From early coding passion to leading transformative fintech solutions, Mayur Virkar is blending technology, strategy, and social impact to shape tomorrow’s finance
Mayur Virkar exemplifies the spirit of modern entrepreneurship, seamlessly integrating technological innovation with strategic global business leadership. Demonstrating an exceptional aptitude for technology from a young age, he assembled his first computer as a 10 year old and began developing custom software solutions by the age of 17.
Mayur’s professional journey began at SandBox, where he quickly rose through the ranks from Developer to Company Manager, eventually overseeing the organization’s full spectrum of operations. His leadership and technical expertise laid the foundation for future entrepreneurial success.
In 2016, he founded CodeMax IT Solutions Pvt. Ltd., a fintech company dedicated to transforming the financial services sector through innovative, secure, and regulatory-compliant technology. CodeMax specializes in next-generation banking platforms, real-time financial tracking systems, and advanced Security Information and Event Management (SIEM) services, ensuring adherence to both local and international compliance standards.
Building on this momentum, Mayur launched CodeRun LLP in 2018, focusing on web development and digital marketing. His strategic foresight and technological acumen have continued to drive growth across multiple industries.
In addition to his entrepreneurial ventures, Mayur currently serves as the Chief Operating Officer of Scoders Ltd. and Chief Technology Officer of MoneyNetInt Ltd. Across his various enterprises, he leads a global team of approximately 500 professionals, united in delivering cutting-edge digital solutions that meet the evolving needs of businesses worldwide.
Early Years
Born in 1991 into a middle-class family rooted in education and values, Mayur attributes much of his character and discipline to his upbringing. His father, the late Prof. Rajendra T. Virkar, was a distinguished academic who served as a professor at Shree Damodar College of Commerce and Economics from 1972 to 1999, and later became the founding principal of Shree Mallikarjun College of Arts & Commerce in Goa.
“He was my greatest mentor,” Mayur recalls, “instilling in me the values of independence, responsibility, and perseverance.” These principles remained central to Mayur’s development, particularly following the passing of his father in 2010 and his mother, Asha Virkar, in 2011. “My mother was equally influential in shaping my character. Her strength and wisdom have stayed with me.”
Continuing the family’s academic legacy, his sister, Dr Anjali Sajilal has served as a professor at Shree Damodar College of Commerce and Economics since 1996.
Mayur’s fascination with technology emerged at an early age. “I assembled my first computer when I was 10. By the age of 15, I was already working on freelance projects, and by 17, I was developing software applications and experimenting with custom operating systems.” Despite his deep engagement with technology, he maintained a well-rounded lifestyle, excelling as a carrom and chess champion during his school years.
His educational journey, which spanned multiple states across India, exposed him to a variety of perspectives and cultures, an experience that broadened his worldview and enriched his approach to problem-solving. This diverse academic foundation, coupled with his parents’ guidance and an innate passion for technology, laid the groundwork for his entrepreneurial path.
From assembling his first computer at age 10 to leading companies across six industries in five countries, Mayur’s understanding of innovation has evolved significantly.
“In the beginning, innovation was personal, understanding systems, pushing boundaries, and crafting early operating environments. As I transitioned into professional roles and founded CodeMax, it became about solving complex business problems through purposeful technology.”
Initially a solo effort focused on financial security and compliance, Mayur honed the discipline of applying technology with intent. “Today, innovation is about orchestrating large-scale transformation, leveraging AI, automation, and digital infrastructure to re-imagine how businesses function.”
He adds, “It now means fostering ecosystems where creativity and collaboration thrive across diverse teams. While the scale has changed, the goal remains: to drive meaningful, lasting impact through thoughtful technological advancement.”
Redefining Modern Entrepreneurship
Frequently cited as a model of the modern entrepreneur, Mayur exemplifies a multidimensional approach that fuses technological fluency, cross-sector vision, and global collaboration.
“For me, modern entrepreneurship is about identifying opportunities across industries from fintech with CodeMax to app development with CodeRun, global operations through Scoders, and ventures in real estate,” he explains.
At the core of his philosophy is a commitment to technological leadership. “AI, automation, and cybersecurity are not just tools they are enablers of real transformation,” Mayur notes.
