How Armenian FinTech startup Text’nPayMe conquered the International market: from idea to first clients

Arthur Karapetian, Yerevan, CEO and Co-founder, LinkedIn

How It All Began  

The idea for the startup first came to me in my teenage years — at 15 years old. At the time, Armenia had an educational program called Junior Achievements of Armenia, which helped shape ideas into business projects and guided participants through all the necessary steps — from registering a legal entity to launching a product. At 15, I realized I wanted to dedicate myself to creating products and companies.  

I have been practicing origami for 24 years now, having started at the age of four, and surprisingly, this hobby opened up business opportunities for me. It allows me to approach challenges from fresh perspectives and find unconventional solutions. Origami is an excellent tool for developing strategic thinking, on par with chess.  

In FinTech, founders are often perceived as purely rational individuals with no interests outside of financial calculations. But in reality, that is far from the truth. The financial technology industry demands flexibility, and my passion for art has helped me as an entrepreneur find creative solutions — both in product development and negotiations.  

Launching the Startup

My professional experience in the IT industry began about 10 years ago. I worked on business process automation, developing CRM and ERP solutions. At the time, I was a freelancer while also participating in various company projects. This experience laid the foundation for my current startup.  

We identified a gap in the market among clients who actively use messaging apps for communication but struggle with the need for instant financial transactions. This observation led to the creation of Text’nPayMe.  

Team  

I founded the company in 2021, assembling a team based on the principle of cultural diversity. The less homogeneous the team is in terms of mentality and habits, the better. This approach helped minimize the impact of personal and cultural biases on work processes. In our region, personal and professional relationships often overlap, making structured teamwork difficult. A diverse team keeps the focus on results rather than interpersonal dynamics.  

Today, our team includes specialists from Armenia, the US and various African countries. We are geographically distributed, which allows us to operate without being tied to local market constraints while adapting more quickly to our target regions — primarily African nations.

Target Audience  

Initially, our idea was to offer a solution for telecom operators and banks. By integrating our technology into their existing applications, we planned to distribute the product in a B2B format. The end users would remain banking and telecom customers.  

In 2023, we entered negotiations with our first major potential partner — European telecom operator Orange, which is developing its own payment solutions across African markets.  

Currently, we are in the pilot phase with Orange, working with its customer base of approximately 110 million users across 17 African countries, including Egypt, Botswana, and the Republic of Congo.  

Why should telecom companies and banks integrate our product? We increase average revenue per user, boost transaction activity, and help companies reduce costs associated with customer engagement in mobile applications — a process known as digital adoption. These factors directly impact key metrics in retail banking and the consumer segments of telecom companies.  

Accelerator Programs  

We participated in two international accelerators — 500 Global and Plug and Play. The key advantage of such programs is the opportunity they provide, which largely depends on how well founders define their goals. If the objectives are vague, the outcome will be unpredictable. Many founders tend to underestimate this aspect.  

The 500 Global accelerator program was conducted offline in Tbilisi, involving startups from various countries. This created an environment that required founders to have a clear understanding of their goals and product vision.  

500 Global and Plug and Play differ significantly in their approaches. 500 Global is an industry-agnostic accelerator that helps founders understand themselves, refine their product, and achieve realistic metrics during the program. Their standard investment check is $100 000.  

Plug and Play, on the other hand, focuses on B2B initiatives. For us, it turned out to be the ideal accelerator in terms of networking and partnership integration. During our participation, they organized 19 meetings with major European telecom operators, regional banks, and industry-specific firms.  

Participating in both programs was invaluable: they helped us adopt a more objective, less emotional business perspective and clearly define the value of our solution. 500 Global taught me how to properly prioritize, formulate questions, and effectively communicate expectations to mentors, clients, and partners. Plug and Play provided insight into the specifics of corporate segments, their bureaucratic challenges, and strategies for shortening the sales cycle from 18 to 10 months.  

Challenges  

Pre-seed or Seed funding rounds should never be viewed as the final stage of investment for a startup. When a founder secures their first $100 000, it may seem like enough to sustain operations for two to three years. However, reality proves otherwise.  

Geopolitical factors directly impact business in our region. Due to inflation and currency fluctuations, we lost about 30% of our investment — an issue critical for any startup. However, my experience in technical and risk management allowed us to forecast market shifts in advance and respond proactively.  

Effective risk management at every stage is crucial. Instead of distant projections, a well-defined plan for the next 1–12 months helps mitigate risks. Ignoring them often leads to startup failures.  

Another key takeaway is that having a strong idea is important, but being able to communicate it effectively is even more vital. Adaptability in communication is key — one pitch does not fit all audiences. Understanding your audience and speaking their language is essential.  

Achievements  

During the early stages, we became the fastest-growing FinTech startup in the local market and won the Buissup competition. In 2022, we were showcased at MWC — the largest European tech expo — where we were recognized as Innovation of the Year. That same year, we won the national final of the Entrepreneurship World Cup.  

These milestones led to our recognition by 500 Global in 2022, and our acceptance into their accelerator program after submitting an application. In 2023, we participated in MWC again, alongside London Tech Week and VivaTech, where we connected with our first major client — Orange.  

2023 was a turning point, marking a pivot for our company. In 2024, we secured our first B2B clients and participated in WCIT — the World Congress of Information Technology, often described as the Oscars of the IT industry. At the Global Pitch Competition, we made it to the global finals out of roughly 2000 companies worldwide.  

One of our most significant achievements in 2024 was joining the Plug and Play accelerator, which provided major introductions to potential clients and allowed us to build connections with top-tier mentors, including experts from Kazakhstan.  

In 2025, another milestone was reached: I was selected as a board member of Armenia’s largest IT and telecommunications association, UEICT, which includes major players such as Synopsys, Unicomp, local telecom companies, and banks. This further validated the strategic path we are taking.  

Plans  

This year, we are planning a major fundraising round and are already in negotiations with a leading venture fund. Securing this investment will allow us to obtain financial licenses in specific regions, enabling us to launch as a B2C solution.  

I envision our company as a daily financial assistant for people. We want everyone to be able to transfer money safely and instantly within messaging apps using our payment keyboard — no extra apps required, and more secure than traditional banks.  

As AI advances, fraud threats — especially social engineering tactics — are increasing. For example, receiving a fake Amazon message with a seemingly attractive offer can lead users to unknowingly disclose sensitive data. Our keyboard is embedded directly in the conversation flow, acting as a protective layer between users and potential risks. It can proactively detect threats and alert users earlier than a bank would after detecting a suspicious transaction.