Deriv
Situation
Deriv is an online investment platform that pioneered an industry 20 years ago for consumers worldwide to participate in online derivative trading. Today, they have more than 540 employees in ten offices, serving more than a million traders from around the globe. A truly global fintech company working across continents to serve traders simply, from anywhere, at any time. Deriv’s management team noticed a growing number of clients were emerging from African countries. Attracted by the growth and stability of Rwanda, Deriv decided to create a new office to serve the African continent, and found no better place to do so than Kigali, Rwanda.
Due to the global pandemic, it was not feasible to travel from Malaysia, Malta, Dubai or other Deriv office locations to visit Rwanda. Instead, Deriv contacted Karisimbi Partners and asked us to help establish their new office.
Karisimbi Partners’ Approach
As the first business consulting firm in Rwanda, Karisimbi Partners has a 12-year track record for understanding and addressing the challenges facing both entrepreneurs and seasoned business owners. Deriv needed trusted advisors and “boots on the ground” to set up their operation while avoiding costly mistakes and missteps. We leveraged all the contacts and local insights we’ve amassed over the years to ensure Deriv’s Rwandan office was set up in the best possible way. Given Rwanda’s recent embrace of fintech, BPO (business process outsourcing) and regional investment incentives, we were optimistic: the conditions for Deriv’s entry were ideal… and keep improving with each law and investment code being drafted.
Results
Once Karisimbi Partners accepted the task, Deriv (RW) was a legally registered company within three days, an investment certificate was secured a week later, office space for 45 staff in the desirable Kigali Heights office building was successfully negotiated, online and physical banking activity was initiated, and a Regional Manager and 17 support staff (in customer service, software development and business development roles) were hired. Importantly, the administrative and logistical support from more than 15 people in three other Deriv offices was a significant factor in this impressive progress. Six months after the engagement began, Deriv was able to move into its beautiful new and redesigned office space and begin operations. Today, it is preparing to expand with as many as 125 additional customer service and development personnel.
As the “Singapore of Africa”, Rwanda offers a uniquely efficient business environment, and a motivated talent pool from which to build a successful company. We are grateful to Karisimbi Partners for their help in getting Deriv Rwanda set up in record time.
– Jean-Yves Sireau, Founder & Chief Executive Officer
With the help of Karisimbi Partners, the senior managers of Deriv accomplished all of this without a single visit to Africa or Rwanda until every one of the above milestones were achieved… ahead of schedule… despite a global pandemic. Only in Rwanda!
More Info about Deriv.