Fintech is only 1% Finished - David M. Brear 11:FS

Welcome back to Fintech Chatter Podcast! In this episode your host Dexter Cousins invites guest No2 back onto the show.

David M. Brear is CEO of 11:FS Group and 11:FS Holdings. The award winning digital consultancy has built digital banks all over the world and through 11:FS holdings, David and the team are finally going to build the next generation of financial services, this time for their own company!

Having first appeared on the show in January 2020, David and Dexter talk about the evolution of fintech, the challenges facing the fintech industry, and the future of digital banking.

They also discuss the impact of AI on the consultancy model, the importance of understanding customer insights to drive innovation, plus the current state of fintech in the UK and Australia.

David also reveals his new favourite hobby, the increasing role of influencers in fintech media and his personal health challenges that have him more motivated than ever.

Chapters

00:00 Introduction
01:16 About 11:FS
03:05 Changing the Fabric of Financial Services
17:20 Regulatory Challenges and Market Dynamics
23:07 The Future of UK FinTech
26:00 Maturity Challenges in FinTech
29:05 Emergence of Influencers in FinTech
33:26 The Power of Podcasting in FinTech
38:13 The Reality of FinTech Media
41:54 Cult of Personality in FinTech
48:55 Building 11FS Holdings
54:30 Health, Work, and Life Balance

For more information on 11:FS - https://www.11fs.com/

Listen to Fintech Insider Podcast - https://content.11fs.com/podcasts

From First Line of Code to $30m Series C - Josh Foreman, Indebted

Dexter Cousins recently caught up with Josh Foreman, CEO of Indebted to discuss their global expansion and recent Series C capital raise.

Josh first appeared on the show in 2020 and he shares the lessons he has learned from writing Indebted's first line of code to launching in 7 countries!

In this catch up we discuss the evolution of the debt collection industry, the challenges of consumer fintech, and how Indebted are building the infrastructure for Credit.

We also talk about the impacts of AI on their operations, and the strategic decisions that have led to their expansion into multiple markets.

Foreman also shares insights on the future of credit infrastructure and the lessons learned throughout his entrepreneurial journey.

Highlight

My favourite insight from the chat with Josh is the critical role of intuition in entrepreneurship. Listen in from the 35 minute mark for some great insights by Josh.

Chapters

00:00 Introduction to Indebted and Its Mission

03:04 The Evolution of Technology in Debt Collection

09:08 Disrupting Traditional Debt Collection Models

15:00 The Future of Credit Infrastructure

18:03 Lessons Learned and Strategic Insights

30:42 Scaling a Global Business

35:59 The Role of Intuition in Decision Making

39:00 Raising Capital in a Challenging Environment

45:41 The Future of Fintech and AI Innovations

Find out more about Indebted - https://www.indebted.co/careers/

You can find previous episodes with Josh -

2020 - https://tieronepeople.com/2020/11/11/josh-foreman-indebted-fintech-australia-podcast/

2022 - https://youtu.be/iA0j-yejKDQ?si=ibKW4oNXZUxHaJpg

Antony Jenkins On The Future Of 10x Banking

Dexter Cousins interviews Antony Jenkins, the CEO and founder of 10X Banking, the core banking platform that makes banking ten times better.

Antony Jenkins on The Future of 10x Banking

Antony stands out in Fintech as the global CEO of Barclays who decided to start a fintech. Tune in for a deep dive into the challenges of core banking, the outdated technology in the banking sector, and how 10X Banking helps banks like Westpac and Chase innovate fast and move into the future.

We talk about fixing the banking technology silo problem, Antony's transition from a large bank to a startup, and his approach to creating a high-performance culture within 10x and how it differs to running a global bank.

Antony also shares his thoughts on the future of 10x Banking, fintech more broadly and the opportunities in the Australian market (and their partnership with Constantinople.) Plus we get his expert advice for any banking professional considering a move to fintech.