Equally central is his belief in building inclusive, cross-border ecosystems. “Innovation thrives when diverse minds collaborate beyond geographical and cultural boundaries. That’s where the future of entrepreneurship lies.”
Entrepreneurship with Purpose
Mayur views entrepreneurship as a force for societal good, not just profit. “True business success should create meaningful impact through job creation, community development, or direct philanthropy,” he affirms.
For Mayur, modern entrepreneurship is defined by the integration of innovation, global collaboration, and social accountability. It is more than a strategy; it’s a guiding principle behind every venture he leads.
Mayur founded CodeMax IT Solutions in 2016 with a clear vision: to transform the financial services landscape, particularly for Electronic Money Institutions, through specialised foreign exchange solutions and international payment systems. However, as a new entrant in a highly regulated and security-conscious industry, the path to disruption came with significant challenges; chief among them, establishing trust and credibility.
Building Trust, One Brick at a Time
“Entering the fintech space, where trust, compliance, and track record are critical, proved a formidable challenge.
To gain credibility, Mayur focused relentlessly on quality, security, and customisation. “We didn’t chase scale. We delivered exceptional value to a select few exceeding compliance standards, demonstrating strong ROI, and offering personal attention that large firms often can’t match.”
This value-driven approach helped establish CodeMax’s reputation one client at a time. Each success reinforced trust and opened new opportunities.
Today, CodeMax is a globally recognised fintech provider, its growth rooted in the credibility and excellence built during those early, defining years.
Leadership and Growth
As Mayur scaled his ventures to over 500 professionals globally, he credits not just strategic decisions but enduring leadership values, independence, responsibility, and perseverance rooted in lessons from his father.
“From the early days of CodeMax, it was the strength of the team, not individual titles, that drove our growth,” he reflects. Many of the original 10 members remain with the company, which he now describes as “a family.”
Mayur fosters a culture of innovation, inclusivity, and collaboration across functions and geographies, breaking down silos to maintain agility. He believes in leading by example, upholding the highest standards in quality, security, and professionalism.
Mentorship has also played a pivotal role in shaping his journey. “I have been fortunate to be supported and guided by some remarkable individuals,” he says. “David, who is like an elder brother and closest confidant; Nitin Kunkolienkar, a true mentor and guide; and Nestinka Rebello, my best friend and fellow Director at CodeMax and CodeRun. Their insight and support have deeply influenced my leadership style and decision-making.”
Mayur believes strongly in leading by example, particularly during times of rapid growth. By consistently upholding high standards in quality, cybersecurity, and professionalism, he sets the tone for his entire organisation.
“Leadership is about providing clarity of purpose,” he says. “When people understand not just what we do, but why it matters, they stay engaged even through challenges.”
Under his guidance, Mayur’s ventures have grown in both scale and resilience anchored in values, driven by innovation, and unified by a clear, shared mission.
Building Agile and Aligned Global Teams
For Mayur, building high-performing global teams requires more than geographic reach; it demands clarity, trust, and structured adaptability.
“Effective global teams must balance unity of purpose with responsiveness to local realities,” he explains. At the core of this approach is clear communication and shared values that align teams across time zones.
Technology forms the backbone of collaboration, enabling not just communication but co-creation and agile decision-making. Local leadership is empowered to act independently while staying aligned with the company’s overarching vision, fostering faster, more context-aware responses.
Trust and transparency are essential. “Empowered, well-informed teams that are trusted are naturally more proactive,” Mayur notes. He also champions cross-border collaboration through joint initiatives and knowledge exchange, reinforcing a culture of inclusion and shared purpose.
Regular synchronised touchpoints, virtual or in-person keep teams connected and aligned. “Striking the right balance between global cohesion and local agility is what makes us resilient and effective wherever we operate.”
Industry Leadership and Broader Impact
Beyond his entrepreneurial ventures, Mayur has built a strong record in industry leadership, holding influential roles that have broadened his strategic perspective. From chairing the Member Experience Committee at the Goa Technology Association (2019–2021) to serving as Convener of the CII Goa State IT Panel (2024), and currently as a CII State Council Member and Co-Convener of its IT & Start-Up Panel, he has been instrumental in shaping Goa’s technology discourse. He also represents the state as the Honorary Chief Representative for the Indo-American Chamber of Commerce (IACC). He is serving the Internal Quality Cell (IQAC) of Shree Damodar College of Commerce and Economics and is also into assisting colleges in developing course syllabus on AI. Mayur also conducted a session on Cloud Security at Shree Damodar College of Commerce and Economics.
