Tag Archives: Incumbents

LFP180 – Ever-More Sophisticated Fintech Propositions – Inventory Monetisation w/Alessandro Zamboni CEO Supply@Me

Fintech is increasingly getting well beyond providing the simplest of transactions and deep into the complex end of FS. Supply@Me Capital are listed on the UK Stock Exchange and recently acquired Singaporean firm Tradeflow Capital.  They provide inventory financing by securitising manufacturers’ and trading firms’ inventory in a very interesting fashion leading to a new investable asset class and better funding for the businesses.

The LFP has covered various forms of Trade Finance in the past from financing suppliers to financing purchasers – in effect financing goods in transit – and all sorts of invoice discounting. However we have never before had a Fintech who promises to finance unsold goods in the warehouse.

In this episode CEO Alessandro Zamboni guides us through the evolving structures that Supply@Me provides via it’s platform – the motivation of which is once again to expand the range of capital providers to business by making previously uninvestable asset classes investable thereby providing a good deal for both parties and a turn for the platform in the middle.

Topics discussed include: Continue reading

LFP179 – Global Insuretech & The Underserved Small Business Insurance Market w/Jay Bregman CEO Thimble

Two topics this week… What are the major trends in Insurtech in the US, UK, Europe and China? Secondly Small Business insurance, general liability professional liability insurance and so forth can be hard to acquire at commercially sensible terms and thus many contractors or home repair folk end up giving up on potential work as a result. 

Jay is a great guy to cover both of these topics – not only is he a successful serial entrepreneur having previously created Hailo (sold to Daimler) and eCourier (sold to the Royal Mail) but Thimble has already done  $175bn of coverage (which sounds like a lot to me). They were recently named as Fast Company’s 2021 #1 Most Innovative “Small and Mighty” Company. Which is impressive.

Insurance is being sliced and diced into ever smaller pieces something which can only help the little guy and small businesses who have been so hard hit by governmental policies which for a year titled the competitive table massively in favour of BigCos. Thus we have yet another example that the apparently dull world of FS and insurance is actually the oil in an engine without which the engine cannot function. Or put another way fixing this problem is a great way to increase economic growth and improve the lives of both suppliers and consumers.

Topics discussed include: Continue reading

LFP174 – The Huge Success of Digital Wallets and their Future w/Bjorn Goss CEO Stocard

Stocard are perhaps Europe’s most successful Fintech measured by numbers of users – they have over 60 million users of their App (which gets 4.7* on Google Play) and process an amazing 2 billion transactions per annum – a phenomenal achievement. Their users save some 2-5% on average on their shopping and in some countries up to 20% of the population use Stocard for their daily shopping :-O

But what are Digital Wallets? What are their use cases?

Where are Digital Wallets going in the future? Will they keep encroaching further into retail Financial Services as a whole?

There is perhaps no-one better placed to address these questions that Bjorn Goss, co-founder and CEO of Stocard who has roughly a decade on the case and, along with explaining shopping to me (which I clearly don’t understand as I am not getting these available savings)  lays out a clear and credible ambitious vision for the future of the Digital Wallet.

Topics discussed include: Continue reading

LFP172 – The Multiple Dimensions of the Challenges of Digital for Incumbent FS Projects w/Tony Clark CEO NextWave

Little more than a couple of decades ago IT was a very back office function in large FS organisations. Now it has completely inverted to become centre-stage in roughly every dimension of being in business, FS included.

Tony Clark, serial entrepreneur, founder and CEO of NextWave Consulting has over thirty years experience of large City  FS projects and takes us on a tour of the all-encompassing challenges facing all large incumbent FS players in not just reacting to but in leveraging the digital technologies and digital ecosystem to ensure they are at the leading edge not the trailing edge of the 21stC digital revolution so changing business right now.

Tony’s premise is that FS institutions need a phase change of approach to successfully leverage change. Topics discussed include: Continue reading

LFP170 – Three Major Indicators That Insurtech Is Making Demonstrable Progress Changing An Industry w/Andy Rear

Andy Rear was until recently head of the innovative Digital Partners, MunichRe’s London subsidiary which pretty much invented Reinsurance (/Insurance) As A Service (which he covered way back in LFP074). In this episode he rejoins us to present evidence that Insurtech is actually changing an industry.

Andy himself is off to do Non-exec-ing and a PhD in Pensions behaviour and so this might well be his swansong podcast on the topic of Insurtech and as such an industry leading figure it’s a must-listen! Has Insurtech changed an industry – Andy lays out the evidence and you decide…

Topics discussed include: Continue reading

LFP165 – Relationship Banking – the Surprising Answer to the Needs of Growing Techs? Tom Butterworth MD Silicon Valley Bank

In a world ever-more focused on transactions and digitisation what place is there for relationship-banking? Apparently not a lot, yet the market-leader – SVB – wholly embraces this approach over the whole journey from Startup to FTSE. In this show we discuss what relationship banking means in the 21stC for one of the hottest sectors in the market.

SVB is the commercial bank for high growth companies and the biggest banker for PE/VC firms. In the UK they have 4,000 clients, over one thousand of which are pre-series A. As we heard in LFP163 SVB are also the world leaders in Venture Debt.

Tom Butterworth is the Head of Early Stage at SVB in London and joins us today to talk about the importance of relationship-banking, of looking after the customer and of viewing the financial aspect of the relationship across the whole life cycle of high growth companies.

We discuss how serving a vertical can enhance the clients in many ways as well as produce the deal flow to make the approach commercially viable – knowing a single sector in great depth leading to, inter alia, a much deeper understanding of credit-risk than simply putting numbers in a spreadsheet.