Find out more https://www.10xbanking.com/

"We can still have a positive impact in the world."
Antony Jenkins - 10x Banking

Chapters

00:00 From CEO to Fintech Founder
02:55 The Challenges of Core Banking
05:48 Defining the Problem in Banking
09:12 Building a Technology Solution
12:07 Navigating the Transition to Fintech
18:18 Creating a High-Performance Culture
27:28 The Future of Fintech
30:18 Opportunities in the Australian Market
31:42 Career Advice for Bankers

Building an API Services Hub for Fintechs

Julian Fayad of LoanOptions.ai chats about Synapses, an API services hub for Fintechs

In this episode of Fintech Chatter, Dexter Cousins interviews Julian Fayad, CEO of LoanOptions.ai about the challenges and advantages of bootstrapping a fintech company from the ground up.

Having experienced the challenges first hand, Julian has built Synapses, an API Services Hub for Fintechs.

LoanOptions.ai aims to revolutionise the loan application process. Julian shares insights into how they’re using AI to build a mobile first loan application process.

Julian first appeared on the show in 2023. We chat about his progress and the lessons he has learned over the past two years. Julian also talks about the transition from a broking business to a technology-focused company, and the launch of Synapses, the API services hub for Fintech!

We also discuss the launch of HAILO and LoanOptions.ai, expansion into New Zealand and future plans for market expansion into the US and UAE.

Find out more: https://loanoptions.ai

Chapters

00:00 The Bootstrap Journey of a Fintech Founder

02:12 Innovating the Loan Application Process

10:45 Transitioning from Broking to Technology

18:04 Launching New Products and Partnerships

25:49 Building an API Services Hub for Fintechs

26:48 Navigating B2B Partnerships and SaaS Pricing Strategies

32:05 Transitioning from Brokerage to Tech: Lessons Learned

35:21 Building a Cohesive Team and Company Culture

39:47 Innovative Talent Acquisition Strategies

41:45 Valuable Lessons in Business Partnerships

46:22 Expanding Horizons: New Markets and Future Plans

The Journey of Athena

Michael Starkey and Nathan Walsh, Co-founders of Athena Home Loans share their remarkable journey!

In this episode of Fintech Chatter Dexter Cousins chats to Nathan Walsh and Michael Starkey, Co-Founders of Athena Home Loans.

Making their long awaited return to the show, Nathan and Michael discuss their journey over the past four years,and the insane challenges they’ve had to navigate as interest rates rose rapidly and funding markets dried up.

According to Wikipedia Athena was the patron goddess of heroic endeavor; she was believed to have aided the heroes Perseus, Heracles, Bellerophon, and Jason. She may have also aided Michael and Nathan over this last few years!

https://youtu.be/a4i8wXv72xo

We ask Nathan and Michael the tough questions like how do you compete with banks, balancing technology with regulatory requirements, navigating the rapid interest rate rises since 2022, and the importance of partnerships.

Nathan and Michael also share their secrets to building a resilient team and maintaining a strong company culture as they aim for the next stage of growth and innovation in the home loan sector.

"This is now an execution story."
Nathan Walsh - CEO, Athena Home Loans

Chapters

00:00 Introduction to Athena Home Loans
03:38 Founding Story and Vision
05:48 Tech Fin vs Fin Tech: Athena's Position
07:32 Navigating Regulation and Compliance
11:48 Challenges of Distribution in a Fragmented Market
13:34 Impact of Interest Rate Rises
19:45 Lessons from Big Banks
23:23 Partnerships and Growth Opportunities
29:29 Cultural Alignment in Partnerships
31:41 Frameworks for Evaluating Partnerships
33:47 The Journey of Co-Founders
37:59 Attracting and Retaining Talent
40:51 Navigating Growth and Change
45:09 Reflections on Past Experiences
48:40 Future Aspirations and Growth

Fintech's Most Ambitious Startup - Constantinople.

In this episode of Fintech Chatter, host Dexter Cousins speaks with Di Challenor and Macgregor Duncan, co-founders of Constantinople, about their journey in building the Operating System for banks.