“These roles have provided me with a panoramic view of the tech ecosystem,” Mayur shares. “They have sharpened my strategic thinking and revealed sector-wide challenges and opportunities that might otherwise go unnoticed.”
Engaging with diverse stakeholders from policymakers to educators and entrepreneurs has deepened his appreciation for adaptive leadership and collective problem-solving. “I have seen how collaboration, even among competitors, can unlock shared value and elevate entire sectors.”
These experiences have reinforced his commitment to building a globally competitive tech ecosystem in Goa, one that champions innovation while retaining its distinct identity. Through his ongoing advocacy, Mayur continues to champion inclusive growth and long-term digital development across India.
Security and Compliance: Foundations of Fintech Innovation
For Mayur, security and compliance are not just operational necessities, they are the bedrock of trust and sustainability in fintech. “From CodeMax’s inception, in the initial stages, I took personal responsibility for cybersecurity, knowing credibility in this space demands nothing less,” he says.
Operating across regions like Israel, Europe, the UK, and the US, CodeMax adopts a forward-looking compliance strategy. A real-time monitoring system helps the company anticipate regulatory shifts, while in-house experts and external consultants ensure a comprehensive approach to compliance.
Technology underpins this framework. Advanced compliance systems automate routine tasks and highlight areas requiring human judgments, supported by the company’s ISO 27001 certification. “Our agile development processes allow us to quickly respond to regulatory changes, critical in a fast-moving industry like fintech,” Mayur adds.
Client collaboration, particularly with Electronic Money Institutions, ensures solutions align with specific regulatory demands. More than a function, security and compliance are embedded into CodeMax’s culture. “They are part of our organisational DNA,” Mayur explains. “This integration allows us to innovate confidently while staying fully aligned with evolving global standard
The Future of Finance: Harnessing Emerging Technologies
Emerging technologies are set to revolutionise finance, with Artificial Intelligence (AI) and automation leading the charge. Mayur and CodeMax view AI as a key enabler of hyper-personalised services, enhancing fraud detection, optimising risk management, and automating compliance workflows to create smarter, more efficient financial operations.
As interconnected systems evolve, AI-driven cybersecurity becomes critical in defending against escalating threats. Meanwhile, blockchain’s transparency and security offer transformative benefits for cross-border payments, trade finance, and digital identity verification.
Looking further ahead, quantum computing promises breakthroughs in financial modelling and risk analysis, though it also poses challenges to current cryptographic standards that require proactive industry preparation.
Together, these technologies will converge to build data-driven, secure, and customer-centric financial systems, expanding capabilities, empowering individuals, and advancing global financial inclusion. Mayur’s vision embraces responsible innovation to elevate the role of finance in society.
Entrepreneurship with Purpose: A Commitment to Social Impact
For Mayur, social impact is not an afterthought; it is integral to his definition of entrepreneurial success. “Social responsibility is intrinsic to how I approach business. I believe entrepreneurs have a duty to create meaningful change in society,” he explains.
Driven by a vision of universal access to basic amenities, Mayur has been actively involved in rural development and infrastructure improvement projects. From supporting the education of underprivileged children to upgrading facilities in rural schools, his efforts reflect a values-driven commitment to uplift underserved communities.
His experience leading COVID-19 relief efforts ensuring critical supplies reached those in need further deepened this conviction. Likewise, his engagement with the Goa Road Safety Forum underscores his belief in public welfare and safety as essential pillars of community well-being.
“I have seen how targeted initiatives can transform lives and generate lasting ripple effects,” he says. “It has reinforced my belief that success must be measured not just financially, but in the impact we create.”
For Mayur, entrepreneurship is a vehicle for social change. “When driven with intention and compassion, business can help build a more equitable and progressive society. This philosophy informs every decision I make.”
