S9 E32: The Fund Administration Shift: Replacing Legacy Accounting Delays and Scaling Multi-Asset Shadow Ledger Systems with Shalin Madan, Co-Founder & Co-CEO of Formidium
episodePreviously titled “S9 E32: Shalin Madan, Formidium” — renamed by the publisher on Aug 2, 2026
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I would just say from a personal standpoint, we live in an amazing time, irrespective of what people think. It is really amazing to see what's happening. I'm bullish. I'm bullish for the future. I'm generally an optimist. I can see technology making our staff's lives better. Not having to say use Excel, which would have been the primary quote unquote technology in our business. That is, it's amazing to see our staff focusing their time on much more productive items because the technology is taking care of some of the things that made them less productive. My name is Shalam Adan. I am the co-founder and chief growth officer of Formidium.
This is CodeStory. A podcast bringing you interviews with tech visionaries. Six months moonlighting. Nothing on the back end. Who share what it takes to change an industry. I don't exactly know what to do next. It took many goes to get right. Who built the teams that have their back. The company is its people. The teams help each other achieve. Most proud of our team. Keeping scalability top of mind. All that infrastructure was a pain. Yes, we've been fighting it as we grow. Total waste of time. The stories you don't read in the headlines. It's not an easy thing to achieve. Took it off the shelf and dusted it off and tried to begin. To ride the ups and downs of the startup life. You need to really want it. It's not just about technology.
All this and more on CodeStory. I'm your host, Noah Laphart. And today, how Shaolin Madan is building premier fund management by delivering services through superior technology. This episode is sponsored by KiteWorks. Legacy managed file transfer tools lack proper security, putting sensitive data at risk. With KiteWorks MFT, companies can send automated or ad hoc files in a fully integrated, highly secure manner. The solution is FedRAMP moderate authorized by the Department of Defense and has been so since 2017. Step into the future of secure managed file transfer with KiteWorks. Visit KiteWorks.com to get started. This episode is sponsored by ClearQuery. ClearQuery is the analytics for humans platform. With their full suite of features, you can go from data ingestion to automated insights seamlessly. With Ask ClearQuery, you can find valuable insights into your data using plain English. Don't miss the opportunity to simplify your data analytics with ClearQuery. Get started today at clearquery.io slash code story.
Shaolin Madan immigrated to the U.S. when he was six years old. He spent 20 years in the financial markets, of which he got into when he was a teenager. His first and best memory of the industry is when Netscape IPO'd and the stock went up 300% in the first day. Outside of finance and tech, he enjoys cooking, frequents the gym, and loves to travel. He's also a learner, studying philosophy, relationships, and of course, the macro economy. Shallon found himself frustrated with working for others, which drove him into entrepreneurship. When he came across his current venture as a client, he invested in the firm, became part of it, and eventually became the last co-founder in a company administrating funds with cutting-edge technology.
This is the creation story of Formidium.
Formidium is a fund administrator and its core business, but it's also a technology-enabled service provider. We got started in the fund administration business, and for those who don't know what fund administration is effectively, any type of investment fund, be it a venture capital fund, a hedge fund, a real estate fund, a crypto fund, they need accounting, and that's what a fund administrator provides. I ran into Formidia as a client, actually one of the first clients, and it was named, I had a different name back then. And I needed these services and I had my own hedge fund. I launched my own hedge fund in 2017. It was a quantitative global macro fund. We often think about technology. We often think about investing the kind of more glamorous parts of the business, but then we don't realize that we actually need accounting. And some of the accounting use cases in a world of technology have become tremendously complex. And that's what Formidium seeks to solve, solves. And I was quite interested in it, particularly with the ability to steer a firm.
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