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.
In episode 175 Dexter is joined by a returning guest, Patrick Coghlan of CreditorWatch, a leading Australian data and technology company offering a complete suite of credit reporting products and data insights covering the entire customer lifecycle.
Patrick is the CEO of CreditorWatch. In 2010, he became one of the three founding employees of CreditorWatch. He was appointed CEO in December 2018.
Patrick is a specialist commentator on issues in the credit industry and regularly appears in the media as well as presenting to corporate and government stakeholders. He has played an integral role in transforming the approach to the management of B2B credit risk in Australia.
Patrick has led the development of CreditorWatch’s values and team-spirited culture, as well as driving the company to considerable growth. He has a Bachelor of Arts from Sydney University and is a graduate of the Australian Institute of Company Directors.
CreditorWatch is a leading Australian data and technology company that provides businesses with access to unique data and innovative products. By using our platform, our customers can confidently manage their commercial relationships, improve productivity and reduce financial risk.
As a commercial credit reporting bureau, CreditorWatch offers a complete suite of credit reporting products and data insights covering the entire customer lifecycle, from customer onboarding and credit decision automation to credit risk management and automated collections.
Dexter Cousins is joined by Sharon Nouh, Founder and CEO of Prospend in episode 175 of Fintech Chatter.
Prospend automates and digitises all of the business spend processes for businesses. They build next-generation finance tools that empower businesses to make proactive financial decisions while also enabling their people to be more productive.
Throughout ProSpend's journey, Sharon has maintained a laser focus on solving challenges for mid to larger businesses and has competed with global players. ProSpend is now recognized as a world-class solution with more than 600 customers, reflecting Sharon’s understanding of customer needs and her ability to provide solutions that address real problems.
Sharon pioneered the expense management market in Australia by developing and launching the first locally built expense management platform. At that time, expense management technology was in its infancy.
Although the original version was simple, it provided a powerful alternative to businesses managing their processes manually.
However, Sharon didn't stop at automating expenses. She foresaw a desire among businesses to automate all their spending processes within a unified platform. Two years later, she incorporated accounts payable automation into the platform, establishing herself as a global pioneer in this technology, not just in Australia.
Sharon, who has a deep understanding of the intricacies of financial technology, has been able to leverage and develop technology that addresses real business problems, as opposed to merely following trends.
Sharon's journey as a female entrepreneur in the predominantly male fintech sector has had its challenges. In the early days, she faced difficulties securing venture capital funding due to a lack of confidence and role models for female tech entrepreneurs. The company's growth is a testament to her unwavering belief in her vision and her dedication to success. She is passionate about fostering diversity in the fintech sector and hopes her story will inspire and encourage more women to pursue fintech careers.
Sharon's leadership has been pivotal in guiding ProSpend's growth and development. She has displayed her ability to inspire and lead a team, navigate challenges, foster a positive work culture, and adapt to changes in the fast-paced fintech landscape.
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
Dexter Cousins is joined by Police Bank CEO, Greg McKenna on episode 173 of Fintech Chatter Podcast.
Dexter and Greg talk through the mutual banking model, the synergies with Fintech and the BIG opportunity for the next wave of Aussie startups like Constantinople.
Greg also shares Police Banks own digital transformation journey and how leveraging the talent and the tech from Fintech's like 86 400 is helping mutual banks compete.
About Police Bank - Police Bank is run by members for members. That means we'll do more than any other bank to support you and those you care about. There are no external shareholders to influence the course of our activities. Profits are returned to Members in the form of better interest rates, products and services.
Lendi Group Co-founders David Hyman and Sebastian Watkins join Dexter Cousins for this special episode of Fintech Chatter Podcast.
Celebrating the 10 year anniversary of Lendi, David and Sebastian share their incredible journey of meeting after Uni and becoming serial entrepreneurs.
David and Sebastian are two of the smartest, humblest and likeable Fintech founders you will ever meet! They intentionally keep a low profile so we are delighted to bring you this exclusive interview and glimpse into their amazing journey together.
"If Product is King. Distribution is God"
David Hyman - Lendi Group
Lendi Group is Australia's fifth largest distributor of mortgages and processes an astonishing $30bn of home loans each year!
