Special Episode! Paul Roos, Building High-Performance Cultures in Fintech

In this special episode of Fintech Chatter, host Dexter Cousins speaks with Paul Roos, AFL legend and founder of Performance by Design. They explore the parallels between elite sports and startup culture, discussing how founders and leaders can build high-performance teams on a budget!

About Paul

Paul shares insights from his trophy-winning coaching career, steering the Sydney Swans to their first title in 72 years! The culture Roosy built at the club is still legendary 20 years later. He's spent the past decade advising startups and executives at some of Australia's largest companies on building high-performing cultures and unique challenges Fintech founders face.

In the interview Dexter and Paul discuss the importance of self-awareness, the role of leadership in shaping culture, and the challenges startups face as they grow. The conversation also touches on the significance of health and wellbeing in leadership, and how small companies can create a positive culture that drives success.

Key Takeaways

The culture built at the Sydney Swans is a model for startup success.
Leadership behaviours directly influence organisational culture.
Self-awareness is crucial for effective leadership.
Startups must define their culture early to avoid fragmentation.
Investing in culture can prevent costly turnover.
High-performance teams require clear role definitions.
Remote work challenges can be overcome with a team-first mindset.
Health and well-being are essential for leadership effectiveness.
Leaders should model the behaviours they want to see in their teams.
Incremental changes can lead to significant improvements in culture.

Chapters

00:00 Introduction and Guest Background
04:38 Transition from Sports to Corporate Culture
09:30 Building a High-Performance Culture
14:11 Leadership and Self-Awareness in Startups
18:44 The Importance of Foundational Culture
23:25 Role of Leaders in Shaping Culture
27:16 Navigating Growth and Leadership Challenges
30:13 The Shift to Remote Work and Team Dynamics
33:11 Hiring for Culture and Team Cohesion
36:32 The Importance of Defining Company Culture
39:07 Mental Health and Personal Wellbeing in Leadership
42:02 Looking Ahead: Commitment to Growth in 2025

Links

Visit Performance by Design website

Connect with Paul Roos

Connect with Dexter Cousins

Learn more about Tier One People


Send us a text

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Graham Strain - Citoplus Ep 196

About this Episode

In Episode 196 of the Fintech Chatter podcast, Dexter Cousins is joined by Graham Strain, Co-Founder of Citoplus a digital platform for commercial broking.

The Citoplus Journey

Dexter and Graham look back at their first meeting and discuss Graham's journey from traditional Banking to Start up. His recognition that he was a transformation guy at heart and wanting to do "cool stuff for customers" was the driver behind founding Citoplus.

He chats about support from great shareholders, and how they funded Citoplus through, what he calls the "Friends, Families & Fools" model, who have shown great faith in their vision.

Graham outlines the plans for the future and how Citoplus aims to reach 100% of the digital broking market through partnerships with Banks and Non-Banks. Watch out for lots of new announcements.

About Citoplus

CitoPlus is the cornerstone of modern, frictionless commercial lending. Designed by industry leaders, they launched a product that streamlines the laborious process of SME lending.

Citoplus has focussed on removing the paperwork-heavy process through automation. The result is a broker-friendly data-rich system that delivers better client service and achieves quicker outcomes, meaning deals are closed faster.

About Graham Strain

Co-founder of Citoplus, Graham’s background is in banking, including 13 years at NAB in product, business bank and corporate development executive roles. He held the position of interim CFO and Product Head at start-up Angle Auto Finance, an asset finance company. He was GM - Business Products at Judo Bank in the SME lending space.

Chapters:

00:01:15 Citoplus The Journey and Solution

00:19:45 Graham's Backstory and Career in Banking

00:25:20 Why Startups and Banks are so different

00:39:00 Big News from Citoplus

Links & Resources:

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Andrew Ward - Liquidise

Liquidise - Solving the Equity Problem for Startups and Private Companies

In episode 185 of Fintech Chatter Dexter Cousins is joined by Andrew Ward, CEO and Founder of Liquidise.


