FNG Exclusive… 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 newly launched company 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 Management Board of Admiral Markets Group AS from 2017. He was named co-CEO of Admiral Markets Group in January 2021, before leaving the company later that year.
FirstByt will be managed mainly from Romania, where Mr. Gherbovet is based, and Lithuania.
Victor Gherbovet said of the new company FirstByt,
“I am thrilled to announce the launch of our new venture, which has been in the making for nearly two years. We are proud to introduce a range of products tailored specifically for the brokerage industry. With over 15 years of experience building teams and products in the fintech sector, primarily focusing on traditional avenues, I have witnessed the profound shift towards digitalization. Today’s investors and traders are embracing cutting-edge technologies, and we are excited to meet their evolving needs moving forward.”
Victor told FNG that the SAAS solutions platform was launched when demand for brokerage-related services for both crypto and traditional markets is surging. SaaS technology offers scalable solutions, value-added services, increased agility and automated security.
“We believe we are bringing something different to the Fintech industry. So far, we have observed brokerage solutions catering only to specific segments of the industry at non-competitive prices. Many entrepreneurs and existing companies have had to adapt their solutions to fit their existing products or seek additional solutions,” Victor Gherbovet added. “We offer an end-to-end solution that can address your needs, and moreover, 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 a business’ success hinges on a solid legal foundation. Their initial focus is on evaluating the legal structure of clients, ensuring they navigate regional regulations effectively and offer suitable products and services to their target markets.
However, setting a successful brokerage business extends beyond legal considerations. Trading infrastructure, payment processing, reporting and analytics tools, and regulatory compliance features are also pivotal aspects. Often overlooked by many technology providers, these elements can lead to costly oversights and potential pitfalls in the future.
With scalability, flexibility, and customization options, FirstByt believes that SaaS solutions empower 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 has been 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 launch its suite of white label software solutions for fintech clients within a few weeks.
