Ben Richter Talks X-Factor in B2B Solutions, His New Startup

The former executive at FXCM Israel believes that closing the experience gap hinges on building customer trust.

The fintech space has been historically a crowded and diversified marketplace, yet it remains interesting to find out how players in this industry are able to differentiate themselves or meet client demand. And more importantly, the relevant regulations dramatically changed and thus have set on a new path for retail trading sectors, with more protection for clients and more stringent rules for brokers.

We caught up with Israeli forex industry veteran Ben Richter, who recently launched his new startup, Ventures-X, to discover more about what it takes to secure a slice in the highly competitive industry.

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Richter left the FX industry nearly one year ago after he parted ways with Cypriot broker EuropeFX, barely less than a year after joining the company as head of Australia. He landed at ClickaCRM, a call center solutions provider, back in February 2019, then left his CEO role last month.

We asked him if he actually phased out the forex business from his career, or if this recent change was just a normal switch to other industries that might be more interesting to him.

“Definitely not”, said Richter. He explained to Finance Magnates that the bulk of Ventures-X’s clients are from the Forex industry, though the newly-launched startup also caters to different segments.

All-in-one shop for business needs

Richter leverages his expertise in the B2B and C2B fields to offer technology tools, banking, marketing, corporate formations, and operational solutions to firms looking to scale up in ‘high-risk industries.’ The all-in-one shop for business needs serves financial services, gaming, dating providers, among many others.

For existing or aspiring brokers who would like to kick off their trading business, including those looking to get their brokerage off the ground, Ventures-X provides an all-in-one box. The offering consists of front-end solutions, as well as payment, platforms, white-label models, and back-office support intending to provide access to financial markets.

The former executive at Leverate and FXCM Israel also believes that a company’s ability to succeed in closing the experience gap hinges on building customer trust. This makes sense at different levels.

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Ben Richter

To build customer trust and protect against the evolving risk of regulatory violations, Ventures-X is turning to work with tier 1 marketing technology providers using API, integrations, and smart tracking systems.

It also enables their brokers to send and receive funds in various ways – credit cards, bank wires, and cryptocurrencies. Naturally, each method will require its own solution. Enabling their customers to boost business capabilities and client reach has prompted Ventures-X to offer a multitude of relevant services, including VoIP providers, payment cashiers, website CMS, SEO tools, Chatbots, integrations, and more.

And since we entered a new era of tough consumer privacy and data protection laws, the startup allows companies to manage their clients’ data with the ability to choose the CRM that fits their own needs.

A game-changer regulatory scene

The global crackdown against online retail trading has ramped up, even more, leaving us all mostly with many questions. It also shed light on little-studied activities that may act as accessories to online fraud, as well as misleading pitches for get-rich-quick schemes. Given Ventures-X’s diversified portfolio, Finance Magnates asked how these regulatory developments affect the business, and how they do help clients adapt to these changes.

Regulation is a key parameter for building your client’s trust as a respectable company they can work with, said Richter. Practically speaking, his new company assists clients with obtaining reputable payment and banking solutions, though class A regulation has their costs.

Richter also acknowledges that affiliate marketing has become a well-developed industry that boasts practitioners all over the world who are willing to aggressively market fraudulent products for high commissions. To ensure compliance, Ventures-X can manage their clients’ teams locally, handle the recruitment, legal, local rules, office rent, and equipment, thus making the partnership compliant and cost-effective.

He added that HR outsourcing is an additional focus at Ventures X. The company can outsource most of the operational teams from sales, retention, to back office, compliance, and even R&D; with such services, a company can save more than 50% of their employees’ cost.

“We will manage the agents’ recruitment cycle, local legal management, office rental and equipment, and local managers so the company can focus on the team’s success, we can manage small teams of 5 agents up to more than 100 agents,” Richter further explains.

Finally, you are speaking about the ‘X-Factor’ in Ventures-X’s offering. Could you please give us some details about a specific, unique product you are currently offering?

Financial tournaments. I truly believe this will be the “next” platform product. The starving industry has been looking for the next thing for a long time, as it falls under the category of “Game of Skill,” which is whitelisted on Facebook and Google and can reduce marketing costs by around 40%. And since there are no regulatory requirements for the “Game of Skill” category, it allows you as operator to obtain tier 1 PSP and banking solutions.

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