Hi, Dexter here with another great episode with another great Aussie Fintech founder. This week I chat with Andrew Ward about the launch of his latest venture, Liquidise. I'm excited to bring you this chat as Andrew has developed a solution that almost all of our listeners will benefit from!

And as this isn't Andrew's first Rodeo, he shares some honest and candid advice for founders earlier in the journey.

Key Learning from this Interview

Every episode I take a key learning from my guest. And it helps me create a profile of founders, with qualities they all share.

What stands out to me in this interview with Andrew is the moment he decides to launch Selfwealth (his first ever startup. Andrew explains how he was working at CBA at the time when he rather cheekily organised a meeting with a potential client, only he decided to pitch his start up idea NOT CBA's services.

The worries Andrew had of this move backfired were quickly replaced with worries of how he was going to tell his wife. The person he pitched to loved the idea but insisted Andrew had to quit his job in two weeks. Andrew and his wife went on to make SelfWealth the 3rd largest retail trading platform in Australia and listing on the ASX.

Look, if you had one shot or one opportunity
To seize everything you ever wanted in one moment
Would you capture it or just let it slip?

Eminem

What strikes me about this story is every founder has a moment in their life - like the Eminem song 'Lose Yourself' you've got one shot, one moment and your life changes forever once you make that choice.

For some founders it may be a life event, a birth, marriage, health scare, job loss that acts as that moment. For others (like myself) it was not being able to live with themselves if they didn't follow their dreams. And for others like Andrew it may be a golden opportunity, a chance meeting or encounter.

Whatever that moment is every startup begins with that choice, that decision. It's one of the most powerful aspects of business/venture building that goes overlooked. We tend to focus on the problem we are trying to solve as the genesis of a business, rather than the emotions that are driving us to risk everything in search of a dream or vision.

About Liquidise


Recorded in the week Liquidise launched into the Aussie market, Andrew shares how he is unlocking private equity for company owners, investors and employees. 

Liquidise is a unique platform, giving shareholders and investors access to guaranteed cash and equity with instant cash settlements.

With Liquidise, company owners retain complete control over their cap table and can reward employees meaningfully. Investors get access to pre-vetted unlisted company opportunities, with direct ownership on the Liquidise share registry.

Using blockchain technology, Liquidise is revolutionising the way founders and private companies can grow their companies, attract the best talent and keep control of their business.

About Andrew Ward

The inspiration for Liquidise came from Andrew's own experience of launching, growing and listing SelfWealth. 

His shareholders, like those in all unlisted companies, had to wait for either a public listing, company sale or change of control, or transact at a buyer’s set price – if a buyer could be found. 

These options for private shareholders can be expensive and value destroying. In founding Liquidise, Andrew and his team are intent on solving this problem to unlock the value in private companies.

Find out more - https://liquidise.com/

Or watch Andrew tell you all about Liquidise in this promo video - https://youtu.be/QbqOklgComM?si=PWZZ4t2oj_88TxCX

Peita Piper - Avenue Bank

Meet Australia's newest bank CEO, Peita Piper of Avenue Bank.

Avenue Bank were recently granted a full ADI banking license and Dexter Cousins chats to Peita about their journey.

In this episode Peita shares the strategy of Avenue and their focus on a niche business banking product neglected by banks, the bank guarantee.

Avenue have digitised this paper process which takes up to 60 days to offer a bank guarantee in 24 hours!

We also talk about the challenges of dealing with regulators in the aftermath of failed digital banks Xinja and Volt, while also looking at the big successes like Judo.

Peita also shares her personal experience as we talk about the 'glass cliff'. Peita shares her own inspiring story of backing herself and taking on the CEO role at a very difficult time in the business.

I also get the chance to ask Peita about what I believe is the hardest part of being a scale up CEO, taking the reigns from founders whilst they remain in the business.

Finally I just want to say a MASSIVE well done to everyone involved in the Avenue journey. There is no tougher startup challenge than building a bank - it's the Everest of startup mountains to climb.

