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Tachat Igityan: CFO, Co-founder of destream

tachat

‘destream’s mission is to offer content creators a simple, conversion-oriented, and convenient option to receive donations through as many payment methods as possible with the widest geographic reach. The company also provides donors a quick and simple option to donate in support of their preferred creators’

“destream is an innovative start-up focused on creating a financial ecosystem tailored for the creator economy, active in the market with more than 5000 creators on board”, explains Tachat Igityan.

As an individual with a pioneering role, how have you played a key part in bringing about change, and how are these changes enhancing your potential for future growth?
“Our biggest accomplishment, besides launching, is that the Deputy Ministry of Innovation in Cyprus has recognised us as an innovative start-up. Although this title appears to be straightforward, there is more to it than that. Being recognised as an innovative start-up presents a tremendous opportunity, especially for individuals or companies in Cyprus looking to invest.

“If a resident of the Republic of Cyprus invests in the growth of a cutting-edge business, the state permits him to deduct up to 50 per cent of the taxes he will owe the following year, but not more than 150,000 euros. Therefore, we encourage investors to act quickly; the time is now to invest in destream and receive a tax break before this year ends.”

As a pioneer, you are bringing a unique take to a product or service. Tell us about the products and/or services your organisation has introduced that have/will unlock heightened levels of consumer value.
“destream already offers a solution for creators to monetise their content by receiving donations or tips from their audiences, and we provide a variety of payment methods to increase conversion rates and increase reach. Creators can use the received funds as they like: either by withdrawing them to their card instantly, transferring to their bank account within one working day, or to their bitcoin wallet. Another way creators can utilise their funds is by taking advantage of our marketplace, which allows them to purchase gift cards for services they use, thus eliminating the middleman of withdrawing funds to a card.

“We have exciting features in the pipeline that will meet a growing number of our creators’ needs and, in the long term, produce a complete, sustainable solution for the financial needs of an emerging market and the new generation.”

photo 2022 11 16 11.59.06

The pioneer reminds us that innovation doesn’t happen without active exploration. Does careful planning have its place and its rewards, or is bold action sometimes necessary?
“As a start-up, we must be proactive and recognise when to think less and act more. To succeed, though, you must simultaneously measure all the data and make the appropriate modifications. An important part of exploration is a possibility to travel and visit conferences and exhibitions, which was a bit difficult due to the pandemic, however we still managed to attend and participate as exhibitors at Web Summit, TwitchCon, iGaming, Reflect Festival and many more events around the world.”

What does it mean to be a pioneer in your industry today?
“On the one hand, it is difficult because the market is changing quickly, but on the other, it is simple since most of our rivals are content to stick with solutions they have been using for a long time.

“Nowadays, being a pioneer requires you to actively listen to your users and accept their feedback. While attending to their demands, you must also be proactive and foresee what your audience may require before they realise it. This implies that you must be willing to take risks and acknowledge that not all of them will pay off.”

How are your pioneering efforts preparing your company for a future that is more sustainable?
“Aside from our company being as close to paperless as possible, we work on a hybrid model allowing for fewer trips to the office and working remotely. Furthermore, we work on solutions that reduce the carbon footprint of our users by allowing them to manage the entire cycle of their financial services needs on our platform without having to go to their bank, ATM, shops and so on.”

What factors, in your opinion, influence pioneering advantage of businesses and organisations?
“We are aware of one thing: money-related difficulties are left to the whims of traditional payment methods, wallets, and platforms like PayPal in this section. These systems still have the same issues. For instance, PayPal could occasionally be unable to send money from certain countries.

“Since we come from fintech, that is, from financial structures, banks and projects from the financial sector and IT, we decided to make a platform, the core of which will be transaction oriented. The main task is to transfer the money to the recipient. If a person decides to give a donation, then our task is to provide him with a tool that allows him to do it quickly.

“An important point is that classic banks do not perceive creators as clients. Even when a person has a bank account and receives donations, compliance officers have questions “Where does the money come from?” They do not understand the answer, “someone donated it to me.” The easiest way out for them is to block the bank account. Banks do not accept those who, for example, receive hundreds of thousands of euros from YouTube if this person does not work for YouTube or have a contract for that amount of money. There is a lack of understanding of business, the environment, and the peculiarities of the work of the creative economy.

“We are currently at the stage of developing creator debit cards. The person who receives the money and donations will be able to take our card and go spend the funds received. He will not have to face classic financial structures explaining where the money comes from because we know this person, his business, and where the money came from. Our mission is to become a meta-bank and financial ecosystem for content creators.”

Watch the online interview with Tachat Igityan here.

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