About Constantinople

Constantinople is the most ambitious startup in Fintech, tackling the most complex problem in Fintech, rethinking how banks become fully digital. Constantinople is a banking operating system, the AWS for banking, managing all infrastructure and operational aspects of a bank: from Customer experience, Banking products to Features, Risks etc.

How Do You Build A World Class Fintech From Sydney?

Tune in as Mac and Di discuss the challenges of building a global fintech from Sydney. They share their secrets to winning banking clients, the importance of establishing trust, and the strategies behind their successful capital raising efforts.

We revisit our first interview in 2023 and talk through the challenges and learnings of the past two years. As they look to the future, they share their vision for Constantinople and the endless quest for excellence.

Chapters

00:00 Introduction to Constantinople
04:09 The Evolution of Banking Technology
07:17 Challenges in Client Acquisition
10:10 Building Trust and Credibility
12:53 Creating a New Category in Banking
16:04 Navigating Capital Raising
19:03 The Importance of Execution
25:02 Scaling the Business
34:08 The Importance of Documentation in Scaling
36:49 Driving Excellence in Early Stage Companies
42:45 Commitment to Excellence: Attracting the Right Talent
49:07 Identifying and Filling Skill Gaps
53:15 Future Vision: Building a Multi-Tenanted Banking Platform

RedBelly Network The FUTURE of Fintech TODAY

Vincent Gramoli

Dexter Cousins invites Vincent Gramoli, founder and CTO to talk about his innovative work at RedBelly Network.

Vincent charts his journey in the blockchain environment from academia to entrepreneurship.

He outlines the innovative approach RedBelly Network takes towards the tokenisation of real-world assets and the need for collaboration between Tradfi and Defi.

Vincent shares insights on blockchain technology safety measures, the importance of compliance, and how he sees the future of fintech in Australia.

About RedBelly Network

Redbelly Network is a team of innovators, engineers, and visionaries committed to building a secure and inclusive blockchain ecosystem.

They believe in the power of collaboration — within both their team and the global community, working towards reshaping the future of finance and technology.

About Vincent Gramoli

Vincent Gramoli is the Founder and CTO of Redbelly Network and the Head of the Concurrent Systems Research Group at the University of Sydney.

Vincent has chaired the Cybersecurity Committee for the Computing Research and Education Association of Australasia (CORE) and the Blockchain Technical Committee for the Australian Computer Society.

His accolades include the Digital National Facilities & Collections Award from CSIRO, the Best Paper Awards at ICDCS’21, IPDPS’22, ICDCS’22 and DSN’24 for his research on blockchains

He received the Education Leader of the Year Award from Blockchain Australia and the Future Fellowship from the Australian Research Council.

Vincent has been affiliated with INRIA, Cornell, Data61 and EPF.

Key Takeaways

RedBelly Network aims to provide a compliant blockchain solution for traditional finance.
The company focuses on tokenising real-world assets to lower barriers for retail investors.
Safety measures include linking accounts to real-world identities to ensure accountability.
The collaborative approach to scalability is a key feature of RedBelly Network's technology.
Commercialising innovation in Australia can be a lengthy process due to regulatory hurdles.
Emphasising the importance of learning business skills for tech founders.
Building stong networks is crucial for finding talent in niche markets.
Investor interest in compliant asset tokenisation is growing.
RedBelly Network aims to reduce transaction fees by maintaining a fixed fee structure.

Sound Bites

"We're entering a new era with tokenisation."
"I had to learn the business side of things."

Chapters

00:00 Introduction to Vincent and Red Belly Network

05:27 Navigating Regulation in Blockchain

08:58 Tokenisation of Real-World Assets

12:08 Safety Measures using Layered Technology

19:33 Transitioning from Tech to Business

24:36 Hiring the right Talent

27:19 The Challenge of Funding

30:51 Reducing Fees for Consumers

34:30 The Pro-Crypto Movement

39:23 Learning from TradFi for Future Innovations

41:33 Future Plans for RedBelly Network

Augmenting Offshore Teams with AI for Hyper Scale.

Dexter Cousins speaks with Simon Lee, founder of Teamified, about the transformative role of AI and offshore teams in Fintech startups.

