Interviewed by our partner Business France , Vincent Revol, our General Manager gives some reasons of our success abroad for the past ten years.
Vincent Revol, why is it that FraudBuster makes 100% of its revenues abroad?
FraudBuster success abroad is due to economical and political reasons. The SIMBox Fraud we address is an international issue. It exists outside the EU (European Union) in Africa, in Asia and in South America. Our founder, Jérémy VINANT, realized the magnitude of SIMBox fraud and its implications while auditing the Vala operator in Kosovo in 2010.
Consequently, he devised a solution to fight bypass fraud in real-time. FraudBuster was born… internationally.
How did FraudBuster reached those international markets?
SIMBox Fraud Detection is a niche market. Even though we couldn’t really scale the magnitude of SIMBox Fraud could be, we targeted a few leads rapidly. After we spent 3 years to reach 6 cutomers in Kosovo, Madagascar and Tunisia, our activity boomed. Within 2 years, we reached 80% of the African Market.Then, we decided to expand to Asia and South America.
As we wanted to move faster than our debut, we decided to reach Business France for support
Within 2 years, we reached 80% of the African Market.
How did Business France help you?
We were suspecting SIMBox Fraud to exist in Eastern Europe and Asian countries. Business France helped us by setting up prospection missions and meetings later on.
The support we were offered led into contracting in Asia and generated around €300 000 in contract value. Admiting the existence of fraud in Asia is culturally difficult and MNOs Fraud Management teams may not be very happy of acknowledging they need external help. Business France was of great help to go around those constraints.
Besides, Business France is our partner for the Mobile World Congress where we exhibit every year under the French Pavilion.
The support we were offerd (…) generated €300 000
How did you scale up globally?
Because they are standardized and scalable by conception, there’s no need in adapting our services. Although we can control remotely our services, we hired Sales Representatives to manage our Business Development in Asia, South America, Middle East and Africa. Proximity with our customer is one key success factor in our international strategy.
What did you learn from this international experience?
Exporting services require time and preparation. Trips must have an ROI. Once on-site you must be as efficient as possible. Communication matters and should be prepared carefully.
Business France was of big help on that matter, reaching the right people in the right place, so we saved a lot of time.
See the video of the interview in French below
#SuccessStory Après 2 missions en #Asean avec @businessfrance, @FraudBusterHQ -la société qui protège les opérateurs #télécom du🌏entier contre la #fraude– a su exploiter les opportunités des marchés de la zone & a signé des contrats d’une valeur de 300K€ https://t.co/UNHz8TIXsU
— BF Tech & Services Innovants (@BF_TechServices) March 10, 2020