Meet the Makers is a series exploring the joys, pain, challenges, opportunities and rewards of growing a business. In this four-part podcast series, we talk to founder CEOs behind some of the world’s leading organisations to hear first-hand about their own business growth journey. From startup struggles to scaling successes, these makers share their most vulnerable moments, hard-won lessons, and invaluable advice on how to turn a business into a profitable, sustainable venture.

Meet the Makers is a series exploring the joys, pain, challenges, opportunities and rewards of growing a business.
&nbsp;
In this four-part podcast series, we talk to founder CEOs behind some of the world&rsquo;s leading organisations to hear first-hand about their own business growth journey.
&nbsp;
From startup struggles to scaling successes, these makers share their most vulnerable moments, hard-won lessons, and invaluable advice on how to turn a business into a profitable, sustainable venture.

Meet the Makers: Inspired to Startup

Meet the Makers is a series exploring the joys, pain, challenges, opportunities and rewards of growing a business. In this four-part podcast series, we talk to founder CEOs behind some of the world’s leading organizations to hear first-hand about their own business growth journey. From startup struggles to scaling successes, these makers share their most vulnerable moments, hard-won lessons, and invaluable advice on how to turn a business into a profitable, sustainable venture.

Meet the makers

*This partner content was produced by the Financial Times on behalf of Citi Commercial Bank For any SME (small and medium enterprises), scaling up and growing internationally is a prospect that is exciting and daunting in equal measure. From navigating that growth through economic headwinds to securing extra investment for logistics, marketing, infrastructure and staff, it’s a challenge that can be immensely rewarding, as long as the right framework is in place. For San Francisco-headquartered mobile payment processing company Boku, rapid growth brought with it a new focus on collaboration with specialist partners. In 2009, backed by venture capital, the company embarked on a mission to create a seamless global payment mechanism that would transform the way people transact. Boku allows consumers to charge digital goods and services to a range of local payment methods, including mobile phone bills and digital wallets. Its success has seen companies such as Apple, Spotify, Microsoft and Netflix come on board as customers and, since users need no credit card to pay with Boku it has also been hailed as a boon to people who remain unbanked, of whom there are 1.4bn globally. As the firm moved into new markets, requirements became more demanding and complex. “At the beginning, in most of the places we were collecting money, we could rely on the telecommunication companies to get it to us relatively straightforwardly. As time went on, though, we scaled up, became a public company, supported new products like mobile wallets, and it was clear we needed to upgrade our banking partner”, says Boku CEO Jon Prideaux Regulatory challenges can cost time and money The challenge for Boku was that its customers needed to accept payments through a variety of different means, such as WeChat Pay, Alipay and India’s United Payments Interface (UPI). However, these local mobile-first systems tend to only operate in one country, adding to banking and regulatory complexity. “In Indonesia, for example, if you want to accept payments from Indonesians, then realistically you have to cover four separate mobile wallets, all of which are different and incompatible,” says Prideaux. “That's a heavy lift for our customers – so the seamless settlement position is an important part of what we do.” As the regulatory hurdles increased for Boku – from anti-money laundering and Know Your Customer (KYC) rules to differing ways in which the movement of funds must be handled in every country (Boku currently has 93 bank accounts in 27 countries) – Prideaux started a relationship with Citi Commercial Bank to help Boku with financing support and tools to help navigate local banking challenges. Citi's longstanding presence in various countries proved to be a significant advantage for Boku. With over a century of operations in some of the countries Boku was involved in, Citi's integration into domestic clearing and payment networks allowed Boku to operate as if it were a local company. This seamless connectivity not only reduced operational barriers but also provided Boku with access to local insights and market intelligence, enabling it to tailor their offerings and better serve its global customer base. International capabilities Thierry Jenar, Global Industry Head for Digital, Tech & Comms at Citi Commercial Bank, has been the bank’s lead for the Boku partnership since it launched in 2020. He points out that Boku’s rapid expansion – and the banking challenges that come with it – creates a situation that will be familiar to many SMEs. “Companies tend to focus on banking locally as they expand internationally, because it's a little bit easier to set up,” he says. “However, while that can be expedient at first, it ends up creating problems down the road, especially as you grow, because you don't have a consolidated banking strategy and platform. Who wants to deal with, say, 15 banks around the world when you can deal with one?” With Citi on board, Boku was now able to make payments in over 100 countries as if it were operating locally and thus, benefiting from the local clearing networks. It is SMEs such as Boku that Jenar feels represent a great fit for Citi Commercial Bank. The ‘sweet spot’ for him and his team is on young companies with high growth and international trajectory. “Boku was the perfect client,” he says. “Relatively small, but with room to grow, through acquisitions. It was also already public with access to capital markets and had organic growth. We knew we could help them not just from a banking standpoint but also with advisory services. It was a relationship that made sense for both sides.” Jenar points out that there’s a positive association to partnering with an established global player like Citi, too. As Boku once again embarks on a new wave of sustained fast expansion, it’s clear that forging strong partnerships and capitalising on the expertise of global financial institutions can be a key differentiator in achieving sustainable growth and success. All opinions expressed by the participants in this article are their own and do not necessarily represent the opinions of Citi Commercial Bank

