Raphael Bouskila is officially back for a second kick at the can in the startup game. The President and Founder of Mako Financial Technologies recently announced he has raised a seed round for this new venture. The raise provides Mako with financing from a group of Montreal angel investors, which is led by Stephen Bronfman.
If the entrepreneur’s name sounds familiar, that’s because it is. Bouskila was President at CoPower for a number of years before exiting in 2018. After a brief hiatus, Bouskila returned to start a new business once he identified the right opportunity. “As I was talking with colleagues of mine and others in the investment space, it seemed like there was a pretty interesting opportunity to offer a SaaS platform for people who want to do a bond issuance, fund issuance or any kind of innovative capital raises” he tells MTLinTech. “There’s a lot of administrative work, regulatory filing, tax filing that you have to do, that aren’t complicated, but they end up presenting a big barrier to entry for people who want to focus on running their online lending platform let’s say. So really we take all the administrative headache away from that.”
In business for just four months so far, not only does Bouskila already have investors, but he has also attracted customers who love his product. “Raphael was instrumental in developing the strategy that made our product unique in Canada” says Joseph Galli, Chairman at Pentor Finance. “He developed all of the documentation and processes for our offering and LP investors. We saved at least $125,000 and shortened our time-to-market by 75%”. With results like this it’s little wonder Galli insists Mako will be his solutions provider for all his future Fund initiatives as well.
Mako is targeted primarily at FinTechs and consumer facing lending platforms. Bouskila was not in a huge rush to get back into the game, but once he developed Mako’s offering things started to move quickly. “I actually got a few clients quite a lot sooner than I anticipated. So I actually ended up incorporating in October just so I could have a place for the revenues to go”. He believes it’s a big advantage to have previously started and exited a company, which allows an entrepreneur to put in a significant sum to operate the business. This removes some of the pressures of fundraising many startups face.
In fact, things are going so well the company will be staffing up pretty soon. Bouskila’s former CTO has already come over to join his new venture, they’ll be looking for help very soon, and a CFO role will likely be opening up. He believes there is a big opportunity to modernize financial services administration for those who are looking for a little more agility out of their services providers. Learn more about this new business at https://makofintech.com/
This article has been modified from its original version at the request of CoPower.