Tune in as they discuss tactics on how to build and rapidly scale a Fintech startup by harnessing an offshore workforce augmented by AI and AI Agents. Using real life examples and clients Simon and Dexter share their expertise on how to launch and scale a Fintech without the need to raise $millions.

What does this mean for venture capital and the evolving landscape of entrepreneurship in Australia?

Simon unveils the Teamified platform and the impact of AI on the hiring process. And they also debate the concept of Fractional Executives and why they may not be the right solution for Fintech startups.

There's also a breakdown of the jobs most at risk in this rapidly changing digital landscape.

Simon shares his insights on building businesses and Dexter poses the Billion dollar question 'how he would build a startup in 2025 with just $5000!'

AI and Remote Work discussion points

AI is significantly reducing hiring times and costs.
Offshoring talent can provide access to specialised skills not available locally.
The traditional path to entrepreneurship is changing with technology.
AI is not just a tool; it's a game changer for startups.
Health and well-being are crucial for sustained entrepreneurial success.
The rise of AI will democratize business opportunities.
Every SaaS application needs to be rethought in the age of AI.

Chapters
00:00 The Power of AI in Startups
02:59 Teamified's Unique Approach to Recruitment
06:03 Offshoring and Remote Work Dynamics
09:04 The Impact of AI on Hiring and Recruitment
11:23 The Evolution of the Job Market
14:06 Democratizing Entrepreneurship with Technology
17:12 AI Agents: The Future of Business?
20:15 Optimizing Outsourcing Functions
23:14 The Future of Recruitment and AI Tools
29:52 The Future of Executive Roles in a Changing Landscape
37:16 The Reality of Work: Expectations vs. Performance
40:15 Prioritizing Health: A Shift in Perspective
43:02 Passion vs. Burnout: The Balancing Act
44:38 The Impact of AI on Business and Employment
46:07 Democratisation of Business: Opportunities for All
48:45 Starting a Business with Limited Resources

Find out more - https://teamified.com.au

The Spriggy Story: The Process To Get One Million Customers.

Alex Badran, Spriggy

The Spriggy story returns to Fintech Chatter Podcast. Five years after his debut, our most-requested guest ever is back sharing his path to one million customers.

Dexter Cousins chats to Alex Badran, the founder of Spriggy, a fintech app designed to help parents teach their children about money management.

Reaching One Million Customers

Spriggy reached the very high bar of one million customers in back in 2022. A massive accomplishment for any Australian consumer focused Fintech App.

This isn't just another success story - it's a masterclass in scaling consumer fintech in a challenging market.

Alex shares his decade-long journey with Spriggy, how they've grown to 1.2 million users, and the importance of real-world financial education for kids.

Join us as Alex walks us through the process of building a category and product that has captured the hearts and minds of millions of Australian families.

Favourite quotes

"We created a category that didn't exist before."

"You can't outsource growth to a partner."

"Your ability to learn is what matters."

Chapters

00:00 Introduction and Background of Spriggy

03:58 The Problem Spriggy Solves

07:13 Understanding User Needs and Early Development

10:10 Adapting to Growing Users and Changing Needs

13:07 The Impact of Technology on Kids' Financial Education

15:57 Growth Strategies and Market Positioning

19:12 Partnerships and Their Role in Growth

22:12 Lessons Learned and Personal Growth as a Founder

29:10 The Importance of Learning and Enjoying Work

30:59 Authenticity in Leadership

33:33 Navigating Team Dynamics and Cohesion

37:00 Adapting to Economic Changes in Hiring

41:49 Future Vision for Spriggy

47:28 Behavioral Education and Parenting

51:56 Podcast intro vid no audio.mp4

About Spriggy

Spriggy is Australia’s #1 Pocket Money app that helps kids learn about money. Spriggy was founded in 2016 with a clear mission to help parents teach their kids about money.

We believe that financial literacy is a crucial life skill, one that lays the groundwork for a secure and confident future.

By learning how to manage money from a young age, kids are empowered to make informed financial decisions as they grow, mastering everything from saving and spending to setting goals and budgeting.

