Innovating from experience:
Maura Nachtergaele on building Payflip

As many startup founders will agree, innovation often springs from personal experiences and the desire to solve pressing challenges. Meet Maura Nachtergaele, the visionary CEO of Payflip, who transformed her frustration with traditional salary packages into a groundbreaking solution. 

In this interview, she shares her journey from the legal field to founding a successful SaaS company, the importance of female representation in tech, and her insights on navigating the complexities of entrepreneurship. 

Where did you get the idea for Payflip?

They say you should never waste a good crisis, and I took that to heart. When I was still an employee, I had a decent, but rather standard, salary package that included a company car. Living in busy Brussels and being a terrible driver, I actually didn’t want the car. That was really challenging for me, as I didn’t feel satisfied with my salary package. However, my employer struggled to offer a more personalized proposal without the car, unsure of how to balance costs and rewards. The funny thing is that Jon and Filip, my two co-founders, were in the exact same position at the time.

What happened next?

I decided to dive in and research on my own. With my background in law and taxation, I started digging into potential scenarios and designed a reward package tailored to my needs without costing my employer more. When I shared this with Filip, who I then knew as my best friend’s partner, he asked if I could help him do the same. I prepared him for a conversation with his HR manager, providing the necessary information and arguments. He got the same response as I did: "How did you figure this out? I wouldn’t know where to start." From lawyers to social secretaries and bookkeepers, information about rules and regulations was fragmented, with no clear solution to tie together all aspects of salary benefits.

Was this the 'aha' moment for Payflip?

Exactly. We saw a huge gap in the market. One night, Jon, Filip, and I were having a casual chat at a bar, and we realized we wanted to try to fill that gap. We started working nights and weekends exploring our idea, building a basic website and speaking with HR managers in our network to assess market needs. Time and again, it became clear that HR teams were uncomfortable discussing salary packages and lacked the expertise to navigate the complexities of rewards and compensations.

So, that’s when you officially launched?

Yes! We positioned ourselves back in the days as a modern salary partner for small to mid-sized companies, and started kicking against the sacred house of salary secrecy. In just six months, we reeled in 10 to 20 clients, which gave us the confidence to take the plunge and launch Payflip full-time. Now, four years later, we're successfully helping more than 1.300 companies like Grant Thornton, Crop’s, Larian Studios, and Keolis with flexible, personalized salary packages through our software.

That’s inspiring! And it earned you a nomination in 2023 as one of Flanders' most promising female entrepreneurs. How did that feel?

To be honest, it was great fun, but the bigger message is the need for more female entrepreneurs in tech, particularly in SaaS. If you’d ask me to name 5 female SaaS CEO’s, I wouldn’t be able to — simply because they’re not easy to find. And it’s not that I don’t go to networking events!. We need more role models. That’s why I participated in the Womed Award; to show that it's a reality.

Why do you think there are so few female CEOs in SaaS?

It’s often said that software is a ‘man’s thing,’ and at Payflip, we haven’t proven otherwise, as our engineering team is all male. But that shouldn’t be a barrier to becoming a CEO in this space, in my opinion. The real challenge, in my view, is the lack of female representation in leadership positions.

Did you always have an entrepreneurial spirit?

Not at all! I studied law and didn’t come from an entrepreneurial background. My mom still wonders what I do when she sees my picture in the newspaper. It was only after I left the law firm and started a 9-to-5 job that I realized how much I enjoyed working on my ‘tech side hustle’. The market was practically begging us to take the leap—and we did. What really helped us make the jump was the relatively low starting capital required to launch a company in Belgium, which made the decision easier for us.

In your view, what defines a successful entrepreneur?

One thing that has always helped me is my ability to make decisions without fear. I love taking responsibility and making the call. I think that's key to being an entrepreneur: weighing the pros and cons, then acting decisively, without looking back.

Were there any traits that held you back?

In the beginning, I was a perfectionist, a habit I picked up in my law career. But in entrepreneurship, you quickly learn that not everything can or will be perfect - and that’s okay. It took me some time to get used to this.
You seem very extroverted and a natural storyteller.

Do you enjoy networking and fundraising?

Definitely! I enjoy networking, and being a woman in tech often opens doors for me at events. However, it’s my knack for storytelling that keeps me invited back. Still, I believe it's crucial that the company isn’t just represented by one person, so my team and I ensure that my colleagues also participate and represent Payflip at events.

Any advice for entrepreneurs starting with pitching and fundraising?

Show passion for the problem you’re dying to solve, believe in yourself, and be willing to make personal sacrifices. At Payflip, we bootstrapped for three years, growing without external funding. This meant living frugally and sometimes skipping on dessert when going out to a restaurant (as a figure of speech, of course), but it allowed us to build strong company foundations.

By the time we approached Smartfin and Jurgen Ingels, we already had a proven track record, a successful marketing and sales machine, and a solid business model to back up our pitch. We could confidently convince them of the opportunity we presented them with.

Was there a defining moment in your career?

I probably made one crucial choice in my career, and that’s moving abroad for love and resigning from my employee job in September 2019. When I realized that I was more passionate about my side hustle than I was about my full-time job, I decided to take the plunge and focus on Payflip with 100% dedication. This really accelerated our growth.

How do you stay up to date with the latest tech trends?

As a tech founder, staying ahead is essential. I follow podcasts, Substack, and the latest updates on X. I’m more interested in go-to-market strategies than the highly technical side of things, which Jon and Filip handle. My focus is on how companies generate revenue, expand internationally, and leverage partnerships to enter new markets.

Another place to learn about the latest and greatest in tech and innovation is at SuperNova — what did you think of the 2024 edition?

Honestly, SuperNova was fantastic. I’m not just saying that because I’m part of this interview — it was genuinely extremely professional and well-organized, and I felt right at home. I’m not the type of person that listens to every keynote, but I fully use the opportunity to talk to as many people as I can. I had a lot of common ground with other guests, felt that they shared the same sense of quality, and loved sharing experiences and networking til the very end!

That’s great to hear — so does that mean you’ll be joining us again in March?

Absolutely. I’m moving to Berlin for a year, but SuperNova is something I’ll gladly come back for.