This is an acute problem which acts as a barrier for startups to rapidly develop their technology...
LONDON (PRWEB UK) 14 February 2018
Monks and Bots, a London based marketplace for high performance engineers announced its partnership with 5 fintech startups today.
The first cohort of startups are all London based with the focus on different verticals within the financial services industry, ranging from KYC on blockchain to machine learning based equity research.
Early stage tech startups tend to struggle finding high quality engineering talent to work with them. Often these startups will not be able to attract top engineers until they raise substantial funding from institutional investors and develop reputation in the market. This creates a catch-22 situation as startups need proven product-market fit with growing traction before they could raise significant capital.
Monks and Bots aims to solve this problem by developing a marketplace for vetted, high performance engineers. Engineers across the world are contracted exclusively on a project-basis. Therefore startups are not committing to employing these engineers full time. Monks and Bots offers a fixed price per project which helps in utilising the engineering time efficiently.
The firm boasts a 5 stage interview process before accepting engineers onto their platform. Less than 1% of the applicants are accepted to the platform. The firm also invests in tools to automate low level software engineering to further bring down the cost of engineering.
Monks & Bots is founded by Vinoth Asaithambi, former CTO of MoneyFellows and Sai Srinivas, former Product Specialist at Google. The duo have experienced this problem first-hand while working at a number of startups throughout their career.
Vinoth, co-founder and CEO, said “This is an acute problem which acts as a barrier for startups to rapidly develop their technology in their early days and achieve product-market fit. We set out to partner with selective startups to help them overcome this problem.”