FINTECH FRIDAY$ (EP.3-Aug 3): Investing in Canadian Diversity with Peggy Van De Plassche, Founding Partner at Roar Ventures

Share

NCFA Canada | Craig Asano | Aug 3, 2018

FINTECH FRIDAY$ (ep.3-Aug 3): Investing in Canadian Diversity - Interview with Peggy Van De Plassche of Roar Ventures

Host: Manseeb Khan, NCFA, Fintech Fridays show host

Guest: Peggy Van De Plassche, Founding Partner, Roar Ventures

About this episode: On this episode of the Fintech Friday Podcast, host Manseeb Khan interviews the incredible Peggy Van De Plassche about doubling down on investing in diversity and launching her new fund, Roar Ventures!

Join NCFA's weekly Podcast series 'FINTECH FRIDAY$' where we sit down with the incredible people in the Fintech community and talk about leading fintech products innovations developments and challenges!

Subscribe and tune in each Friday to check out the latest movers and shakers in fintech.

Listen to more Fintech Fridays podcasts here

 


Transcription of Interview

Manseeb Khan (MK): Hi everybody Manseeb Khan here and you are tuning in to the NCFA's newest podcast series finito Fridays. And today I have an amazing amazing guest super talented she's odd She's a board member of probably every investment venture you can think of any amazing startup organization you can think of. She is actually a board member of the NCFA. Believe it or not I'm sitting down with the incredibly Peggy Van De Plassche. Peggy thank you so much for making it here. Thank you very much. To give you a little more context both me and Peggy are sick so if we do sound a little distorted please please bear with us. We both have teas both have our waters and tissue boxes so should be okay. So Peggy could you for just a minute give a brief introduction of who you are we're backgrounds from and your role in the financial tech community.

Peggy Van De Plassche (PV): OK well thank you so much Manseeb. I hope my accent and my cold will be will be still easy for people to understand me so as I'm sure you can hear my accent I am from France originally. I moved to Canada 15 years ago.  I live in Toronto was in Montreal for many years before that and well I'm a finance person by trade I fell in technology 12 years ago.  So I became fintech even before fintech really existed and was cool and I've been unbelievably lucky with my carrier because I've been (I am actually) an investor an entrepreneur incorporated as well so it really allowed me to see how we'll see the the interesting challenges coming in fintech from every seat at the table and right now actually and raising my first fund for world ventures and we are investing in early stage data and AI startups as focus for our financial services industry and there is a little twist to that is that we have a gender diversity overly and we are looking at companies that the needs that have c0-founders, management team, board members that are female. I would see a Funder's male founders who were very supportive and active in the change of diversity so I think I did my minute and I hope that it was clear enough Manseeb.

MK: Yeah no it was amazing. So you do come from as as you mentioned you do come from the banking space.  Could you just talk a little bit more about that transition from being a part of CIBC being a part of BMO and then transitioning and starting your own venture.

PV: Yes yes definitely. Well I have done that twice actually.  So I went from being like maybe six-seven years ago now to a more entrepreneurial background. I was working for were entrepreneurs and I was started companies for him and managing his media office so that was really my first real brush with entrepreneurship and the thing that I felt extremely funny at the time is that oh my god I have no meetings because they are coming from the moon in the large banks you know always doing meetings. That was definitely a feeling of freedom that I could manage my time the way I wanted. But at the same time you know like obviously you have the perks up where you are. And also it's you don't have the support of a large organization. And in one and you move a little annoyance from an large organization. But on the other end you don't have the processes you know have the rigor. That comes with a large organization as well. So actually leaving a large organization is also what made me the first time really appreciate some of the things that were that were coming with large organizations but also the opportunity to write my own story is something that you know besides being an entrepreneur is you cannot really do that that. I would say ever in a large corporation banking on venture

MK:  Yeah no I totally agree.  It's very difficult to say but especially being in a part of a huge organization just like the banking system it's very hard to I guess be a little bit more entrepreneurial and just have a little bit more freedom to be a little bit more creative when it comes to your ideas and your ambitions and your goals right.

