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Success Stories

How SmartConcil is quickly becoming the first choice for automated financial reconciliation

As lockdown protocols came into effect and academic institutions were forced into online learning procedures, Victor made the decision to take advantage of the new virtual landscape and bring the SmartConcil platform to the Canadian market.

April 25, 2022

Victor Salinas has been in the financial industry for over 20 years and has been a founder for over a decade. Now, he is the CEO of one of the top financial reconciliation companies globally, SmartConcil.

His journey begins over 12 years ago in Mexico, where Victor and his team developed tailor made, back-end solutions for financial institutions to help manage cash flow and automate payments processing. Through this experience, he became an expert on the different types of financial information, as well as the issues each encountered, creating the inspiration for SmartConcil.

In order to grow his company, and expand into international markets, Victor travelled to Canada to learn about the different acceleration programs it had to offer. During his visit to the Accelerator Centre and learning about the programming, he decided it was the perfect fit!

Unfortunately, Victor and his team did not think that the idea for SmartConcil would be successful in Canada, and that it was too specific to Mexico, so they decided to apply to AC:Incubate with a different business idea called EzBeanz. EzBeanz was a platform specially designed for international students, that would connect them with educational institutions, payment platforms, and other services to make it easier and faster for them to manage their finances overseas.

EzBeanz was accepted into AC:Incubate and Victor and his family moved to Toronto in September 2019. Five months later, the effects of COVID-19 reached Canada, and the pandemic began so they decided to move to Waterloo in 2021.

As lockdown protocols came into effect and academic institutions were forced into online learning procedures, Victor made the decision to take advantage of the new virtual landscape and bring the SmartConcil platform to the Canadian market.

Since international students were no longer able to travel and organizations conducted almost all of their business virtually, Victor saw a window of opportunity to reintroduce SmartConcil. Companies across the world had become more willing to buy software for financial automation processes from international providers as virtual practices became the new normal. Rather than travelling from country to country to meet customers and customize a solution to their needs, Victor was able to sell the software virtually while maintaining the highest degree of customer service.

“A lot of founders will tell you the same thing, but the most important thing we need to learn is resilience,” said Victor. “It’s not always about intelligence or skills. Building a company takes a lot of patience, and in the meantime, you will hear a lot of NO’s from customers, investors, and even employees. You just need to stay focused on executing the strategy, and eventually you will hear a YES.”

During SmartConcil’s time at the AC it has grown tremendously. Through an extremely successful first round of funding, SmartConcil was able to hire a sales team to continue growing its customer base and will be starting its second round soon! SmartConcil is now available in 3 different countries, (Canada, Mexico, and Colombia), and has many exciting features to come such as Machine learning and open banking features for its Latin American clients.

SmartConcil will be graduating from the Accelerator Centre on April 28th. Please join us for our hybrid celebration of our latest group of alumni!