Wirecard, Corona, Ukraine War: Current Challenges and Learnings for Founders – Malte Rau, Pliant

About this episode

Malte Rau founded his fintech company Pliant right at the beginning of the Corona pandemic in 2020 – a time that would prove particularly challenging for many founders. But this was only the beginning of a series of unforeseen crises that the startup had to master.

From Wirecard Partnership to Fresh Start

Originally, the plan was to develop Pliant's digital card and expense management solution in partnership with Wirecard. After the spectacular collapse of the payment service provider, however, the company had to completely reorganize itself. "What do you need to consider when a partner like Wirecard suddenly disappears?" is a question many founders in similar situations ask themselves.

For Rau and his team, this meant not only a restart from a technical perspective, but also a fundamental review of their business strategy. Today, Pliant enables fully digital card and expense management via app for maximum flexibility – a product that became particularly relevant during times of remote work and digital processes.

Fundraising During Crisis Times: Practical Learnings

The experiences from 2020 during Corona and the current challenges of 2022 show clear parallels. Rau transparently shares his learnings about fundraising during a crisis. The crucial question: How do you approach fundraising when markets are volatile and investors are becoming more cautious?

During the Corona crisis, Pliant had to find creative ways to convince investors. Digitalization helped open new channels for engaging with potential funders. At the same time, market fluctuations led to internal changes within the company – a balancing act between necessary adjustments and maintaining the growth trajectory.

Surviving in a Competitive Market

A common question from founders is: Should you enter a market where competition already exists? Rau takes a pragmatic view: competition also means that a market is validated. The challenge lies in standing out from the competition.

For Pliant, this meant developing a better product while focusing on the specific needs of their target audience. The company had to pay its dues and collect important learnings to successfully position itself in the market.

Ukraine War: When Your Tech Team Is Affected

A particularly critical situation arose when the Ukraine war broke out – Pliant's tech team is based in Ukraine. This unpredictable crisis presented the company with completely new challenges: How do you ensure development continuity when your team is affected by a war?

Rau had to make quick decisions while considering both the human and business aspects. The situation highlights the risks and opportunities of outsourcing tech teams abroad – a topic that concerns many startups.

Maintaining Focus Despite Multiple Crises

How do you manage to maintain focus as a founder when one crisis follows another? Rau emphasizes the importance of distinguishing between justified confidence and unrealistic optimism. When is self-confidence appropriate and when should you be more cautious?

Pliant's experiences show: successful crisis management requires flexibility, quick decision-making, and the willingness to learn from mistakes. At the same time, it's crucial not to lose sight of the long-term vision.

Learnings for Other Founders

Malte's transparent insights into Pliant's challenges offer valuable learnings for other founders:

• –Risk scenarios should be considered when selecting partners
• –Fundraising in crisis times requires adapted strategies
• –Competition can be a sign of a functioning market
• –Geopolitical risks must be considered when outsourcing teams
• –Confidence is important but must remain realistic

The story of Pliant demonstrates: even when things don't develop as planned, founders can successfully navigate through multiple crises through adaptability and transparent communication.