting everyone embedded into that system, then educating the market will take maybe one quarter and then we plan to ramp up very quickly.”
As part of this evolution, Codatech’s products, Codapay and Codabill, will become Finity Back Office, a solution designed to move from timesheets and invoicing to payroll and payments.
The company says that the solution is built to process payroll at scale, speeding up payments in a way that traditional systems cannot manage efficiently.
“Finity isn’t just a rebrand, it’s a leap into the future of recruitment FinTech, and it represents our commitment to financial unity: connecting the disconnected to make paying and getting paid easy and rewarding for everyone,” added Monteiro.
“Finity is a huge step towards revolutionising the digital landscape for the temporary staffing sector, which has unique needs that are often misunderstood or unmet by traditional payment and payroll providers.”