You can find out more about Avenue Bank and careers https://www.avenuebank.com.au/careers

Until the next episode, keep well!

Dexter.

Chris Jewell - Zepto

In episode 181 of Fintech Chatter Podcast Dexter Cousins is joined by Chris Jewell, CEO and Co-Founder of Aussie payments Fintech, Zepto.

Making his Fintech Chatter debut, Chris shares the HUGE opportunity in the global payments landscape as the US and Europe embrace real-time account to account payments.

Chris shares his thoughts on this unique moment in Fintech history and how the Zepto product aims to be in the 'Top 1% of the Top 1%'

Tune in as Chris and Dexter discuss various topics including:

Make sure to follow us on your favourite podcast player and leave a review, it really helps us promote the show and profile more Aussie Fintech companies to a global audience.

About Zepto

Zepto is a real-time, account-to-account payments infrastructure innovator, and Fintech Organisation of the Year 2023. Zepto's API opens a unique set of access points to Australia's payments infrastructure. Businesses can take, make and manage payments in real-time — all the time — between bank accounts. Zepto is a faster, data-rich payments solution that can transform business processes, customer experience and costs.

About Chris Jewell

As CEO of Zepto, Chris focuses on overall operational efficiency, balancing the design and implementation of strategy, objectives and processes to ensure we deliver the best outcome for our clients.

https://www.linkedin.com/in/chris-jewell-013b3065/

Richard Joffe - Honey Insurance

Combining AI, Smart Sensors and Insurance to create Australia's fastest-growing Fintech!

In episode 179 of Fintech Chatter Podcast, Dexter Cousins chats to Honey Insurance CEO Richard Joffe

Making his Fintech Chatter debut is Richard Joffe, CEO and founder of Honey Insurance, arguably Australia's hottest early-stage Fintech!

Honey Insurance is the smarter way to protect your home and contents. Backed by RACQ, Honey uses sensors in the home to offer a new type of insurer whose focus is on helping avoid accidents and protect against damage rather than just paying out after events.

Dexter chats to Richard in the week he was awarded CEO magazines Entrepreneur of the year and Honey featured in the Deloitte Fast 50. Expect to see some massive announcements from Honey in 2024!

As a 3x founder, Richard shares his secrets on:

Watch the 20 minute version on Fintech Chatter TV

About Honey Insurance

Honey is Smart Home Insurance, and they are on a mission to eliminate the 50% of avoidable accidents that happen to homes. Honey gives customers free technology and services from day 1 to keep homes safer, then rewards them with a lower price on their insurance.

https://www.honeyinsurance.com/

About Richard Joffe

Richard Joffe is the founder of 3 successful startups and currently the CEO of Honey Insurance. Previously, Richard founded Park Assist which automated the parking industry, and after expanding to 20 countries was acquired by TKH in 2012.

Then Stella.ai which automated the recruitment industry using AI, and was acquired as part of a $1.1 billion merger with Trustaff.

Formerly, Richard was a strategy consultant with McKinsey and an investment banker with Morgan Stanley.

Now with Honey Insurance, Richard has turned his attention to home insurance, where he is on a mission to give Australians free technology and services, to eliminate the 50% of avoidable accidents that happen to homes

Richard believes technology and automation can make everyone’s lives more efficient, so we can spend more time doing the things that matter most in life.

Ada Guan - Rich Data Co

In episode 178 of Fintech Chatter Podcast, Dexter Cousins is joined by Ada Guan, CEO and Co-Founder of Rich Data Co (RDC.)

Rich Data Co Series B Announced.

Is there a viable use case for AI in banking? Will AI replace Bankers?

Making her Fintech Chatter debut Ada Guan CEO of Rich Data Co shares how they are reinventing the way banks assess and provide credit to businesses, using AI.

