Fintech is a niche that attracts numerous startups, but not all of them manage to survive, let alone achieve global success. However, there are stories that truly stand out, like that of George Gugnin, the visionary founder of Evita. Today’s interview is about how to reach an impressive $5 million in revenue by breaking stereotypes and achieving success without active social media presence or flashy branding instead relying on a minimalist yet incredibly effective approach to business. Most importantly, it’s a story of how a unique vision can lead to extraordinary success in one of the most competitive markets in the world.
15 years in fintech
Structured $250M in business loans
Advised governments of 5 countries on the legalization of digital assets
Obtained financial licenses on three continents
Anna: Hi George, it’s such a pleasure to meet you. Let’s skip the formalities; I can’t wait to dive into the story of Evita’s success. How did you start your business and what did you do before?
George: To keep it short, my entire professional journey has been tied to fintech. I worked on automating banking and financial processes. At some point, I realized that traditional banks are slow and inefficient, yet they make enormous profits. I wanted to combine that profitability with a modern, technology-driven approach. That’s how we started moving toward creating our own bank. Right now, we’re transitioning from being a payment agent to becoming a fully-fledged payment system. We obtained our license a while ago, but setting up the banking infrastructure takes a lot of time — we often deal with the clumsiness and bureaucracy of existing banks. So, we decided to buy our own bank.
Anna: Buying a bank — that’s impressive! Is Evita now a fully operational US-based business?
George: Yes, that’s correct. Back in 2018, I ceased to be a tax resident of Russia due to the length of my stays abroad. Historically, I’ve been doing business in five countries, obtaining financial licenses, opening accounts for foreign residents, and handling currency conversions and crypto-related matters. Over time, this experience accumulated into a level of expertise. People began reaching out to me for help and I decided to turn it into a business. We automate processes like currency conversion, payments and compliance, which significantly simplifies life for our clients.
Anna: What’s it like running a business in the USA? Is it challenging or straightforward?
George: Honestly, I love it. America is the best country in the world for both living and doing business. No other country — whether it’s the UAE, Hong Kong or South Korea — even comes close. Of course, there’s bureaucracy here too, but compared to Russia, China or Brazil, it’s negligible. The entrepreneurial environment here is unique.
Anna: I assume the tax system here works for you as well?
George: Yes, the US tax code is perfectly tailored for entrepreneurs, especially those building businesses based on capital gains rather than dividends. I pay taxes and they’re not small, but the key thing is that I understand what I’m paying for.
Anna: Taxes are a crucial part of any business, just like the team. Is your team based in the U.S. or are they spread across the globe?
George: Surprisingly, most of the team lives in America: I’m in NYC, two guys are in Miami, one is in Argentina and another is in Spain.
Anna: So, your team is quite small?
George: No, I’m a fan of the "One Man Unicorn" principle. I absolutely hate hiring people. I used to be a director managing a staff of about 200 people, plus over a thousand engineers working for subcontractors. I got very tired of being a therapist for grown adults. So now, every time the workload increases, we ask ourselves: should we hire someone or endure and automate? And we always choose to endure and automate. I’m very happy with the minimal size of our team and want to keep it that way.
Anna: So, about five or six people in total?
George: Yes, five people. We have a core team for strategic tasks and we outsource sales, for instance, to agents who work on a commission basis.
Anna: That’s a fascinating and unconventional approach. It seems like you take on most of the work yourselves and then automate the repetitive tasks?
George: Yes, if we notice a recurring task that has us worn out, we assign it to a programmer, they implement a solution, and everyone’s happy.
Anna: That’s impressive. What inspires you? What’s Evita’s ultimate goal?
George: I have a 50-year goal — to make housing, food, healthcare, and electricity more accessible to people worldwide. This can only be achieved through automation, increased labor productivity, and efficient resource management. But again, coming back to America, why am I happy to be here, especially now? Because, finally, entrepreneurs from the private sector are gaining a bit more influence over public life. At the very least, I hope they fulfill even half of their promises and that budget spending becomes more efficient.
Anna: That’s a noble vision. Are there any disadvantages to living and running a business in the U.S., in your opinion? Any advice for entrepreneurs relocating their businesses here?
George: First of all, you should move here specifically to do business. What’s the point of living in, say, France, enduring a fairly modest startup market and paying 70% income tax, when you could live in a country of comparable quality and enjoy a more developed business infrastructure for less money? As for downsides… there’s really only 1 city — Manhattan. Everything else is isolated clusters of residential areas, office buildings, and parking lots. Another downside, of course, is the homelessness. In Russia and many other countries, there are free clinics. In America, as far as I understand, they either don’t exist or there are so few that they’re insufficient. That’s why there are noticeably more homeless people in major metropolitan areas, and it’s uncomfortable.
Anna: So, the disadvantages are mainly lifestyle-related, not business-related?
George: Exactly. The lack of aesthetics, homelessness and uninspiring cities. You just have to accept these aspects.
Anna: Got it. Moving forward, which services from Pixel Tax Consulting do you use?
George: PTC handles our accounting: they categorize payments, file reports, assist with employee documentation, insurance and other paperwork. They use systems like QuickBooks, which is very convenient. Basically, they handle all the financial accounting and compliance tasks for us.
Anna: That’s incredibly important for any business. George, your success in the U.S. is certainly the result of many factors, including a favorable environment. But is there one key factor that you believe was critical to your success and could benefit other entrepreneurs?
George: Without a doubt, it’s Product Market Fit. Don’t start working on branding or product development until you’ve found a solution that clients are begging you to provide. Even if your product is rudimentary but solves a critical pain point, users will demand it at any cost. A big mistake many founders make is starting with beautiful branding, hiring programmers and building complex integrations, only to realize that no one is willing to pay. I’ve made this mistake myself in the past, but I finally learned after moving to the U.S. and studying the experiences of venture capitalists in Silicon Valley.
Anna: So, you’re challenging the idea that if a business isn’t online, it doesn’t exist?
George: Absolutely. If you don’t have sales, then your business truly doesn’t exist. Any other staff is secondary. I know people with over $100 million in capital who don’t have Instagram, YouTube or blogs. They have private jets, mansions, and happy lives, but no public presence. Elon Musk is the exception, not the rule.
Anna: That’s an incredible perspective, George. Thank you for sharing such valuable insights and your experience. It’s both inspiring and a model to follow. Wishing Evita continued growth and success.
George: Thank you!
If you’re also growing your business in the U.S. or planning to relocate, reach out to us for a free consultation. We’ll help make your transition as smooth and effective as possible and share insights into U.S. business practices. We’re experts in accounting, taxes and creative marketing.
