Victor Fredung co-founded Shufti Pro, which he runs as CEO. He and the company are based in Sweden, and the company relies on Victor’s experience as a “seasoned FinTech innovator with multiple years of experience in the payment sector.”
At Shufti Pro, Victor Fredung runs an industry leader that offers “better, AI-powered Identity Verification technology.” He continues to build up on his knowledge and expertise by attending several AI/Blockchain events held across the world.
Before founding Shufti Pro, Victor Fredung understood that the FinTech market is “growing rapidly,” and that most businesses are becoming rightly concerned about digital security. Back then, the solutions available for identity verification offered inadequate support. They didn’t have well-written APIs. The journey to verification was rough, and they only supported a handful of languages.
Recognizing this gap that needs to be filled, Victor Fredung established Shufti Pro, together with his partner and current CTO Shahid Hanif. The pair aimed to “help safeguard business transactions through innovative AI-powered ID verification and KYC/AML solutions.” With their solutions, they have built trust among businesses “across all industries and countries.”
Under the leadership of Victor Fredung, Shufti Pro saw its organization flourish and become a household name in identity verification and fraud prevention. He also “enhanced the customer base of Shufti Pro and developed a team of experienced and dedicated professionals.”
As a CEO, you must be able to guide your team at any point they come to you. Victor Fredung, Shufti Pro
Jerome Knyszewski: What do you think makes your company stand out? Can you share a story?
Victor Fredung: Our company provides state of the art identity verification services globally. The idea was to provide identity verification services in real-time that is accurate as well. So, our accuracy and speed are the two features that help us stand out in the market.
Back in 2016, when Shahid came up with the idea, he believed that the solution should reduce hassles for the end-user and our client must be satisfied. Avoiding cumbersome processes was the goal and we have achieved it gladly.
Jerome Knyszewski: What are the most common mistakes you have seen CEOs & founders make when they start a business? What can be done to avoid those errors?
Victor Fredung: I wouldn’t say that CEOs make mistakes, but they have a lot on their plate so they lack in a few places. The most common one is not keeping an update on how the team is working. One should be very clear when it comes to the trends and your organisation’s working methodologies.
As a CEO, you must be able to guide your team at any point they come to you.
If I talk about my job, Shufti Pro has offices in different regions of the world. I have to ensure that every office is working smoothly all the time.
Jerome Knyszewski: In your experience, which aspect of running a company tends to be most underestimated? Can you explain or give an example?
Victor Fredung: People think the job of running a company is a piece of cake. According to some people, being a CEO means sitting in a comfy chair and scrolling through final reports from different departments and the duty ends. However, it is the most difficult task. If I talk about my job, Shufti Pro has offices in different regions of the world. I have to ensure that every office is working smoothly all the time.
Jerome Knyszewski: Which tips would you recommend to your colleagues in your industry to help them to thrive and not “burn out”?
Victor Fredung: I would suggest them to consider the changing customer demands and market trends as an opportunity to grow rather than an obstacle. The major reason behind shutting down of businesses is that people take challenges as a burden or hindrance in moving forward. Ultimately, they burn out. However, I find them as opportunities to grab the attention from potential audiences.
The major reason behind shutting down of businesses is that people take challenges as a burden or hindrance in moving forward. Victor Fredung
Jerome Knyszewski: You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. 🙂
Victor Fredung: Thank you and if I ever get a chance to start a movement to bring change, it would be to bring a positive change in the youth. Given the rise in digitisation, the wrong use of technology is contributing to the rise of fraudulent activities. Messing with the young immature minds is easy, so my efforts will be to keep them as secure as possible. Updating them about the latest trends and methods of cybercrime will be the agenda.
Jerome Knyszewski: How can our readers further follow you online?
Victor Fredung: They can reach out to me on LinkedIn or with one of my team members on Gmail.
Jerome Knyszewski: This was very inspiring. Thank you so much for the time you spent with this!