Suneera Madhani and her brother started working on creating a platform with a monthly subscription model after receiving feedback from her parents.
Meet the woman who turned down an offer of Rs 150 crore to build a Rs 8,308 crore company. Suneera Madhani, a Pakistani native, and her brother Sal Rehmetullah founded Stax in Florida in 2014, creating an all-in-one payment platform that operates on a monthly subscription fee model, as opposed to other platforms' typical percentage-based sales model.
Suneera Madhani's journey began after she graduated from the University of Florida with a finance degree, where she worked for Atlanta-based payment processor First Data.
She came up with the idea to stop using percentage-based transactions around this time. She persevered in following her vision in spite of rejections from banks and doubts from her superiors.
Suneera Madhani and her brother started working on creating a platform with a monthly subscription model after receiving feedback from her parents. After presenting their concept in Orlando, they attracted 100 clients. It's interesting to note that they turned down a luring Rs 145 crore offer to purchase Stax during this time, giving them the motivation and self-assurance to move forward.
Due to financial difficulties following their job resignations, the siblings obtained a USD 50,000 loan from friends and family, which they invested in their business. The company has come a long way from its modest beginnings and now employs over 300 people.
Following ten years as CEO, Suneera Madhani left the company and started CEOSchool, an organisation that supports and empowers entrepreneurs. In addition, she runs a podcast channel. Apart from her career pursuits, Suneera Madhani is a proud mother of two daughters, Mila and Aana, a passionate reader, and a wine enthusiast.
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