*This partner content was produced by the Financial Times on behalf of Citi Commercial Bank 
For any SME (small and medium enterprises), scaling up and growing internationally is a prospect that is exciting and daunting in equal measure. From navigating that growth through economic headwinds to securing extra investment for logistics, marketing, infrastructure and staff, it&rsquo;s a challenge that can be immensely rewarding, as long as the right framework is in place.&nbsp;
For San Francisco-headquartered mobile payment processing company Boku, rapid growth brought with it a new focus on collaboration with specialist partners. In 2009, backed by venture capital, the company embarked on a mission to create a seamless global payment mechanism that would transform the way people transact.&nbsp;
Boku allows consumers to charge digital goods and services to a range of local payment methods, including mobile phone bills and digital wallets. Its success has seen companies such as Apple, Spotify, Microsoft and Netflix come on board as customers and, since users need no credit card to pay with Boku it has also been hailed as a boon to people who remain unbanked, of whom there are 1.4bn globally.
As the firm moved into new markets, requirements became more demanding and complex. &ldquo;At the beginning, in most of the places we were collecting money, we could rely on the telecommunication companies to get it to us relatively straightforwardly. As time went on, though, we scaled up, became a public company, supported new products like mobile wallets, and it was clear we needed to upgrade our banking partner&rdquo;, says Boku CEO Jon Prideaux 
<h3 style="box-sizing: inherit; line-height: 1.2; font-size: 36px; margin-bottom: 10px; white-space: normal;">Regulatory challenges can cost time and money</h3>
The challenge for Boku was that its customers needed to accept payments through a variety of different means, such as WeChat Pay, Alipay and India&rsquo;s United Payments Interface (UPI). However, these local mobile-first systems tend to only operate in one country, adding to banking and regulatory complexity.
&ldquo;In Indonesia, for example, if you want to accept payments from Indonesians, then realistically you have to cover four separate mobile wallets, all of which are different and incompatible,&rdquo; says Prideaux. &ldquo;That's a heavy lift for our customers &ndash; so the seamless settlement position is an important part of what we do.&rdquo;&nbsp;
As the regulatory hurdles increased for Boku &ndash; from anti-money laundering and Know Your Customer (KYC) rules to differing ways in which the movement of funds must be handled in every country (Boku currently has 93 bank accounts in 27 countries) &ndash; Prideaux started a relationship with Citi Commercial Bank to help Boku with financing support and tools to help navigate local banking challenges.
Citi's longstanding presence in various countries proved to be a significant advantage for Boku. With over a century of operations in some of the countries Boku was involved in, Citi's integration into domestic clearing and payment networks allowed Boku to operate as if it were a local company. This seamless connectivity not only reduced operational barriers but also provided Boku with access to local insights and market intelligence, enabling it to tailor their offerings and better serve its global customer base.
<h3 style="box-sizing: inherit; line-height: 1.2; font-size: 36px; margin-bottom: 10px; white-space: normal;">International capabilities</h3>
Thierry Jenar, Global Industry Head for Digital, Tech &amp; Comms at Citi Commercial Bank, has been the bank&rsquo;s lead for the Boku partnership since it launched in 2020. He points out that Boku&rsquo;s rapid expansion &ndash; and the banking challenges that come with it &ndash; creates a situation that will be familiar to many SMEs. &ldquo;Companies tend to focus on banking locally as they expand internationally, because it's a little bit easier to set up,&rdquo; he says. &ldquo;However, while that can be expedient at first, it ends up creating problems down the road, especially as you grow, because you don't have a consolidated banking strategy and platform. Who wants to deal with, say, 15 banks around the world when you can deal with one?&rdquo;
With Citi on board, Boku was now able to make payments in over 100 countries as if it were operating locally and thus, benefiting from the local clearing networks. It is SMEs such as Boku that Jenar feels represent a great fit for Citi Commercial Bank. The &lsquo;sweet spot&rsquo; for him and his team is on young companies with high growth and international trajectory. &ldquo;Boku was the perfect client,&rdquo; he says. &ldquo;Relatively small, but with room to grow, through acquisitions. It was also already public with access to capital markets and had organic growth. We knew we could help them not just from a banking standpoint but also with advisory services. It was a relationship that made sense for both sides.&rdquo;
Jenar points out that there&rsquo;s a positive association to partnering with an established global player like Citi, too.
As Boku once again embarks on a new wave of sustained fast expansion, it&rsquo;s clear that forging strong partnerships and capitalising on the expertise of global financial institutions can be a key differentiator in achieving sustainable growth and success. 
All opinions expressed by the participants in this article are their own and do not necessarily represent the opinions of Citi Commercial Bank
&nbsp;
<a title="VIEW ALL INSIGHTS" href="https://www.citigroup.com/global/insights/commercial-bank?pk_campaign=view_all_insights" data-link-source="tiny"><img src="/rcs/v1/media/citigpa/akpublic/storage/retrieveMediaFile/64834692ef207e3f74ae09e1.png" alt="VIEW" /></a>