PV: Yeah and you know it it comes back to diversity its diversity of diversity of backgrounds you know like if you look at the banking industry it's still a very very homogenous in Canada.  And it makes obviously things way more difficult when they shouldn't be by having a system that is not very prone to thinking and doing things differently.

MK: What made you want to start Roar ventures and I guess what makes in your eyes what makes Roar ventures stand out compared to the other I guess VC funds.

PV: Yeah well I guess it's it's probably the same answer to both of your questions I started Roar because I first obviously had this entrepreneurial bug in me so that's definitely something but also I'm still a bit of a whitespace in the way most VC operate. So we start seeing a challenge I have is that we're actually not really data driven. So I'm not sure we're always optimizing our returns financially but also the fact that we're very very prudent seats and our science vis LOFAR not a lot of bias in the way you're funding your entrepreneurs. So as you know you know women are diverse people with a dress cultural backgrounds are way less funded and are traditional I would say male type entrepreneurs that we are in North America. So so for me again one of the things that was very important which with my venture was the opportunity to use data not only to be better in my returns but actually to remove a lot of PR in the industry and I would say the last thing is really linked with my profile and the fact that not only am I an investor but I'm also an operator. But they also understand collaborate and you really need that to be able to help young entrepreneurs grow and be successful. The international NGOs is very important to me so that's also something as I'm speaking with LP really making sure for Elfi mix of international LP that we'll be able to help my portfolio company grow. So I would say I didn't really look at me when I decided to to start Roar. I looked at OK what are the whitespace I see in the industry that I will be able to hopefully fill in with new ventures.

MK: That's incredible because I think that's the one important thing but I guess a lot of entrepreneurs or people are drawn to entrepreneurship right they see a wide space they see a problem that needs to be solved. And I guess in your case would be the lack of diversity the lack of just underrepresentation in certain sectors and you just Hey I have the experience I have the talent I have the drive and I have the operational know how to build something that helps build these amazing white spaces with the incredibly talented people that are under I guess Roar ventures right.

PV: Yeah you know it's it's very this idea of doing good work and doing well.  So it's a bit of super super tough.  So I do I do sincerely believe that the VC industry and the investment industry in general are not just VC but PE is the same as we usual to play but also in Canada. Now to really make our country grow and are like you know we're still very much resource base when I speak with international investor lot of them don't know Canada. They don't know what we're doing in AI. I we are great with startups. And and I mean this years as a crutch to create to make sure that. We're building a future for all Canadians which I mean and sustainable jobs.

MK: What would be your thesis to be great. So when you have entrepreneurs that are either trying to become a part but that you are either vetting for your ventures or be it any of the other organizations be part of I guess would be your thesis or what are you looking for in an entrepreneur to take them on.

PV: Yeah. So so you know we spoke about diversity that's something that for me it's very very important someone who really understand and value diversity not because it's fashionable but because it brings value you know like it out feel good and it's a rational thing to do. That's say the first thing. The second thing is obviously an approach that is very collaborative. And. Again the goal for me when I invest in an entrepreneur is to let him do his job. This is the one was the best position to lead his organization that if I can help I'll be happy to do that. And that's really something that is important is set in a two way conversation where you can have someone bouncing back. The Good The Bad and The Ugly were you and being able to help. In order for them to be very successful and you know sometimes unfortunately people every bit of securities which don't always make them you know welcoming help and I think that's that's unfortunate here not good for the growth of the company. So. Collaboration very important for me and I would say the third thing is really ambition and ambition global ambition very very important for me I really want people to look at that and you know I do believe Canada should become what is east to cyber security for AI. So for me being entrepreneurs who really believe that they can go above and beyond North America is very very key.

