Every new company has its challenges. London-based fintech company Kin knows this too well.

It recently announced a raft of new and exciting hires, but it wasn’t always plain sailing for the firm that specialises in venture capital focussed services.

In the announcement for the expansion, Richard Hoskins, Kin Group Co-Principal, told of the early days of the company, where they didn’t have a base outside of their homes.

He said: “We spent the first 12 months of the business working in a cramped spare bedroom, because we couldn’t afford an office.”

The struggles during that first year allowed the team to develop efficient methodologies which led them on to thrive.

Mr Hoskins added: “Growing without external funding, especially developing our technology, has been tough. But being cash constrained has forced us to be lean and efficient. Efficiency around expenditure is something that overly funded fintechs typically fail at.”

Revealing the seven new hires, which include two senior positions, Christian Elmes, Kin Group Co-Principal, discussed their growth.

He said: “We are now well on our way to looking after more than £1Bn of VC assets. We are normally the first place UK VCs come when looking to improve the level of service they offer their clients.

“This growth has come purely from word of mouth and client referrals. We don’t have a sales or marketing team. Initially this was because we couldn’t afford one. Now with lots of happy clients saying nice things about us, we don’t need one.”

The firm provides custodian, nominee, and administrator services to nearly 6,000 investors.