Download Spriggy

Explore Careers at Spriggy

Sean O'Malley, AMP Bank - Evolving Small Business and Personal Banking

Sean O'Malley - AMP Bank

Dexter Cousins welcomes Sean O'Malley CEO of AMP Bank for his Fintech Chatter debut.

It has been a BIG week for AMP Bank as they launched their new digital mobile-first bank aimed at helping small business owners manage their business and personal finances.

Dexter and Sean discuss the role of technology in modern banking and how an established financial institution tackles innovation.

Sean and Dexter uncover AMP’s extensive research on the needs of small businesses and the need for more human support in banking. Sean also shares the thesis on the problem they’re solving and the rapidly evolving nature of how, when and where people work.

And, Sean shares his secrets to successful partnerships showcasing their relationship with UK Fintech Starling Bank and their ‘Engine’ platform.

About Sean O’Malley

Sean O’Malley was appointed the Group Executive of AMP Bank in September 2021, after 11 years at AMP.

He is responsible for the management and growth of AMP Bank, delivering its future growth strategy, uplifting its digital capability and ensuring the ongoing delivery of high-quality products and services to customers.

He has over 25 years of experience in delivering enhanced business results, predominately in the financial services industries.

About AMP Bank

AMP Bank is aiming to disrupt the small business banking market in Australia. They have launched a fully digital, 24x7 human-supported, full-service Bank to help serve the needs of the Australian small business community.

They aim to help Small businesses get started, survive and thrive, embracing the challenge of bringing new thinking, new ways of working and new bold ideas to a 26 year old Bank, inside a 175 year old Super & Wealth business.

Key Takeaways

AMP Bank has launched a fully digital offering for small business owners.
The future of work is evolving, with more emphasis on gig and flexible employment. Sean sees continued growth in small and micro businesses as a result.
The banking industry faces challenges in balancing innovation and risk management.
Brand reputation is crucial for banks, especially in the digital age.
Curiosity and a willingness to learn are key traits for success.
AMP Bank is focused on building a customer-centric culture.
Partnerships are vital for delivering innovative banking solutions.

Chapters

00:00 The Launch of AMP Bank's New Platform

03:39 Targeting Small Businesses & Personal Banking Customers

06:03 Insights on the Future of Work

11:13 Viewing Business Failures as Learning Opportunities

14:18 Embracing the Challenges of Modern Workforces

17:31 Lessons from Fintech Startups and Neobanks

23:00 Navigating Change and Innovation at AMP

27:28 The Importance of Strategic Business Relationships

31:53 Risk Management in Fintech Partnerships

35:58 Talent Acquisition and Staff Retention

38:59 Managing Stress and Building Resilience

43:50 Future Outlook for AMP Bank

Revolut's Path to 50 Million Customers

Matt Baxby - Revolut

Dexter welcomes back friend of the show, Matt Baxby, CEO of Revolut Australia, to talk about their remarkable growth to 50 million customers globally.

It’s been five years since Tier One People placed Matt into the Country CEO role at Revolut. Matt shares his journey over the last five years, discusses the challenges and strategies involved in building a digital bank in Australia, the importance of reaching profitability, and the unique approach Revolut has taken to integrate technology with consumer needs.

Matt shares his insights on leadership, team building, and the future of consumer banking with Dexter.

About Revolut

Launched in 2015. Revolut's global mission is for every person and business to handle their money in just a few taps, removing the friction that gets in the way of your money goals.

Revolut delivers faster, better, smarter products to lover 50 million customers across the globe.

The Revolut platform gives you access to investments and your money effortlessly and across borders.

About Matt Baxby

Matt is a strategic and people-oriented leader with diverse experience across consumer-facing businesses facing disruption or significant regulatory change.

He has broad finance services sector experience - particularly consumer banking - from start-ups to an ASX-listed company with an established market position.

Matt embodies the entrepreneurial spirit from a decade with the Virgin Group combined with the discipline and scaled leadership as the Group Executive - Retail Banking and then Group CFO of the Bank of Queensland.

