From $0 to $3.5M ARR by pivoting from data analysis to API-based data delivery

Denis Alaev built a financial data analysis tool, then pivoted to API-based data delivery. Eight years later, EODHD APIs is making $3.5M/yr.

Here's Denis on how he did it. 👇

Finding the idea for startup #2

My journey in tech entrepreneurship began in 2008 when I launched a Wi-Fi navigation startup, pioneering indoor positioning technology. Just a year later, Yandex, Russia's largest search engine and tech giant, started to use our technology, which was later integrated into its mapping and geolocation services. This early success reinforced my passion for data-driven products and innovation.

Following this, I joined Mail.ru Group (now VK) as the Head of [email protected], Russia’s third-largest social network, serving over 30 million monthly active users and 200 million+ total accounts. From 2012 to 2014, I led product strategy, built and motivated a 60+ member team, launched successful iOS and Android applications, and significantly improved UX, engagement, and monetization.

In 2014, I relocated to Singapore to work as a Product Manager at Ahrefs, where I focused on product development. I was also investing for personal purposes, and it was during this time that the idea of creating my own financial data platform began to take shape.

Now, at EODHD APIs, we are building one of the most reliable financial data providers in the world. Initially launched in 2015 as a robo-advisory engine, our company evolved into a leading API-first financial data provider. We offer real-time and historical market data, fundamental financials, Forex, cryptocurrency, and economic indicators — all with global coverage. Unlike many competitors who focus solely on the U.S. market, we provide standardized financial reports worldwide.

The pivot

The idea for EODHD APIs emerged from my own experience as an investor. I was actively trading and analyzing financial markets, and I noticed a gap in the availability of high-quality financial data for individual investors. At the time, most solutions were either too expensive or lacked the necessary depth and reliability.

Given my background in programming, I realized that I could build a solution tailored to this need. My initial goal was to create a B2C product focused on data analysis for investors, providing them with accessible and accurate financial insights.

To validate the idea, I began working on a prototype of EODHD APIs while balancing freelance programming work to support myself financially. I also had some savings from my previous jobs, which helped sustain the development process. However, as I delved deeper into the business model, I realized that a B2C approach alone was not viable due to high customer acquisition costs and limited operational profitability. Without external investment or a marketing budget, I had to pivot.

In May 2017, I shifted the focus from financial data analysis to data delivery, transitioning from a retail investor tool to an API-based solution catering to both B2C and B2B markets. This pivot proved to be the right move, opening the door to institutional clients like family offices, fintech startups, and other businesses that needed financial data.

MVP to $3.5M/yr

I built the initial version of EODHD APIs entirely on my own. My formal education in computer science gave me the foundation, but I hadn’t used those programming skills for a long time. When I decided to develop my own product, I had to relearn programming and dive into technologies like JavaScript, PHP, Python, and R.

Over the next two years, I dedicated 10-hour workdays to development — half of my time was spent freelancing on programming platforms to sustain myself, and the other half was focused on building the product.

Like I said, I pivoted in May 2017. That same Friday evening, I posted about the idea on a forum, then built a landing page over the weekend. By Monday morning, my first client had subscribed for $5 per month. It was a small amount, but it validated the business model and proved that people were willing to pay for financial data APIs.

By September 2017, I reached break-even, allowing me to stop taking freelance jobs and dedicate myself fully to EODHD APIs. By February 2018, the business was profitable, and by summer 2019, I hired my first customer support specialist on a project basis.

That fall, I expanded the team by hiring a developer and a marketer to run Google Ads. Today, my role is focused on management, strategic growth, and exploring new opportunities, though I still occasionally code when needed. The company continues to expand, with a growing focus on B2B clients and new financial data solutions.

We're making between $3M and $3.5M annually.

Find the right business model

EODHD APIs' business model is subscription-based, which I believe is the most sustainable and scalable approach. Given the nature of financial data services, a one-time purchase model wouldn’t be viable — our clients need continuous, real-time access to accurate market data. The deal cycle varies from 1 to 8 months, as the cost of acquiring a customer is high, but once onboarded, clients tend to stay with us for the long term.

