The FinTech Accelerator programme alumni Hnry is a great example of the power of building a scalable solution on a straightforward problem that is experienced by many people.
What is Hnry?
Hnry, founded by James and Claire Fuller, is an all-in-one accounting service for sole traders that takes care of all of their payments and expenses, their taxes, and all of their accounting needs on a pay as you go basis. It basically simplifies the financial aspects of self-employment.
Lightning Lab FinTech 2018 Program
When Hnry applied for the Lightning Lab FinTech 2018 program, the business was in its infancy with a beta product it launched in April 2017. The company, which consisted of Fuller and his partner Claire, operated on a bootstrap model with around 35 customers and minimal revenue. The early days involved lots of manual processes and a focus on the validation of their business idea.
Impact of the Accelerator Program
Participating in the accelerator was a turning point for Hnry.
“the program itself forced us to take our business seriously”
They were able to justify quitting both of their jobs and dedicating full-time effort to its development.
“You’d never really know whether it was going to be something unless we go full time into this and spend three months and, you know, if it doesn’t work, after three months, at least, you’ve given it a proper go.”
The program’s environment fostered creativity, provided valuable networks, and helped refine their business model. This intensive period was crucial in determining the viability and future direction of Hnry.
Post-Accelerator Highs and Lows
After the accelerator, Hnry experienced a mix of successes and challenges. They raised funding, grew their team, and expanded cautiously, mindful of their responsibilities to investors. While some early experimental advertising campaigns didn’t meet expectations, key hires who believed in Hnry’s mission contributed to its growth. Over the years after the accelerator, the company has been able to surpass its expectations for its significant milestones, which has built enthusiasm within the team and amongst Hnry’s stakeholders.
Expanding to Australia and Growing Today
Despite scepticism from some investors, Hnry ventured into the Australian market in early 2020, coinciding with the onset of COVID-19. This expansion proved timely, allowing the company to establish itself in Australia and grow significantly. Hnry now handles over $2 billion in annualised payments, has over 100 staff and serves tens of thousands of customers across multiple countries.
Impact Created by Hnry
Hnry’s impact extends beyond financial services; it has democratised self-employment by reducing the fear and complexity associated with tax and compliance.
The platform empowers individuals to confidently pursue self-employment, contributing to economic growth and recovery. This positive effect is felt not only by the sole traders but also by the governments benefiting from efficient tax collection.
Advice for Aspiring Entrepreneurs
Fuller advises aspiring entrepreneurs that starting a business is challenging and will test one’s resolve.
“Starting a business, having an idea, taking it to fruition, that is difficult. Being in an environment around people who will get the most out of you by pushing you, by asking the difficult questions is very important, because no one else is going to ask you difficult questions.”
“Self-employment came with a huge amount of baggage and anxiety. People didn’t feel comfortable earning self employed income, whereas Hnry has kind of made that a possibility and a reality for so many people. There’s this excitement about the possibilities of going out on your own and doing your own thing.”
For those going into an accelerator programme, he emphasises the importance of working hard, being open to challenges, and realising that success in an accelerator program is about pushing your limits and justifying your business idea in a competitive environment.