Mentorship and Investment Philosophy
As a mentor at Silicon Valley’s Founder Institute and an angel investor, Mayur has developed a clear framework for identifying promising startups and founders. “My focus is predominantly on the qualities of the founders rather than purely on business metrics,” he explains.
Foremost, he seeks unwavering resilience and passion. “The entrepreneurial journey is fraught with setbacks, and founders who possess deep commitment to their mission and the perseverance to overcome obstacles tend to succeed. The values my father instilled; independence, responsibility and perseverance are precisely what I look for.”
Mayur also emphasises the importance of a clear, well-defined vision paired with strong problem-solving skills. “I evaluate whether founders have identified a significant problem and crafted an innovative solution with genuine market potential. Their clarity of thought often signals their ability to navigate challenges successfully.”
Coachability and adaptability are equally vital. “No founder has all the answers. Those who embrace feedback and continuously refine their approach typically outperform those resistant to change.”
When assessing teams, he examines dynamics closely. “Complementary skills, mutual respect and effective collaboration are key predictors of success.
When evaluating potential investment opportunities, he prioritizes assessing the company’s vision, leadership capabilities, and team dynamics over solely focusing on the product or service itself.
Finally, Mayur considers the potential for scale and meaningful impact. “Does the idea have the capacity to grow substantially and deliver real value to the market or society at large?”
While technical expertise is important, especially in technology ventures, Mayur affirms that founder-centric qualities remain the most reliable indicators of long-term success
A Multifaceted Approach to Innovation
Mayur’s diverse passions include travel, scuba diving, astrophotography, gaming, automobiles, and racing. These are far more than leisure activities − they are vital sources of fresh perspectives that shape his approach to business and innovation. “When I travel, I make it a point to deeply engage with local cultures, not just as visitor but as a curious learner. I observe how people approach challenges, make decisions, and interact with products or services in their own unique ways. This hands-on exposure gives me valuable insights into different marketing behaviours, customer preferences and regional problem-solving styles. These cultural learnings often help me tailor and adapt business strategies more creatively and effectively for a global audience. It is about blending global vision with local relevance.”
His certification as a scuba diver has instilled in him the importance of calm focus and acute situational awareness. “Underwater, attention to detail and composed decision-making under pressure are critical skills directly applicable to managing complex business challenges.”
Astrophotography demands exceptional patience, technical precision, and an appreciation for scale. “Capturing the night sky has taught me to recognise patterns within complexity and to balance meticulous detail with broader strategic vision.”
Similarly, gaming and racing sharpen rapid decision-making, strategic thinking, and the ability to learn swiftly from both success and failure, capabilities that translate seamlessly to entrepreneurship in dynamic technology sectors.
Mayur has flown a real plane in Israel from Tel Aviv to Jerusalem and back. In total, he has flown 4 real-life simulators and also has his own VR setup.
Together, these varied interests provide the mental space to recharge and foster a holistic, often unconventional problem-solving mindset one that draws connections across seemingly disparate fields to drive innovative solutions.
Balancing High-Impact Work with Well-Being
In today’s culture of relentless hustle, Mayur emphasises the importance of a holistic integration of work and well-being to sustain long-term performance and fulfilment. “Balance, for me, is not about achieving perfect daily equilibrium but about intentionally blending high-impact work with personal renewal.”
He regards his diverse interests travel, scuba diving, astrophotography, gaming and culinary exploration as essential ‘recharge zones’. “I deliberately protect time for these pursuits, recognising that stepping away from work pressures engages different parts of the mind and ultimately enhances my effectiveness.”
This philosophy extends into his companies. “At CodeMax, we foster an environment that is not only productive but also enjoyable, inclusive and flexible. We provide benefits that respect life beyond work, understanding that personal well-being directly influences professional performance.”
Mayur also emphasises strategic prioritisation. “I focus on what truly requires my attention and delegate effectively, allowing me to concentrate on high-impact tasks without becoming overwhelmed.”
Rejecting the ‘always-on’ mindset pervasive in business culture, he advocates working with intensity during focused periods, followed by genuine disconnection and renewal. “This cycle of engagement and recovery has proven far more sustainable and productive than constant partial attention across all areas of life.”
