We only take on 4 clients per month. Join our October cohort. 1 spot left.
Conversation
Highlights
Welcome to another episode of Category Visionaries — the show that explores GTM stories from tech’s most innovative B2B founders. In today’s episode, we’re speaking with Scott Dorey, Co-Founder of OpenPath, a payments platform that’s raised $25 Million in funding.
Here are the most interesting points from our conversation:
- OpenPath’s Unique Approach: OpenPath started as a middleware for merchants, helping them manage checkout processes, accept payments, and mitigate chargebacks and fraud. They’ve now evolved to offer instant direct payments using real-time bank transfers, eliminating fraud and streamlining payment processing.
- Evolution of the Product: The initial idea was sparked by a co-founder’s vision. Over time, they saw an opportunity to partner with another payments company, leading to the creation of a new product—real-time, fraud-free bank transfers.
- The Fraud and Chargeback Problem: Scott highlighted the pervasive issue of chargebacks in e-commerce, which can cause significant financial strain on businesses. OpenPath’s solution drastically reduces these issues by simplifying and securing the payment process.
- Seamless Merchant Onboarding: OpenPath has streamlined the process for merchants to integrate its technology, reducing development time and effort. This has enabled even large-scale merchants, like Lululemon, to quickly adopt their platform.
- Strategic Sales and GTM Execution: OpenPath built a robust sales pipeline well before their product was fully deployed. By dividing sales into industry verticals, they ensured the product reached the right decision-makers from the start.
- Future Expansion Plans: While OpenPath is currently focused on the U.S. market, with all regulatory approvals in place, Scott shared their plans to expand into Europe in the near future, where regulations are slightly more relaxed, making it an easier market to enter.
Actionable
Takeaways
Build Sales Pipelines Early:
OpenPath developed their sales strategy and built strong pipelines long before the product was fully deployed. Having early conversations with key decision-makers can accelerate product adoption post-launch.
Solve a Fundamental Industry Problem:
OpenPath’s success lies in addressing a long-standing pain point—fraud and chargebacks in the payments space. Identify critical inefficiencies in your industry and focus your product on solving them.
Leverage Partnerships for Faster Growth:
OpenPath’s partnership with another payments company helped them innovate faster and create a compelling new product. Strategic partnerships can accelerate product development and market reach.
Prepare for Fundraising Early:
Scott emphasizes the importance of always being overfunded. Plan your fundraising efforts at least a year in advance, and build relationships with investors before you need them to ensure smoother capital raises.
Think Long-Term About Exits:
OpenPath is already laying the groundwork for an acquisition by establishing relationships with potential acquirers early. Building these relationships over time increases the chances of a successful exit and maximizes value for shareholders.
Recommended Founder
Interviews
Kalpesh Kapadia
CEO and Founder of Deserve
Kalpesh Kapadia, CEO and Founder of Deserve: $50 Million Raised to Build the Future of Credit Cards
Nik Talreja
CEO & Co-Founder of Sydecar
Nik Talreja, CEO & Co-Founder of Sydecar: Over $16 Million Raised to Make Venture Deal Execution a Frictionless Process
Reed Switzer
CEO of Hopscotch
Reed Switzer, CEO of Hopscotch: $10M to Build the Future of B2B Payments For SMBs
Ankit Ratan
Co-Founder and CEO of Signzy
Ankit Ratan, Co-Founder and CEO of Signzy: Over $38 Million Raised to Build the Future of Digital Onboarding Infrastructure
Eric Velasquez Frenkiel
Founder and CEO of Pomelo
Eric Velasquez Frenkiel, CEO of Pomelo: $70 Million Raised to Build the Future of Remittance
Rafael Loureiro
CEO of Wealth
Rafael Loureiro, CEO of Wealth: $16 Million Raised to Build the Future of Estate Planning
Steven Greene
CEO of Standard Practice
Steven Greene, CEO & Co-Founder of Standard Practice (Previously Nibble Health): $8 Million Raised to Bring the Fintech Revolution to the World Healthcare Payments
Rodney Reisdorf
Co-Founder & CEO of Co-Founder & CEO
Rodney Reisdorf, CEO of Verivend: $3 Million Raised Transform Private Capital Transactions
Julio Martínez
Co-Founder and CEO of Abacum
Julio Martínez, Co-Founder and CEO at Abacum: $40 Million Raised to Build the Future of FP&A
Daumantas Dvilinskas
CEO & Co-Founder of TransferGo
Daumantas Dvilinskas, CEO & Co-Founder of TransferGo: $125 Million Raised to Build the Future of Cross-Border Payments
Jeremy Almond
CEO & Founder of Paystand