MK: So everybody you heard it here first Canada is going to become the Israel of AI. So I'm excited for the other for that. You absolutely will we have amazing people like you and just incredibly talented people in this space to make that make a reality. Right so it's it's a matter of time in my in my perspective really well.

PV: Yes it is.  But at the same time there is also a bit of an urgency here you know like we've been in Canada extremely extremely well positioned with the AI obviously the U.S. China. You know they are not really standing still either.  And and as I speak with a lot of international and potential investors in China Europe's of America even in the U.S. people don't know enough or great we are. And you know like it's it's it's it's nice to be nice but you know I think now is the time to really be a bit more assertive on our amazing we.

MK: Yeah I told you either the world have a I guess misunderstanding of how incredible Canadians are because we are just seen as just very nice very polite people that live in igloos and drink maple syrup right.

PV: Exactly.

MK: Aside from gender diversity being open to I guess advice and having a willing to change and looking globally what else is a part of. guess your vetting process when it when it when it comes to our founder.

PV: Yeah well you know I would say that the vetting process is probably very similar to what you see with a lot of VCs obviously really like serial entrepreneurs. That's of use because these are people who know what you're doing.  You want to. I would say technology Edge where you have a special factor where you have a special set of data a special algorithm that guides are going to give you that is going to give you an edge. Very important. What is your value prop as you know with data in AI. We are just scratching the face of the use cases. So very important to know OK what other use cases you're you're starting with in the financial services industry. The fact that I and some of my advisor from our ex of the corporate where we can definitely vent a of these cases because I've seen in the past many times the great idea is that when you're willing to corporate world you know that you're never going to be able to sell because it might be definity a white space or a bank or an insurance but that might be also so risky for them and they will never touch that with a ten foot pole. So and so it's it's it's very important to see what are the use cases that by the organization is going for and I would say that the last thing which is very important for me in terms of due diligence is the fact that once again I really really want to bring not only data but also of standardization. So I really want to make sure that when we do our due diligence is the same regardless of the people we are speaking with. And what I mean is that sometimes we get very excited by a good salesperson and great salesperson doesn't mean that he or she is going to be the best operator but at the same time the challenge is that if you tend to look at people who might be seen in our venue which is by default what we all do you're not irrationally. Increase the number of points you might give someone who will look like you or think like you. And that's something I really really want to make sure I'm winning as much as possible for an hour from my vetting process.

MK:  So I guess the standardization the founder themselves. And I guess the VC ploy a little bit more self-awareness and understanding. Ok hey I'm an amazing salesperson and want to focus on sales. I'm good at the tag on a co-founder that can be a little bit more on the operational side of it right.

PV: Yeah. And what I mean by that is that when when an entrepreneur comes here we see he or she is an incredible salesperson and meaning don't show Manisha woman as sometimes for an investor it's difficult to stick to a script. They fall in love with a song before you know so. So what I mean by standardization is making sure that you're not skipping 12 questions that might be a bit harder because oh my god you love that guy so much and really want to be close to her.

MK:  Yes it's a lot like a first date. You don't want to like the one I'm the one to make sure you vet them and want to make sure they're on the same page and everything. Okay perfect. Got it.

PV: You know what's interesting is that so HVA did a study maybe 6-9 months ago and they were showing why many women entrepreneurs get less funding by men and did lot a lot of analysis done on interviews from VCs to entrepreneurs and what they noticed is that when entrepreneurs is a female. Two thirds of the questions asked by the VCs are actually prevention focused. So all can you do all. Are you going to mitigate the risk in that type of question when it's a male. Two thirds of the questions are promotion focused. So can you be all or fast are you going to be able to do in another geography. So that was actually really the base of why woman gets with less funding than men. It wasn't anything else. So I think a script removes that tendency that we all have due to social conditioning. I'm not saying anyone is mean or whatever to ask settled certain types of questions of certain type of people.

