Resilience in Action: Oji Ofong’s Journey with Payforme

When they say that entrepreneurship is not for the faint of heart, they do not exaggerate. The ability to persist and adapt through challenges is a common trait among exceptional founders. This resilience was highlighted during my conversation with one such exceptional founder, Oji Ofong, the founder of Payforme. Oji’s journey, marked by highs and lows, exemplifies the tenacity needed to thrive in the startup world.

Oji’s Foray into Fintech

Fintech is a brutal industry. Let’s get that clear. In my opinion, fintech founders get either immense success or nothing at all. For Oji, a former Google engineer with interests in hard tech fields like Artificial Intelligence and self-driving cars, venturing into fintech was a bold move. The idea behind Payforme stemmed from a simple request from his nieces in Sweden, who asked for gifts he had never heard of—slime and a computer for kids.

"I had little or no idea what either of those were, but I confidently said, 'Okay, I got you.' I assumed it would be as simple as Googling it. However, I ended up spending nearly an hour trying to determine the best option. There was so much friction in the process that I ended up abandoning the purchase altogether."

What started as a gesture of kindness turned into a frustrating experience. This sparked the idea for Payforme, a platform designed to make paying for others online effortless and secure. After speaking with over 100 people, Oji found that the feedback on his concept was overwhelmingly positive. This validation was the spark that ignited the creation of Payforme – a platform that makes paying for others over the internet effortless and secure.

Resilience is Key

Oji’s journey has been tumultuous, marked by challenges that tested his resolve. Reflecting on his early days, Oji shares that he spent a lot of his energy and time on things that were not urgent at the time. "I had a civil litigation over a trademark with a much larger company. I spent money and time fighting it. In hindsight, I wish I didn't," he shared. This experience taught Oji a valuable lesson about focusing on what truly matters—building the business.

His journey with building the product was not easy either. As an engineer eager to build the product, Oji spent a lot of time on overscoping the MVP, adding features without proper validation.

"You want to validate all the hypotheses before you write a single line of code. Focus less on the product and more on value and validation."

His advice to himself and aspiring entrepreneurs is to get smarter about optimizing time and resources.

Oji's next set of challenge came from his efforts to build the best team. For any startup, assembling the right team is crucial. Oji's journey involved several iterations of team-building, each with its unique challenges. Initially seeking a co-founder with a business background, Oji's first partnership ended due to personal misalignment. His second co-founder, a manager at Google, helped secure Payforme's first merchant but eventually left due to misaligned expectations. Oji’s third co-founder, also an ex-Google employee, was instrumental in shaping the product and brand but eventually moved on to start a new company. Today, Oji remains the sole founder of Payforme, supported by a team of contributors and interns.

Despite facing these challenges, Oji has navigated them with ease. His composure in the face of uncertainty is definitely something that all entrepreneurs should learn from.

The Future of Payforme

Oji’s vision for Payforme continues to evolve as he constantly considers long-term sustainability and profitability.

"We’re very flexible in our thinking. We don’t want to create a solution in search of a problem."

His adaptability, resilience, and willingness to pivot have been consistent themes throughout his journey. For any aspiring entrepreneur, Payforme's story serves as a powerful example of resilience and customer-centricity in the startup world. "The vision when I started Payforme was to own this niche and be the innovation lead around payments. But in the next five years, it's less vivid. We're looking for ways to add more value for our customers. If our product isn't addressing a real problem, I'm completely open to pivoting."

Oji’s ability to adapt and learn from mistakes provides invaluable lessons for any aspiring entrepreneur. I wish Oji and Team Payforme all the best as they continue on their path to building a secure and effortless platform for online payments.

What do you think about Oji’s journey? Share your thoughts and support for Oji and Team Payforme in the comments below!