For medium-sized companies entering the complex realm of international banking services and regulations, a consolidated approach is key.

Unlocking global growth: funding expansion for SMEs

*This partner content was produced by the Financial Times on behalf of Citi Commercial Bank No successful company in history ever prospered without taking risks; juggling with potential jeopardy is a part of doing business. But lately, many leaders might agree that turbulent times are creating some of the thorniest challenges they’ve experienced to date. In a 2022 McKinsey report, executives responding to its annual Global Survey cited geopolitical conflict and inflation as the most pressing economic risks. Digging deeper into the data, supply chain challenges and currency fluctuation also loom large as ongoing concerns. Currency fluctuation is a particularly acute problem associated with inflation. Simply put, when inflation increases, the money in the economy will tend to depreciate relative to other currencies – this influences how competitive an affected company can be, and creates potentially expensive headaches when it comes to sending and receiving international payments. One brand that’s familiar with the vagaries of foreign exchange is Tramontina, a Brazilian cookware, cutlery and home appliances company with 10,000 employees, which manufactures 22,000 items and exports to more than 120 countries. Citi Commercial Bank is a global partner of Tramontina and supports the company across continents. “However, when you’re operating in regions like Latin America and Asia, currency fluctuations can be hard to predict. We can’t pass those costs onto customers whose prices we’ve locked in, so we may have to eat those losses for a while but clearly this is unsustainable” says Marcelo Borges, Tramontina’s US CEO Hedging to address volatility Businesses such as Tramontina often employ hedging strategies to protect against potential losses caused by adverse currency movements. These may include forward contracts, options and other financial instruments. A close monitoring of related influencing factors can also help anticipate forthcoming currency movements – looking at elements such as interest rate differentials, inflation rates, geopolitical events and government policies. However, this level of oversight requires specialist attention and analysis and, crucially, deep knowledge of local markets. Borges points to Argentina as one country where currency changes can be challenging: “Only by working with an experienced bank, with a local presence and intimate understanding of the market, can we make the right decisions about product pricing and about buying the commodities to make those products” says Borges. Tramontina’s key banking relationship is with Citi Commercial Bank. Citi has operated internationally for over 200 years, and that has been helping Tramontina navigate in different markets, from Canada to India. Timicka Anderson, Global Head of Consumer & Retail at Citi Commercial Bank, explains that local currency fluctuations can be managed in several ways. “First, we can provide local currency financing – working capital, so they can make payments in the local currency, thus avoiding the additional costs that would come from using money from outside that country,” she says. “We also help with short-term hedging and can use a number of proprietary tools – such as our Citi Velocity digital content, data and analytics platform – to provide a detailed analysis of potential risks across a number of markets in different regions.” A global view for an interconnected analysis Anderson points out that, for manufacturing companies such as Tramontina, it’s not simply Citi’s role to advise on currency challenges, but to look at the interplay of other factors, too. As a company that buys a lot of aluminium, for example, Tramontina must hedge not just its currencies but also its commodities costs. “Our global presence helps us take a macro view across all markets,” says Anderson. “In Tramontina’s case, it could be how aluminium has historically performed against the dollar.” As the US CEO of a company that’s been operating successfully for more than 100 years, Borges has some simple words of advice for those looking to expand internationally: “Play it safe.” He adds that Citi provides him with the sort of detailed local information that isn’t easy to access and which, together with the bank’s financial tools, allows Tramontina to make the most informed decisions possible – and mitigate risk. “We play it safe every day,” he smiles. “Perhaps we don’t grow as quickly as some other companies because of this, but we are in very good shape.” Global commerce is, by its nature, an uncertain affair. But for Tramontina, by putting in place a well-devised risk strategy to address currency fluctuation and commodity costs, it shields itself from volatility and also seizes business opportunities – ensuring this century-old firm could still be supplying the world with products 100 years from now. All opinions expressed by the participants in this article are their own and do not necessarily represent the opinions of Citi Commercial Bank