It's an awesome episode where we talk about:

Real AI use cases for banking
Modernising a 70 year old credit model
Leaving a corporate job to start a business
Hiring and retaining the best AI and Data engineers
How rock climbing has helped create a high performance culture
How to consistently win business with major banks (with only 2 people in sales and marketing)

Rich Data Co Fintech Chatter Podcast

About Rich Data Co

RDC is delivering the future of credit, today!  Rich Data Co is on a mission to make credit accessible, fair, inclusive, and sustainable. By using AI, the team at RDC has developed new techniques leveraging traditional and non-traditional data to get the right decision in a clear and explainable way.

Customers expectations on credit have changed drastically in the past decade. Global leading financial institutions are leveraging the RDC AI decisioning platform to offer credit in a way that aligns to the customers’ needs and expectations.

RDC's AI Decisioning platform harnesses the incredible potential of AI and combines it with industry expertise to create the ‘AI brain for a bank’. RDC is accelerating innovation in business lending to deliver transformational and sustainable long-term business success for customers.

Find out more https://www.richdataco.com/


About Ada Guan

Ada brings over 20 years’ global experience in financial services, software, and retail industries. 

Leading a Global Client Advisor team at Oracle Corporation, she advised board and C-level executives in large global banks on digital disruption and Fintech strategy, and drove Oracle thought leadership in banking digital transformation for Global Key Accounts. 

During her time at Westpac Bank in Australia, Ada implemented a multi-million dollar program to deliver a mission critical services layer for the Bank and formulated the IT strategy that formed the basis of the $800m investment program to transform Westpac’s Product and Operation division, and complete the merger with St. George Bank. 

Ada holds an EMBA from the Australia Graduate School of Management, and a Master of Computer Engineering from the University of New South Wales, Australia.

Datamesh - 12 months and a $30m Series A later!

Dexter Cousins invites Datamesh CEO Mark Nagy back on the show. Mark made his first appearance 12 months ago as part of our spotlight on the next wave of Aussie Fintech startups.

One year on from his debut Mark shares his tips on how Datamesh secured $30m Series A funding in the midst of the downturn.

Mark also shares his secrets for winning contracts with global clients like Deutsche Bank and how to expand an Aussie Fintech internationally.

You can check out our original podcast with Mark

Julian Fayad - LoanOptions

Julian Fayad is the founder & CEO of LoanOptions.ai.  Australia's first AI powered loan marketplace.

LoanOptions uses AI to match borrowers with the best loan options from over 75+ major banks and lenders to save them thousands of dollars and heaps of time with its one simple application form that does not impact the borrowers credit score. 

Julian represents the next generation of Fintech founder. He's a pioneer of artificial intelligence in the asset finance finance space. His love for technology  started from a very young age and he built many projects including an app that was deployed onto the apple app store at just 18 years old. 

Dexter and Julian talk about his experience as a first time founder, leadership lessons and how he has grown LoanOptions from a self funded Covid business to a profitbale Fintech scaleup now employing 40+ people.

Find out more https://loanoptions.ai

Downsizer Solving Housing Affordability in Retirement

Mark Macduffie joins Dexter Cousins on Fintech Chatter to discuss Downsizer, a platform that helps homeowners and retirees with enough equity in their current house buy their next house with zero cash deposit.

"If we can free up 1.7 million households, that has a cooling effect all the way down through the housing market." - Mark McDuffie


Downsizer solves the problem of housing affordability by qualifying retirees and downsizers using their proprietary technology to prove that they have sufficient equity to buy their next house. The platform aims to simplify the process for downsizers and help free up 1.7 million households in Australia.


Downsizer Helping Retirees and Homeowners:

About Mark Macduffie

Mark Macduffie is the co-founder of Downsizer, a unique blend of digital technology and a financial instrument that helps homeowners with enough equity in their current house buy their next house with zero cash deposit. 

Mark brings a wealth of knowledge and expertise to the Downsizer team.  A digital, data and innovation executive with 30+ years of experience delivering products and solutions in five countries across multiple business and financial sectors. 
 