Key Takeaways

Revolut aims to be a single place for managing financial life.
The company has grown to over 800,000 customers in Australia.
Revolut has achieved profitability at both group and local levels.
Building a strong local team is crucial for success in new markets.
The fintech landscape is maturing, with significant challenges for startups.
Australia's remittance market presents a unique opportunity for Revolut.
A strong focus on technology and innovation is essential for differentiation.
Leadership qualities include action orientation and adaptability.
The importance of a clear strategy in a fast-paced environment.
Talent acquisition is critical for long-term success.

Chapters

00:00 Introduction

00:41 Revolut's growth over the past decade

02:28 Profitability and Financial Milestones

05:14 Building a Digital Bank: Lessons Learned

09:58 Opportunities in the Australian Market

10:53 Remittance Flows and Market Disruption

12:19 Future Product Offerings with a Banking License

17:29 Matt's Unique Journey in Fintech

24:31 Building a Cohesive and Effective Team

29:30 What is the BIG Opportunity for Fintech in 2025?

32:13 Looking Ahead: Revolut's Future in Australia

Links & Resources:

Visit Revolut website
Connect with Matt Baxby
Connect with Dexter Cousins
Learn more about Tier One People

The Future of Cross-Border Payments

Tristan Dakin - Wise

About this Episode

Dexter Cousins welcomes Tristan Dakin, Country Manager at Wise on this week's Fintech Chatter Podcast. They chat about the innovative solutions Wise provides in the payments technology space and the complexities of instant payments. Tristan speaks about the company's growth and the challenges of operating in a highly regulated environment.

He shares insights into Wise's culture, the importance of transparency in financial services, and the future of fintech in Australia.

About Wise

Wise launched in 2011 making international money transfers cheap, fair, and simple their Vision. Today, their multi-currency account helps millions of customers and businesses manage their money globally.

Their story started in London with Taavet (paid in Euro's) & Kristo (paid in Pounds) solving the issue of making money in one country but needing to meet payment commitments in their home country. Expensive fees and bad exchange rates each month led them to make a simple workaround. Taavet would pay Kristo's mortgage in Estonia and Kristo would pay him back in pounds.

No waiting, no stress, and no extra cost, they quickly realised that they had hit upon a great idea and TransferWise was born. They have since added a multi-currency account, a debit card, and a business account, and changed their name to Wise.

About Tristan

Tristan joined Wise in 2020, and since 2022, has been leading Wise in Australia and New Zealand as country manager. Before joining Wise, Tristan worked in the financial services industry, including Lombard Securities in the UK.
He is skilled in FX, Banking, Management, Financial Markets, Trading, Structured Products and Derivatives, and Financial Risk.

Key Takeways

Wise aims to build the best way for people to move money globally.
The company focuses on transparency in fees and payment processes.
Instant payments are achieved through advanced technology and infrastructure.
Wise's growth has been significant, with millions of active customers.
The complexity of regulatory compliance is a major challenge for fintechs.
Tristan's background in financial services shaped his approach at Wise.
The culture at Wise emphasizes autonomy and problem-solving.
Australia's fintech landscape is evolving, with increasing competition.
Regulatory changes could enhance transparency in the financial sector.
Wise is committed to empowering customers and improving financial services.

Chapters

00:00 Introduction to Fintech Chatter and Wise

01:15 Wise's Mission and Products

03:27 Challenges of Cross-Border Payments

07:09 The Complexity of Instant Payments

09:10 Wise's Growth and Market Presence

10:54 Wise's Centralised Infrastructure and Competitive Advantage

12:32 Australia's Unique Remittance Landscape

13:18 Tristan's Background and Attraction to Wise

16:25 The Role of Country Manager at Wise

17:55 Inspiration and Motivation in Fintech

19:43 Cohesion and Culture at WISE

26:51 Navigating the FinTech Landscape in Australia

30:18 The Future of FinTech: Trends and Innovations

38:36 Download the Wise App

Links & Resources:

Visit Wise website
Connect with Tristan Dakin
Connect with Dexter Cousins
Learn more about Tier One People