*This partner content was produced by the Financial Times on behalf of Citi Commercial Bank
No successful company in history ever prospered without taking risks; juggling with potential jeopardy is a part of doing business. But lately, many leaders might agree that turbulent times are creating some of the thorniest challenges they&rsquo;ve experienced to date. In a&nbsp;<a style="box-sizing: inherit; font-weight: bold; text-decoration-line: underline;" href="https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/economic-conditions-outlook-2022?sp=true" target="_blank" rel="noopener" data-link-source="tiny">2022 McKinsey report</a>, executives responding to its annual Global Survey cited geopolitical conflict and inflation as the most pressing economic risks. Digging deeper into the data, supply chain challenges and currency fluctuation also loom large as ongoing concerns.
Currency fluctuation is a particularly acute problem associated with inflation. Simply put, when inflation increases, the money in the economy will tend to depreciate relative to other currencies &ndash; this influences how competitive an affected company can be, and creates potentially expensive headaches when it comes to sending and receiving international payments. One brand that&rsquo;s familiar with the vagaries of foreign exchange is Tramontina, a Brazilian cookware, cutlery and home appliances company with 10,000 employees, which manufactures 22,000 items and exports to more than 120 countries. Citi Commercial Bank is a global partner of Tramontina and supports the company across continents.
&ldquo;However, when you&rsquo;re operating in regions like Latin America and Asia, currency fluctuations can be hard to predict. We can&rsquo;t pass those costs onto customers whose prices we&rsquo;ve locked in, so we may have to eat those losses for a while but clearly this is unsustainable&rdquo;&nbsp;says Marcelo Borges, Tramontina&rsquo;s US CEO
<h3 style="box-sizing: inherit; line-height: 1.2; font-size: 36px; margin-bottom: 10px; white-space: normal;">Hedging to address volatility</h3>
Businesses such as Tramontina often employ hedging strategies to protect against potential losses caused by adverse currency movements. These may include forward contracts, options and other financial instruments. A close monitoring of related influencing factors can also help anticipate forthcoming currency movements &ndash; looking at elements such as interest rate differentials, inflation rates, geopolitical events and government policies.&nbsp;
However, this level of oversight requires specialist attention and analysis and, crucially, deep knowledge of local markets. Borges points to Argentina as one country where currency changes can be challenging:
&ldquo;Only by working with an experienced bank, with a local presence and intimate understanding of the market, can we make the right decisions about product pricing and about buying the commodities to make those products&rdquo; says Borges.
Tramontina&rsquo;s key banking relationship is with Citi Commercial Bank. Citi has operated internationally for over 200 years, and that has been helping Tramontina navigate in different markets, from Canada to India. Timicka Anderson, Global Head of Consumer &amp; Retail at Citi Commercial Bank, explains that local currency fluctuations can be managed in several ways. &ldquo;First, we can provide local currency financing &ndash; working capital, so they can make payments in the local currency, thus avoiding the additional costs that would come from using money from outside that country,&rdquo; she says. &ldquo;We also help with short-term hedging and can use a number of proprietary tools &ndash; such as our Citi Velocity digital content, data and analytics platform &ndash; to provide a detailed analysis of potential risks across a number of markets in different regions.&rdquo;
<h3 style="box-sizing: inherit; line-height: 1.2; font-size: 36px; margin-bottom: 10px; white-space: normal;">A global view for an interconnected analysis</h3>
Anderson points out that, for manufacturing companies such as Tramontina, it&rsquo;s not simply Citi&rsquo;s role to advise on currency challenges, but to look at the interplay of other factors, too. As a company that buys a lot of aluminium, for example, Tramontina must hedge not just its currencies but also its commodities costs. &ldquo;Our global presence helps us take a macro view across all markets,&rdquo; says Anderson. &ldquo;In Tramontina&rsquo;s case, it could be how aluminium has historically performed against the dollar.&rdquo;&nbsp;
As the US CEO of a company that&rsquo;s been operating successfully for more than 100 years, Borges has some simple words of advice for those looking to expand internationally: &ldquo;Play it safe.&rdquo; He adds that Citi provides him with the sort of detailed local information that isn&rsquo;t easy to access and which, together with the bank&rsquo;s financial tools, allows Tramontina to make the most informed decisions possible &ndash; and mitigate risk.
&ldquo;We play it safe every day,&rdquo; he smiles. &ldquo;Perhaps we don&rsquo;t grow as quickly as some other companies because of this, but we are in very good shape.&rdquo; Global commerce is, by its nature, an uncertain affair. But for Tramontina, by putting in place a well-devised risk strategy to address currency fluctuation and commodity costs, it shields itself from volatility and also seizes business opportunities &ndash; ensuring this century-old firm could still be supplying the world with products 100 years from now.
All opinions expressed by the participants in this article are their own and do not necessarily represent the opinions of Citi Commercial Bank
&nbsp;
<a title="VIEW ALL INSIGHTS" href="https://www.citigroup.com/global/insights/commercial-bank?pk_campaign=view_all_insights" data-link-source="tiny"><img src="/rcs/v1/media/citigpa/akpublic/storage/retrieveMediaFile/64834692ef207e3f74ae09e1.png" alt="VIEW" /></a>

