The Hard Part with Evan McCann Prateek Sodhi from Finofo
Jun 11, 2025
Prateek Sodhi, Co-Founder and CEO of Finofo, dives into the fintech realm, sharing insights from securing $3.3 million in seed funding. He explores the importance of product-market fit, particularly for mid-market customers. Prateek discusses the evolving B2B fintech landscape in Canada, overcoming traditional banking hurdles. He reflects on team growth strategies post-funding and the personal challenges he faced on his entrepreneurial journey, emphasizing resilience and the need for family connections.
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Payables Pain Points Anecdote
- Prateek Sodhi shared how mid-market customers still rely heavily on manual payables processes despite using ERP systems.
- He explained the practical pain points like handling invoices, approvals, and manual bank interface inputs.
B2B Fintech Is Emerging
- B2B fintech in Canada is still nascent compared to consumer fintech and the U.S. market.
- This lack of fintech adoption is tied to long-standing trust in banks and slow change in Canadian businesses.
Build Modular Fintech Solutions
- Focus on building modular fintech solutions that adapt to varied business processes instead of forcing one-size-fits-all.
- Choose a clear target market lane and iterate before expanding to other verticals.