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Startup Story with Jessal Shah of Mayfair FX
In this Startup Story, our series of inspirational interviews with people who have taken the plunge and started up their own business, we chat with Jessal Shah – the entrepreneur behind Mayfair FX.
Entrepreneur: Jessal Shah
Business: Mayfair FX
Founded: 2014
Describe your business in 100 words or less…
Mayfair FX is a leading foreign exchange company providing International Payments and Currency Transfers for businesses. Using technology Mayfair FX is able to offer low, competitive and fair FX prices, saving businesses money when paying suppliers or receiving funds from abroad.
My lightbulb moment came when…
Whilst working for a big international bank dealing with many Commercial / Corporate clients & FX brokers, I realised clients were not getting a fair deal when transacting Foreign Exchange. As no banks or brokers were offering transparency in their pricing, I thought it would be a fantastic opportunity to start a company that offer clients an online payments platform with full transparency, putting clients back in control.
My business is different because…
Although we generate revenue whenever a client transacts similarly to Banks or FX brokers, the FX margin (or spread) we take is a lot lower, consistent and fair. Our platform is accessible 24/ 7 and offers payments in over 212 currency pairs.
My biggest influence in business is…
Richard Branson – he never seems to give up, true determination. He is a serial entrepreneur who has been able to create successful businesses in many different industries.
The best moment so far was when…
We found out how beneficial the savings had been to a client who runs a charity. With the savings, the charity was able to support even more children to get educated.
My biggest strength in business is…
Structuring and executing our proposition to ensure we grow with the changing world. We grow as our clients grow, so we need to make our clients needs are looked after and explore ways of making their experience better.
My biggest business fear is…
Not being able to evolve the business with the changing world. Throughout history, there have been numerous successful businesses that did not survive because they were not able to adapt.
In 5 years time, I see the business…
We expect to be growing internationally – particularly throughout Europe and the Middle East.
The best thing about running your own business is…
The options are unlimited. You can achieve your dreams.
My advice to anyone thinking of starting up a business is…
Plan, plan, plan and then execute. It is very important to understand your market, your product, your customers and then being able to execute your plan effectively. Speak to as many business owners or entrepreneurs as you can to get useful insight into the business world.
The best business advice I’ve been given…
Treat every customer like you would treat your biggest customer.
I know my business is a success because…
Our business has grown organically through client recommendations and strategic partnerships with professional firms such as accountants. We believe no one can sell your product better than your own clients that appreciate your service.
Interested in finding out more about Mayfair FX?
Visit Mayfair FX
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