Topics discussed in this show include: Continue reading

LFP164 – A Deep Dive Into Ripplenet, A Key 21stC Global Payments Approach, with Marcus Treacher SVP Customer Success Ripple

Payments are being revolutionised. One of the most fascinating examples is Ripplenet – Ripple’s approach to inverting the old model of slow large payments to super-fast, immediate, small payments (the general trend) which will change payments forever. Ripplenet “an internet of value” is used by over 300 Financial Institutions in more than 45 countries, as a next gen global payments infrastructure.

 Marcus has over 30 years of experience in transaction banking and payment technology, including 12 years at HSBC, being a member of the Global Board of SWIFT and an independent non-executive director of CHAPS Co, the UK’s RTGS clearing company.

In this show we start with the super-big picture of how payments have changed over the centuries, how the challenge is not simply tech but how people and organisations relate to this before spiraling in to a schematic overview of the three layers than amount to Ripple’s solution. Continue reading

LFP162 – The Past and Future of Fintech w/Vinoth Jayakumar Partner Draper Esprit

Draper Esprit are one of London’s longer-established VCs and with investments in the likes of Revolut, Transferwise, Thought Machine, Seedrs, Crowdcube and Freetrade might know a thing or two about Fintech. Draper Esprit, like Augmentum who we had on the show last year are also a listed AIM and thus also can offer finance not tied to the cycle of underlying funds – the so-called patient capital model.

Vinoth not only leads Fintech investments at Draper Esprit but has had a long running interest in the sector being at a Zopa Party in around 2007/2008 long before almost every firm now on the scene existed.

In this episode he picks out the key developments in Fintech over the past decade and a half, some of the takeaway lessons that all businesses can implement, some of the challenges and ends with his prospects for the upcoming decade.

Topics discussed on the show include: Continue reading

LFP161 – Global B2B Payments & Multi-Rail Technology w/Marwan Forzley CEO Veem

Marwan  joins us to discuss global payments for small businesses. He has been in payments for many years and was first a founder in 2002 so speaks from long experience of both. Veem is a global payments network used by small businesses around the world which allows them to pay their vendors, suppliers and contractors anytime, anywhere.They do payments to 110 countries in 50 plus currencies, and have about 200,000 B2B customers.

One important way that Veem manage such a long list of countries is to use a unique “multi-rail” technology – basically having wired up a bunch of different conduits from bank to bank transfers at one end through the likes of card payments to via crypto currencies at the other. This enables them to have a broader range of options for any particular transfer and for the end-users enables them to have a much richer range of payments destinations.

Topics discussed include: Continue reading

LFP160 – Entrepreneur Masterclass: What Attributes Do You Need To Create A Billion Dollar Company? w/Clay Wilkes CEO Galileo

The Tech press is full of unicorns – but these are almost always “on paper”. Those companies that someone has bought for over a billion – be it a trade sale or IPO – are far rarer. Clay Wilkes has created both starting with just an idea. Galileo Financial Technologies which he co-founded, powers 95% of US digital banks and 5 out of the top 5 of UK digital banks and was sold to SoFI. Galileo was formed in 2000 and succeeded in growing without and external funding  until raising a $77 million Series A round in October 2019 (from Accel). In the 90s Clay floated his prior startup i-Link which was a pioneer in VOIP, 

In this episode Clay shares the entrepreneurial values that he has found most essential in creating not one but two tremendous businesses and taking them from conception to successful trade sale/float. We also focus on the fact that many of these attributes are practices or skills rather than something that one can be – it is something we can work on and keep refining and improving. Few people are very strong without going to the gym and lifting weights, or as Clay has done, few can run marathons without putting in lots of hard work and going through pain barriers.

But this is no mere “no pain no gain” “just keep slogging away and be brilliant” simple blog post level conversation. Clay is a great antithesis to the oft-promoted US model as entrepreneur as somewhat psycho model which exists but is over-emphasised. Clay’s entrepreneurship is grounded in family life – as he says “what really matters”.

As a special bonus for the show notes I will share two aspects that we don’t emphasise in the show. First Clay came well-prepared – now of course all guests do but I would say that his was in the top 10% of guests. Would you – or I – prepare for “yet another interview” if we had sold our company for a billion the month before? I’d imagine that 99.999% of folks in such circs would, as it were, stroll along with their hands in their pockets – after all you don’t get to build a company of that size without being a good talker.

Another example is that Clay referred to reading my book on the SmallCo Board. Again how many entrepreneurs who had successful created two hugely valued companies would read another business book when they could write several themselves?

In both these cases I am reminded of a book I have read about but not read – “Relentless from Good to Great to Unstoppable” by Tim Grover, trainer of the likes of Michael Jordan and Kobe Bryant.

But the real lesson here is not about a conversation with a remarkable man but that he models what we can endeavour to become too. We too can always go the extra mile to do our next task even better than we were going to do it. We too can always keep the beginners mind and always believe there is much more to learn not matter how much we know already.

Finally I am reminded of another rare chap I knew who was the american head of an authentic Chinese lineage (which is super-rare). I recall him telling me that his pupils think he is further ahead than they are because he trained super-hard in the past. This he said is true. But, he said, what they don’t realise is that every day he is leaving them further behind as he trains more and puts more into his training.

What would your life be like – in any any aspect you choose, business is just one – if you committed to seeing how good you could be? And not just that but when you had achieved more than you ever thought you could you remain humble, open, don’t coast and always assimilating more?

The deeper part of this podcast for me is what is behind the words – however the words themselves point to the attributes that we can all practice and improve upon. Topics discussed include: Continue reading