Exclusive FNG… FNG has learned that Victor Gherbovet has launched a new SaaS solutions platform company serving both brokerages and exchanges called FirstByt (website firstbyt.com). The start-up provides end-to-end solutions, ranging from white label options to legal support, multi-asset liquidity, technology, payments, compliance assistance and marketing services.
Victor Gherbovet worked at Estonia-based Retail FX and CFDs broker Admirals (then known as Admiral Markets) for 13 years from 2008-2021, serving as a member of the Board of Directors of Admiral Markets Group AS since 2017. He was appointed co- chief executive of Admiral Markets Group in January 2021, before leaving the company later that year.
FirstByt will be managed primarily from Romania, where Mr. Gherbovet is based, and Lithuania.
Victor Gherbovet said of the new company FirstByt,
“I am excited to announce the launch of our new venture, which has been almost two years in the making. We are proud to present a range of products specifically tailored to the brokerage industry. With over 15 years of experience building teams and products in the financial technology sector, focusing mainly on traditional avenues, I have seen the profound shift towards digitalisation. Today’s investors and traders are adopting cutting edge technologies and we are excited to meet their evolving needs moving forward.”
Victor told FNG that the SAAS solution platform was launched when the demand for brokerage-related services for both crypto and traditional markets is increasing. SaaS technology offers scalable solutions, value-added services, increased flexibility and automated security.
“We believe we bring something different to the Fintech industry. So far, we have seen brokerage solutions that only cater to specific segments of the industry at uncompetitive prices. Many entrepreneurs and existing companies had to adapt their solutions to match their existing products or look for additional solutions,” added Victor Gherbovet. “We offer a complete solution that can meet your needs and what’s more, everything we offer is modular. This means you can select and integrate specific components of our products according to your requirements.”
FirstByt’s vision is that the success of a business depends on a solid legal foundation. Their initial focus is on assessing clients’ legal structure, ensuring they effectively navigate regional regulations and offer appropriate products and services to their target markets.
However, building a successful real estate business extends beyond legal considerations. Transaction infrastructure, payment processing, reporting and analytics tools, and regulatory compliance features are also key aspects. Often overlooked by many technology providers, these elements can lead to costly omissions and potential pitfalls down the road.
With scalability, flexibility and customization options, FirstByt believes that SaaS solutions enable brokerage businesses to adapt to changing market conditions, meet regulatory requirements and drive sustainable growth. They serve as invaluable assets in navigating the complexities of today’s financial markets, ensuring efficiency, compliance and competitiveness for brokerage operations.
Along with Victor Gherbovet, the company is co-founded by Dimitre Tzonev, who is also an Admirals alum (Country Manager for Bulgaria, Romania and UK from 2014-2018) and Serg Gulko as CTO.
FirstByt said it is committed to launching its suite of white-label software solutions for fintech clients within weeks.