Global manufacturers can deploy deep local knowledge and working capital to hedge against FX volatility

Steady solutions: how to navigate currency fluctuations

*This partner content was produced by The Financial Times on behalf of Citi Commercial Bank Citi Commercial Bank in partnership with The Financial Times hosted a webinar that explored what growing businesses should consider in order to make global expansion successful, and their options for ensuring they are prepared for the challenges of doing so. Moderated by Claire Jones, International Economy News Editor of The Financial Times Speakers: Huaijin Bao, Managing Director, Global Industrials Head, Citi Commercial Bank John Prideaux, Chief Executive Officer, Boku Jon Boaden, Chief Financial Officer, Volex

*This partner content was produced by The Financial Times on behalf of Citi Commercial Bank 
Citi Commercial Bank in partnership with The Financial Times hosted a webinar that explored what growing businesses should consider in order to make global expansion successful, and their options for ensuring they are prepared for the challenges of doing so. 
Moderated by Claire Jones, International Economy News Editor of The Financial Times
Speakers:
Huaijin Bao, Managing Director, Global Industrials Head, Citi Commercial Bank 
John Prideaux, Chief Executive Officer, Boku 
Jon Boaden, Chief Financial Officer, Volex 
&nbsp;
<a title="VIEW ALL INSIGHTS" href="https://www.citigroup.com/global/insights/commercial-bank?pk_campaign=view_all_insights" data-link-source="tiny"><img src="/rcs/v1/media/citigpa/akpublic/storage/retrieveMediaFile/64834692ef207e3f74ae09e1.png" alt="VIEW" /></a>

Overcoming the challenges of entering new markets and cross-border business growth

Citi Commercial Bank in partnership with The Financial Times hosted a webinar that explored what growing businesses should consider in order to make global expansion successful, and their options for ensuring they are prepared for the challenges of doing so.