Find out more: https://www.downsizer.com/

The Evolution of Insurtech: Ben Webster, AGILE

Dexter Cousins recently interviewed Ben Webster, the founder of Insurtech AGILE Underwriting, (a Lloyd's cover holder, MGA, and Insurtech company) on Fintech Chatter. Ben has been a pioneer in the industry and has built a reputation for his expertise in niche insurance markets. We discuss AGILE's unique approach to insurance, the challenges of distribution, and the future of the Insurtech ecosystem.

AGILE Model: Niche Insurance, Diverse Portfolio

AGILE specialises in niche insurance products, focusing on areas that are often overlooked or under-serviced by traditional insurers. Ben explains, "We work in really niche insurance markets, such as pilot personal accident insurance, wedding insurance, scaffolders insurance, vacant land insurance, and many more." This approach sets Agile apart from the mainstream insurance industry, which tends to focus on more common products like home and motor insurance.

When asked about the decision to focus on niche markets, Ben explains, "There are a lot of reasons for this, but one of the main ones is the diversity it provides. During the COVID-19 pandemic, while our travel insurance business suffered, our diverse portfolio allowed us to ride the wave and come out stronger. Additionally, at the heart of every insurance policy are similar fundamentals, such as insured parties, coverage periods, and events covered. Once you have these fundamentals in place, the individual rating factors for each product are what vary."

Overcoming Challenges in Distribution

One of the biggest challenges for any Insurtech company is distribution. Ben acknowledges this, stating, "Once you have the pipeline of finding capacity and building a product, the hardest problem is distribution." He goes on to explain that launching a product can take 18 to 24 months, and even after all the hard work, it can be met with silence. To overcome this, Agile has developed strategies to validate products early on and ensure there is a market demand. Ben also emphasizes the importance of brokers in their distribution strategy, as they play a crucial role in reaching customers.

The Entrepreneur Flying Under the Radar

Throughout the conversation, it becomes clear why Dexter Cousins considers Ben one of the most under appreciated entrepreneurs in the ecosystem. His ability to navigate the challenges of the insurance industry, his focus on building a strong company culture, a track record in bootstrapping and growing businesses and his resilience in the face of adversity are all qualities that set him apart. Ben's experience in the industry, from his early days at WorldNomads.com to his current ventures, has shaped his approach to entrepreneurship and has earned him the respect of his peers.

The Importance of Finding the Right Talent

Finding the right talent is another challenge that Ben has faced throughout his entrepreneurial journey. He explains, "Insurance is an incredibly siloed industry, and there is a gender imbalance in senior positions. We hire specialists, but we also look for generalists who can work across departments. We invest in training juniors to develop a well-rounded understanding of the industry. However, finding the right people is not easy."

Dealing with Failure and Moving Forward

Ben's journey has not been without its share of failures. The impact of the COVID-19 pandemic on his previous venture, Insured By Us, was particularly challenging. He had to make difficult decisions, including letting go of a talented team. However, Ben's stoic mindset and focus on what he can control helped him navigate through the tough times. He emphasises the importance of learning from failures and using them as stepping stones to future success.

The Future of Insurtech

Looking ahead, Ben believes that the Insurtech ecosystem needs to evolve at a faster pace. He highlights the need for regulatory changes to make it easier for startups to enter the market. Ben also sees potential in parametric insurance, which simplifies the claims process by providing predefined payouts based on specific events. He believes that this approach can help bridge the gap between insurers and customers, making insurance products more accessible and transparent.

In conclusion, Ben Webster's journey in the Insurtech industry is a testament to the resilience and innovation required to succeed in a rapidly evolving landscape. His focus on niche markets, commitment to building a strong company culture, and ability to navigate challenges have positioned AGILE as a leader in the industry. As the Insurtech ecosystem continues to grow, Ben's insights and experiences will undoubtedly shape the future of the industry.

Note: This article is a transcription of a conversation and includes direct quotes from Ben Webster. The views and opinions expressed in this article are those of the speaker and do not necessarily reflect the official policy or position of Fintech Chatter.