We started monetizing the product immediately after launch. Over time, we refined our pricing structure, offering different tiers based on usage needs. Today, we offer plans ranging from €19.99 to €999.99 per month, covering everything from basic market data to enterprise-level financial data APIs. This tiered pricing allows us to serve both individual investors and large fintech companies.

One of the biggest lessons I’ve learned is that choosing the right business model from the start is critical. A different model — such as pay-per-data or a one-time fee — wouldn’t have covered our operational costs, let alone made the business profitable.

Another key factor in our revenue growth has been pricing optimization and continuous product improvement. Adding new data sources and improving API performance has allowed us to increase retention and attract higher-value clients.

For aspiring entrepreneurs, my advice is simple: Charge early, test pricing models, and focus on long-term sustainability over short-term gains.

Focus on long-term growth

In the beginning, I focused entirely on organic growth without spending money on promotion.

Forums

My first step was customer research — I analyzed demand by searching for investor and developer questions on Quora and industry forums. If I saw frequent requests for specific financial data, it confirmed there was demand. If there were no requests, I assumed that particular data wasn’t needed.

During that time, I systematically answered user questions, shared insights, and provided links to our service when relevant. This approach helped me gain our first wave of users, many of whom became long-term customers.

SEO

I also experimented with Reddit, but quickly realized that it wasn’t the right audience for us. Instead, we focused on SEO and content marketing, which turned out to be one of our most effective channels.

We built an Academy section on our website, where we publish expert articles on financial data and investment analytics. We also launched a forum and a GitHub repository to engage with developers and fintech professionals. These initiatives not only helped with SEO but also positioned EODHD APIs as a trusted knowledge hub in the industry.

Paid marketing

As we scaled, we gradually incorporated paid marketing. We ran Google Ads to attract targeted traffic and worked with content creators on Medium to expand brand awareness.

PR

More recently, we added PR efforts to increase our visibility in fintech and developer communities.

Some marketing advice

Each time we introduced a new marketing channel, we carefully monitored its effectiveness and optimized our strategy accordingly.

Today, our growth strategy is a mix of organic acquisition and paid channels. This structured approach has allowed us to scale steadily while maintaining a strong B2B focus. My advice to early-stage entrepreneurs: Start by listening to your potential customers, engage in relevant online communities, and prioritize marketing channels that offer long-term, sustainable growth.

Don't overthink

Don’t overthink — just take action. Too many founders spend months or even years refining ideas in their heads instead of putting them to the test. The most important thing is to validate your hypothesis as quickly as possible. You can always fix, refine, or scale later, but if you don’t start, nothing happens.

In my experience, doing things "the right way" comes after doing what’s necessary to get started.

Even now, I sometimes encounter technical artifacts from early decisions, forcing me to adjust the architecture. But if I had worried about writing perfect code from the beginning, the product might never have launched at all. Speed matters — get it working first, then refine it.

Another thing I'd say is that one of my biggest lessons was learning to delegate and hire sooner. When you work alone, it’s easy to get stuck in the details and miss the bigger picture. You can’t see the forest for the trees. If I had built a team earlier, I would have reached my goals much faster.

What's next?

My primary goal is to continue growing EODHD APIs as a leading financial data provider, with a strong focus on expanding our B2B client base. While we initially started with individual investors and small fintech startups, the real opportunity lies in enterprise-level clients, financial institutions, and larger fintech companies that require high-quality financial data at scale. Our mission is to become the go-to data provider for businesses that need reliable, real-time, and historical financial data to power their platforms and decision-making.

To achieve this, we are focusing on enhancing our product offerings, improving data accuracy and coverage, and optimizing our API infrastructure to handle higher demand. We're also working on strategic marketing and partnerships to attract more institutional clients.

In terms of revenue growth, the goal is to increase profitability through larger B2B contracts, ensuring that our subscription model remains sustainable while expanding into new market segments.

You can follow along on LinkedIn, X, reddit, and our blog. Or check out EODHD APIs.