Future Vision for CodeMax and the Global Fintech Ecosystem
Mayur outlines a forward-looking vision for CodeMax, focused on advancing innovation within the fintech sector. “Our journey ahead is centred on harnessing artificial intelligence and automation to revolutionise how our clients deliver financial services making them smarter, more secure and highly efficient.”
He emphasises that CodeMax’s specialised solutions for Electronic Money Institutions worldwide will continue to evolve, with cybersecurity and cutting-edge technologies remaining central to their value proposition. “Initiatives such as our Core Banking System, CodeMax Astra, and our transaction monitoring and screening product, Orion, signify important milestones in expanding our capabilities and market reach”
Mayur’s ambition for CodeMax is to grow into an `1,000 crore enterprise employing 1,000 Goans, reflecting not only business success but also a commitment to boosting local employment and strengthening Goa’s technology ecosystem.
On the broader fintech landscape, he envisions technology as a seamless enabler of global innovation and efficiency. “I am particularly focused on the responsible advancement of AI within financial services, ensuring these tools enhance human potential while upholding necessary safeguards and transparency.”
He remains deeply committed to fostering a truly global, cross-border entrepreneurial ecosystem that embraces innovation, inclusivity and collaboration. “This interconnected approach is vital for addressing forthcoming challenges from financial inclusion and cross-border commerce to regulatory compliance.”
Ultimately, Mayur foresees a fintech future where geographical boundaries diminish in significance, allowing the best ideas and talent to flourish irrespective of origin. “Technology will democratise access to sophisticated financial services, once limited to the largest institutions, creating a more equitable and dynamic global financial landscape.”
Goa’s Tech Landscape and his role in its future
Mayur reflects on Goa’s promising position within the technology sector over the coming five years. “Goa stands at a pivotal juncture, with significant potential to develop into a vibrant technology hub that capitalises on its unique advantages while forging a distinctive identity within the tech ecosystem. As we move forward, it is equally important to prioritize the growth of a sustainable green industry.”
He envisions substantial growth in specialised IT services, product development, and emerging fields such as AI and cybersecurity research. “The critical driver will be deeper collaboration among industry, academia, and government, a collaboration I actively foster through my roles as State Council Member for CII, former Convenor of the CII IT Panel, and through my past engagement with the Goa
Technology Association.”
Mayur’s role in this transformation is multifaceted. “Through CodeMax and my other ventures, I am committed to expanding operations in Goa, generating high-value employment, and introducing global best practices to the local market, thereby building critical momentum within the regional tech ecosystem.”
He continues, “In my capacity with industry bodies like CII and IACC, I advocate for policies that promote IT sector growth, infrastructure enhancement, and improved ease of doing business foundations essential for Goa’s competitiveness as a technology destination.”
Mentorship also remains a core focus. “I am dedicated to supporting local startups and entrepreneurs, facilitating connections to wider networks and opportunities that might otherwise be out of reach.”
Perhaps most importantly, Mayur champions a ‘Goa for Global’ mindset. “Encouraging local companies to adopt a global perspective from inception is vital to positioning Goa as a credible destination for international technology investment and enterprise.”
He concludes, “Goa can cultivate a unique technological identity that complements its established strengths in tourism and quality of life. I am committed to actively driving this transformation, which requires sustained support and collaboration across Goa’s business and governance communities.”
Advice to his 17-year-old Self
Reflecting on his early days developing custom software at 17, Mayur offers a thoughtful message to his younger self. “If I could speak to that technically gifted young man, I would say: Embrace collaboration earlier and more fully. Independence and technical skill are valuable, but true innovation flourishes through diverse minds working in concert. The most transformative outcomes are rarely solo endeavours, they emerge from collective insight.”
He continues, “Also, connect your technical efforts to their human purpose. As you code, regularly lift your gaze and ask: Who am I serving? What real-world problem am I solving? Technology matters most when it delivers tangible value and addresses genuine needs. Do not just focus on building things correctly, focus on building the right things.”
Mayur notes that the passion and perseverance of those early years laid the foundation for everything that followed. “Keep that fire alive, but balance technical excellence with empathy and purpose. That shift from individual mastery to collaborative, human-centred innovation would have accelerated both my growth and my broader impact.”
This perspective, he says, continues to shape his leadership and approach today.