Xccelerating Fintech Innovation in Australia with x15ventures

Welcome to another Fintech Shot brought to you by Fintech Chatter, the show for all things Fintech Down under. In this episode, we are joined by Toby Norton-Smith of x15ventures to discuss the Xccelerate program and its focus on advancing Australia's transition to net zero. x15ventures is the venture arm of Commonwealth Bank, and their mission is to build, buy, and invest in ventures that can scale through access to the assets of CommBank. With a portfolio of eleven companies, x15ventures is making significant progress in the fintech space.

The Xccelerate program, which has been running since the launch of x15ventures, is designed for earlier stage ventures that are not yet ready for the heavy handling involved in plugging into ComBank's distribution network. The program helps these startups explore the potential for enterprise partnerships and provides guidance on becoming enterprise-ready.

The Opportunities and Challenges of Partnership with Banks

Partnerships with major banks are often seen as the holy grail for fintech startups, offering access to a large customer base and potential scale. However, Toby Norton-Smith cautions that there are trade-offs involved in such partnerships. He emphasises the need to set realistic expectations and highlights the regulatory scrutiny that banks face, which startups must also adhere to when working with them. Norton Smith explains, "You effectively sign up to the same standards of risk management and compliance that banks face."

He also acknowledges that not all startups are ready for or interested in corporate partnerships, as some founders prefer to build their ventures independently. However, for those who see the value in such partnerships, Norton-Smith believes there are significant benefits to be gained. He notes that corporates, including banks, have an appetite to do more in the climate tech space but often need help with measurement, traceability, and finding the right solutions for their specific industries. This presents an opportunity for startups to provide the expertise and tools that corporates require.

Accelerating Australia's Transition to Net Zero

This year, the Xccelerate program has a specific focus on climate tech and aims to help advance Australia's transition to net zero. Norton-Smith highlights the nascent nature of the climate tech market in Australia, with over 200 startups established since 2020, the majority of which are still at the seed or Series A funding level. He sees a significant need for investment and customers in this space, which corporates, including banks, can help address.

Norton-Smith explains, "There's a huge requirement for capital to be deployed into the economy to help in a shift towards net zero. Banks obviously have an interest in doing that well, but they can't do it if they don't have partnerships with players who can help with measurement, generation of credits, traceability, and all the things that are needed to ensure that capital is deployed effectively."

Profiles of Startups and Founders for the Xccelerate Program

The Xccelerate program is open to pre-Series A startups that are looking for more than just investment and are open to the possibility of working closely with corporates. Norton Smith suggests that startups in the climate tech space, particularly those with a focus on measurement, traceability, and industry-specific solutions, would be a good fit for the program. He encourages founders to apply and emphasises the value of the application process in sharpening their own propositions.

Success Stories and the Commitment to Fintech Innovation

Last year's Accelerate program saw the success of Paytron, a fintech startup that was later acquired by OFX. While Norton Smith acknowledges that x15ventures cannot take credit for Paytron's success, he believes that the program played a role in preparing the startup for corporate partnerships. He shares that success does not always mean plugging into ComBank's customer base but can come in various forms.

Norton-Smith reiterates x15ventures' commitment to the fintech community in Australia. He highlights their role in providing over 200 jobs for talent and partnering with fintech companies, both consumer-focused and B2B2C. He also mentions the increasing investment from Commonwealth Bank, which demonstrates the alignment of interests and the long-term vision for x15ventures.

Apply to the Xccelerate Program

The Xccelerate program by x15ventures continues to support early-stage startups in exploring enterprise partnerships and becoming enterprise-ready. This year's focus on climate tech aligns with the growing need for capital and solutions to advance Australia's transition to net zero. It also aligns with our own research indicating ESG is a huge opportunity for Fintech startups.

With increasing investment and strategic alignment with Commonwealth Bank, the future looks promising for x15ventures and the startups they work with. With their commitment to the fintech community and increasing investment, x15ventures is well-positioned to continue to drive and support fintech innovation in Australia.

You can find out more about the program https://www.x15ventures.com.au/xccelerate