Building a bank inside a bank: The gomoney story | BTS with founder, Ismail Shomala

Dive into the evolution of gomoney with Isma'il Shomala. On challenging norms, GTM tactics and lessons for 1st time founders.

Dec 19, 2024

Isma’il Shomala, the driving force behind gomoney, shares his journey of building this fast-growth digital bank within the legacy framework of Sterling Bank. With a vision for simplicity, innovation, and user-first design, Isma’il’s leadership led gomoney’s growth to its first 50 employees, >300k retail customers and > $20M in monthly transaction value. gomoney is a product beloved by its users and admired across the ecosystem.

In our conversation, we explore:

How GoMoney evolved from an “invisible wallet” to a full-fledged digital bank
Key decisions and pivots that shaped the product’s success
Lessons from early milestones, including hitting 300k+ retail customers
Building loyalty through community engagement and user feedback
Overcoming challenges of scaling and team management
Insights into the future of fintech and personal reflections on the journey

Key summary

In the ever-evolving world of fintech, where innovation is both celebrated and demanded, few stories resonate as powerfully as that of gomoney. Isma’il, a key figure behind this digital bank, recently joined me Behind the Ship to share his journey, his insights, and the lessons learned while building a product that stood out in a crowded market.

The Unintentional Beginning

“You make it sound too intentional,” Isma’il laughed when asked about his decision to build a bank within a bank. He explained how his journey with GoMoney began not as a deliberate plan but as a series of coincidental opportunities. While advising on product design and frameworks at Sterling Bank, Isma’il recognized an untapped potential: the mobile money license. “Nobody was using it,” he noted, describing how this realization led to the inception of Paylight, the precursor to GoMoney.

Initially envisioned as an “invisible wallet” for seamless, day-to-day transactions, Paylight faced integration challenges that forced a pivot to a full-fledged digital bank. This adaptability became one of GoMoney’s defining traits, demonstrating the team’s ability to innovate and respond to market demands.

A Product Designed for Its Builders

One of gomoney’s key successes lay in its deeply personal approach to product development. “We built a product we wanted to use,” Isma’il said. For five years, gomoney was not just a project but his primary banking platform. He transferred his salary, paid his bills, and even introduced it to his family and close friends, creating a community of loyal users.

This commitment to the product’s usability allowed the team to identify and address issues in real-time. Whether it was a failed transaction or a card integration bug, the internal team often spotted problems before customers did. This proactive approach helped maintain gomoney’s reputation as a reliable and user-friendly platform.

Attention to Detail: The GoMoney Cards

Isma’il’s pride in gomoney’s cards was evident. At a time when many digital banks struggled with card functionality, gomoney’s cards not only worked but became a benchmark for the industry. “We had cards that actually worked,” Isma’il remarked with a smile, reflecting on their cheeky tagline. The team paid meticulous attention to every detail, from the design of the cards to the engineering behind their functionality. They even challenged traditional printing norms to produce vertical cards and unique features that resonated with users.

Building a Community

Beyond the product, gomoney’s success was also rooted in its loyal user community. Inspired by platforms like Monzo, GoMoney created open channels where users could share feedback and suggest improvements. “It was almost like we recruited them,” Isma’il joked, highlighting the organic enthusiasm of gomoney’s users. This feedback loop not only informed the product roadmap but also fostered a sense of ownership among its users.

Lessons in Leadership and Team Building

Reflecting on his leadership journey, Isma’il admitted to learning many lessons the hard way. “Never hire your friends,” he advised candidly, explaining how personal relationships can complicate professional dynamics. Managing people, especially in a startup environment, required him to develop new skills and frameworks. “I had to start reading about managing teams and building organizations,” he shared, emphasizing the importance of structure and planning.

The Challenges of Scaling

As gomoney grew, so did its challenges. From building a seamless onboarding experience to transitioning from wallets to full banking infrastructure, each milestone brought its own set of hurdles. Isma’il recounted the decision to abandon a costly integration with Paystack, which was draining their revenue, in favor of building their own account number system over a single weekend. “We moved fast,” he said, demonstrating the team’s agility.

Looking Ahead

When asked about the future, Isma’il’s philosophy was clear: stay ahead of the curve. “What we think is groundbreaking today will become obsolete tomorrow.”

Closing Notes

Isma’il’s journey with gomoney is a testament to the power of curiosity, adaptability, and relentless pursuit of excellence. By challenging norms, listening to users, and constantly evolving, he and his team have set a standard for what neo-banking can achieve. For Isma’il, the journey is far from over. As he continues to innovate, one thing is certain: his story will inspire the next generation of builders to dream bigger and aim higher.

If you made it this far, I hope you walk away with actionable lessons.

My name is Lota, I started BTS as my little way of telling stories behind making - how people design and ship to the rest of the world. I wrote more about this vision in this letter addressed to makers.