Bricknode, a SaaS financial services platform, has revealed a series of measures to accelerate its route to profitability.
With the global slowdown in investment, the WealthTech company ironed out a plan to reduce costs and boost efficiency and sustainable growth.
As part of this, Bricknode is reducing fixed and variable costs by approximately 40% and exploring financing related to acting on the opportunity to register a regulated securities firm.
The company will continue to focus on sales and marketing efforts and has created an extensive product platform and recently completed a core technology upgrade to sustain its growth.
Bricknode is currently establishing a subsidiary with a securities licence, which it hopes will drive further efficiencies for the company and incremental sales pipeline.
Bricknode founder and co-CEO Stefan Willebrand said, â€œTo achieve our goal in reaching profitability, we are taking necessary steps to streamline our business in the face of a challenging global investment market.
â€œThese changes are being implemented to support a sustainable growth strategy and ensure the long-term success of our company.â€
Bricknode offers a suite of cloud-based software that empowers financial companies to launch digital banking products at speed. The platform lets customers build or transform software for investment management, funds, lending, deposits and savings.
The WealthTech company recently launched a new portfolio management software application aimed at small family offices and corporate investors. This tool lets investors track their assets and liabilities in a single location.
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