From meeting each other in their first job out of uni, borrowing money from their parents to start their first business together, to a successful exit with Living Social and then taking on Australia's Big 4 Banks in the housing market, David and Sebastian share their remarkable journey together.
Make sure to tune in as David and Sebastian share their insights and tips on bootstrapping, raising capital and blitz scaling!
You can find out more about Lendi - https://lendigroup.com.au/
In this special episode Dexter Cousins chats with Jenny Li and Giles Bourne of Scalare Partners.
We are seeing a rapidly growing gap in the technology capital eco-system, abandoning early-stage founders exactly when they need access to funding the most. Scalare Partners aims to bridge this gap, helping ensure the best tech innovators can change the world.
Giles and Jenny share their expertise sharing insights on what investors are looking for when assessing opportunities. They also share top tips and advice on how to run lean and increase revenue.
We fund exceptional game-changers from diverse backgrounds who are preparing to disrupt globally to enable a smarter, cleaner, more connected future.
https://www.scalarepartners.com/
About Giles Bourne:
Giles is an experienced ASX and private company Director & Executive, passionate about bringing disruptive technology IP to the world.
Recognised as a commercial leader in technology start-ups and scaleups, he brings more than thirteen years’ experience as Managing Director of a unique ASX-listed entity in the hi-tech semiconductor field, developing breakthrough solutions for laser diodes, LEDs and microLEDs. Operating in bleeding-edge technology arenas has enabled Giles to work with a range of global market leaders - from the brightest scientists to global tech companies, high net worth and institutional investors, advisors, and entrepreneurs.
About Jenny Li:
Jenny is a strategy-focused and results-orientated finance leader, with more than 15 years’ experience in improving financial governance, working in and advising multinational businesses to high-growth start-ups undertaking rapid change and growth.
During her time with RISQ Group, a local business with less than 20 employees operated in Australia expanded to 6 countries within 8 years hiring more than 250 employees, Jenny as the Finance Director of the company is responsible for establishing and leading the finance function, driving continuous improvement through increasing operational efficiency and growth margin, leveraging financial system for scale, leading new business initiatives, and building long term cross-cultural and professional relationships with key stakeholders internally and externally.
Stockspot has received a $28m strategic investment from Mirae Asset.
Mirae Asset is a global asset manager with more than USD $548 billion in assets under management around the world. The investment will allow Stockspot to further enhance technology and service for clients.
Chris Brycki joins Dexter Cousins to talk about the raise and how his long term approach to building a business has paid off. Applying the same principles to his business as he does to investment portfolios, Chris has managed to build a highly respected business in ten years.
Stockspot has one of the best content marketing strategies out there and Chris shares his practical tips to grow revenue and find investors during an economic downturn.
You can find out more https://www.stockspot.com.au/
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.
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/
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 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."
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.
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.
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."
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.
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.
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.
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.
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."
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.
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.
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
"The metaverse is going to be built with an identity layer and a value layer, making it a safer and more secure place to do business."
- David Birch
It's hard to cut through the hype and tripe of the Metaverse. In this episode Dexter Cousins chats to David Birch to define Metaverse and explore what it actually means for the future of money.
What they unpack is an exciting and tangible new internet that holds incredible potential for Fintech businesses, individuals, and society as a whole.
David Birch is an author, advisor, and commentator on digital financial services. He is the author of several books, including "The Currency Cold War", "Identity is the New Money" and "Before Babylon, Beyond Bitcoin." Birch is known for his expertise in digital identity, digital money, payments and the future of money.
"Tokenisation is going to be much bigger than Blockchain."
- David Birch
David Birch defines the metaverse and its potential impact on financial services. He shares his journey of exploring web 3, the metaverse and digital identity writing a research paper and book on the topic with Victoria Richardson.
David explains the difference between virtual worlds, gaming and the metaverse, emphasising web 3 is essentially the infrastructure of the metaverse. What makes the Metaverse compelling is the concept of property ownership via tokenisation, digital wallets and digital identity.
David also highlights the potential for tokenisation leading to vastly reduced transaction costs and increased security. And a key reason why major banking institutions are taking tokenisation and stable coins very seriously. David also discusses the role of AI and smart wallets in shaping the future of financial transactions for society, acting as a personal financial advisor and handling every day transactions.
Thanks to PayEd https://payed.biz/ for bringing you this podcast. You can catch David Birch in person at the following events:
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