In October's iGB Founders Column, Approvely founder Chelsie Cooper unveils how an early interest in solving payments problems led her to an industry in need of innovation.
When people talk about traits inherited from their parents, they often discuss athletic ability, genetic predispositions, or academic pursuits. I’d be willing to wager there’s a good chance you’ve never heard somebody say, “I inherited a passion for solving payment problems in igaming” before, but that’s exactly the case with me.
My introduction to the world of payment solutions began long before I realised it had. It all started with engaging conversations around financial regulations at the dinner table, overhearing my dad discuss the intricacies of payment ecosystems with his business partners and running around his office while he solved complex financial problems.
While I didn’t realise it at the time, these interactions were transformative. They not only initiated my understanding of payment systems but also ignited the entrepreneurial spirit within me.
Fast forward a few years and, post-graduation, I joined my father in his work. Under his guidance I delved deep into the multifaceted realm of the payment industry and honed my skills in creative problem-solving.
I really excelled at problem-solving. I was excited by the prospect of tackling complex issues for our clients, taking everything I had learned at a young age and throughout my education and applying it to real-world settings.
After several years of this, I decided to start a business for myself and founded Approvely in 2020. As a payment solutions platform, Approvely aims to help businesses across different industries. However, it quickly became clear that one industry in particular had many payment problems that needed solving, igaming.
Finding an industry in need
A recurring theme I have encountered in the igaming sector is that it tends to find its people, not vice versa. I was initially drawn into the world of igaming through daily fantasy sports (DFS) and sweepstakes. My early clients approached me because major banks and payment platforms were making their lives extremely difficult, asking for huge fees from them upon launching.
Many entrepreneurs shy away from the gaming industry, especially DFS and sweepstakes, but I saw this demand as a chance to innovate and to help solve these increasingly complex problems. It was an industry that spoke to my inner problem-solver and, before I knew it, it had become one of the key focuses of my business.
The further I ventured into igaming, the more I realised how expansive it was. Gently pulling on one string quickly unraveled a complex web of different verticals, pain points and, most importantly, opportunities.
From this point on I pivoted and the igaming industry became my primary focus. As a new entrepreneur in the space I set out to learn as much about the industry as I could. I discovered an emerging industry with huge potential, one that presented real opportunities to develop and grow my business.
I attended events, built contacts and began to identify major issues for operators. If you are going to solve a problem, you need to really understand it and I found the best way to do so is to meet people and talk about their issues personally.
Complex regulations plague payments in igaming
Few industries have as many problems that need solving as igaming. Regulations are becoming increasingly complex as US states attempt to determine exactly where they stand. Many states are still in the teething phase regarding regulation, meaning we are seeing a constantly shifting landscape that can be tough for operators to manage.
North American markets feels as though they are learning as they grow. In the US, the market is still maturing and the significance of compliance and safety is only now being realised.
A major part of my journey has been recognising this and helping my clients to overcome these challenges. This has also seen Approvely find solutions outside of just payments, by partnering with groups like GambleID, which provide compliance services as a complete platform for customers.
I have worked hard to foster a culture of collaboration within my company, actively seeking feedback from partners. One thing I learned from my early years working with my father was the power of feedback. Holding key conversations with your partners and listening to their problems will go a long way to helping you become successful. You need to be able to leave your ego at the door, address any problems you encounter and grow as a team.
Constant evolution
One of the biggest challenges of building a business in the igaming industry, especially in the US, is the constantly shifting regulatory landscape. I have discovered that success in this industry demands innovative thinking, staying ahead of regulatory developments and establishing strong connections with industry experts to manoeuvre through its intricate complexities effectively.
Igaming continues to find new ways to test me. It has become a place where, as a natural entrepreneur, I can continue to grow and hone my skills. During my first few years in the sector I learned several key lessons. Firstly, when the opportunity comes knocking, answer the door. The more I explored, the more the industry opened itself up to me and the greater the opportunities became.
I’ve also learned the importance of playing to your strengths and surrounding yourself with the right people. Identifying what you excel at and refining those skills can significantly accelerate your business growth. Recognising where you don’t necessarily excel is also important and that is where having the right team helps.
Finally, I have learned to always trust my instincts. The industry’s complexities mean you are constantly facing new and novel challenges, as well as situations that challenge you morally and professionally. How you handle these situations and the way you deal with the people around you will shape you and your business.
Original Article