Jeremy Almond, CEO & Founder of Paystand: $100M Raised to Power the Future of B2B Payments
Don Muir
CEO of Arc
Don Muir, CEO of Arc: Over $180 Million Raised to Empower Startups with a Better Cash Management Experience
Dan Beck
Dan Beck, CEO & Co-Founder of 401GO: $14 Million Raised to Build the Future of Retirement Benefits for Small Businesses
Kevin Hart
Founder and CEO of Green Check Verified
Kevin Hart, Founder and CEO of Green Check Verified: $16 Million Raised to Power the Future of the Cannabis Business
Ben Borodach
Co-Founder and CEO of April
Ben Borodach, Co-Founder and CEO of April: $40 Million Raised to Embed Intelligent Tax Experiences
Florian Wimmer
Co-Founder & CEO of Blockpit
Florian Wimmer, Co-Founder & CEO of Blockpit: $15 Million Raised to Power the Future of Crypto Tax Management
Helen Chong
Head of Growth of Puzzle
Helen Chong, Head of Growth at Puzzle: Collaborating with Founders – Insights for Effective Marketing Alignment
Fady Hawatmeh
Founder and CEO of Clockwork
Fady Hawatmeh, Founder and CEO of Clockwork: Nearly $3 Million Raised to Make Financial Modeling and Cash Flow Forecasting Easy
Ron Benegbi
CEO & Founder of Uplinq
Ron Benegbi, CEO & Founder at Uplinq: Over $5 Million Raised to Transform SMB Lender’s Existing Credit Evaluation Process
Sohaib Zahid
CEO and Co-Founder of Railz
Sohaib Zahid, CEO and Co-Founder of Railz: $15 Million Raised to Build to Accounting Data as a Service Category
John Lunn
CEO and Founder of Gr4vy
John Lunn, CEO and Founder of Gr4vy: $27 Million Raised to Build the Future of Payments Infrastructure
Colin Luce
CEO & Co-Founder of Basis Theory
Colin Luce, CEO & Co-Founder of Basis Theory: $20 Million Raised to Build the Future of Payments Tokenization
Arik Shtilman
CEO of Rapyd
Arik Shtilman, Rapyd: $15 Billion Valuation (Unicorn Builders)
Thibaut Sahagian
CEO of Multis
Thibaut Sahagian, CEO of Multis: $9 Million Raised to Build a New Category of Software Designed to Meet the Needs of Web3 Organizations
Stephany Kirkpatrick
CEO and Founder of Orum
Stephany Kirkpatrick, CEO and Founder of Orum: Over $85 Million Raised to Build an API integration for Instant Payouts
Iris Pfeifer
VP of Growth of Wisetack
Iris Pfeifer, VP of Growth at Wisetack: Mastering B2B Marketing Through Sales Alignment and Product Strategy
Yasmin Graeml
Marketing & Communication Leader of Flourish Fi
Yasmin, Marketing & Communication Leader at Flourish Fi: Driving Financial Engagement with Innovative Tech
Olga Chin
CEO and Founder of InterPrice Technologies
Olga Chin, CEO and Founder of InterPrice Technologies: Over $10 Million Raised to Build the Future of Capital Markets Treasury Management
Wade Arnold
CEO and Founder of Moov
Wade Arnold, CEO and Founder of Moov: $77.5 Million Raised to Build the Future of Embedded Payments
Jonas Overgaard
CEO of Anyday.io
Jonas Overgaard, CEO of Anyday.io: $4M Raised to Transform the Buy Now Pay Later Market
Brendan Playford
CEO of Pngme
Brendan Playford, CEO of Pngme: $18 Million Raised to Support Financial Inclusivity and Unlock Economic Potential Across the Developing World
Ahmad Ibrahim
CEO of NeoTax
Ibrahim, CEO of NeoTax: $13 Million Raised to Build the Future of Tax Automation
Ben Goldin
CEO and Founder of Plumery
Ben Goldin, CEO and Founder of Plumery: $4.5 Million Raised to Power the Future of Digital Engagement for Banks
Bob Suh
CEO of OnCorps
Bob Suh, CEO of OnCorps: $18M Raised to Help Large Financial Institutions Solve Operational Problems with AI
Felix Rodriguez
CEO & Founder of Finally
Felix Rodriguez, CEO & Founder of Finally: $110 Million Raised to Power the Future of Finance Automation
Jack McDonald
CEO of PolySign
Jack McDonald, CEO of PolySign: $50 Million Raised to Power the Future of Digital Assets
Laura Kornhauser
Co-Founder and CEO of Stratyfy
Laura Kornhauser, Co-Founder and CEO at Stratyfy: $10 Million Raised to Power the Future of Financial Inclusion
Steve Pomfret
Steve Pomfret, CEO & Founder of Cygnetise: $8 Million Raised to Build the Future of Signatory Management
Patrick Mollard
CEO & Co-Founder of Fipto
Patrick Mollard, CEO & Co-Founder of Fipto: $16 Million Raised to Build the Future of Blockchain Payments
Swapnil Shinde
CEO and Co-Founder of Zeni
Swapnil Shinde, CEO and Co-Founder of Zeni: $47+ Million Raised to Build the Finance Operations Category
Magali Chapuis
Marketing Manager of Embat
Magali Chapuis, Marketing Manager of Embat: Strategic Insights for Scaling Fintech Marketing Across Borders
Shamir Karkal
Co-founder and CSO of Sila
Shamir Karkal, CEO of Sila: $20+ Million Raised to Build the Money API For Fintech
Brian King
CEO of LODAS Markets
Brian King, CEO of LODAS Markets: $8.5 Million Raised to Power the Future of Alternative Investments
Daniel Grunstein
CEO and Co-Founder of Crowded
Daniel Grunstein, CEO and Co-Founder of Crowded: $6.4 Million Raised to Transform Nonprofit Financial Management