MK: That's why we have programs like the female founders like are the DMZ and these accelerators are starting to have a little bit better of a diverse diverse programs to have a little bit more inclusion and I guess to make these female founders or more I guess bulletproof when it comes to when it comes to pitching VCs and to help you stigmatize the entire I guess scope when it comes to when when the season investors think of entrepreneurship.

PV: Yeah you know I think it's a type of process that needs to change at every level because I hear you in the concept of saying OK you want your female founders to be bullet proof. Why would they have to be more bulletproof vest and men because they know that if you have them get a seat. So you really need to work at every really big bet. You're totally right because things won't change overnight. You still need to to a female expecting that type of question. So some advice that was given recently to two female founders was OK. Act like a politician.  You know if you asked another prevention type question answer your own version of that question but is it going to be promotion based. It's a way to deal with that.

MK: Programs like female founders and she and SHEOo are. I mean hopefully we can have more programs like this to help make diversity a little bit more you know some palatable.

PV: And you know I've been very fortunate because I've been working on collaborating in the gender diversity space for the last 10 to 12 years and before it was two people or so I've seen now what works what doesn't work so in a big corporation the most impactful change you can make is through your hiring process.  You know it has been does business still a lot of organizations. When I was at CIBC. I was leading the diversity diversity committee that. It is shown by organizing events organizing things that might be a bit softer don't really make any change. So I'm very bottom line focused personally so I always go for it was going to be the best ROI. So for example again I took upbraids going to be hiring. If I look at programs to your point that that will be impactful in the in the gender diversity space. Alonzo Bodden this amazing non-profit that was launched by Shalamar from extreme venture.  And what I call Geldart is he's organized a catalyst for middle school girls just before selling their elective so get more comfortable with technology and they get more comfortable with speaking computer science when they are very young because everything we're doing right now in gender diversity space for adults women is great. But we also need to work at the root of a problem so adding more women in STEM for example is a very good way to add to make these changes. And I like to I would say on shorter term and longer term initiatives to really make make an impact.

MK: Anywhere I could get my little sister more computers more learn more than welcome really.

PV: Lets you know at the end of the day you want it's 50 percent of the population.  It's good for everyone to have more educated people.  Woman women are not navigator's and going to go in fields that's going to create value for themselves for their family but also for the country.  So it is just a win win win it's just something to do.

MK: And just to wrap this up will be your advice. If not golden nuggets that's that you've held very close.

PV: Yeah I think that there are maybe two. One is really.  We might be cliche I'm sorry but one is dream big you know unfortunately we are constantly approaching a situation where people are trying to make us play small because it scares everyone when we're playing big bets you really really want to make sure you're dreaming big and you know for me it's very much. I have this litmus test which is OK when I die which hopefully is going to be a long time when I die. Will I regret doing this on and doing it. And usually I can tell you it's a very good indication of what what you should do.  And that was a very good indication for me to start ventures and the second thing which also is quite well-known is to have great resilience because things are always way more complicated. Difficult. We're more costly at many levels than what you think they would be. So you need to dream big but you need to also have a great resilience to make it happen.

MK: But that immediately click. That's that's the vice my founder and CEO Jonathan at Curexe at first two things. When I when I first got on board it's like we have this incredible world map of like okay we took over Canada next is this. Now we're going to do this and I guess they're resilient right.

PV: They just need to remind yourself that every day of everything the way that you just need to remember every day.  Ok. Well tomorrow is another day and we're going to fight another day.

MK: Peggy thank you. Thank you so so much for today. I know today is definitely not the best for both of us though did. I think we did incredible. Thank you so much.  I can't wait to have you again.

PV: Thank you so much Manseeb have a fanastic day.

MK: You too take care.

 

End of Podcast

 


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: ncfacanada.org

Click for News:

 

Blockchain is here – so what next? The Blockchain Developer Opportunity If you are a software engineer interested in emerging high growth project opportunities, you’ll want to ensure your technical skills are polished and you have access to proper training and resources. There is a significant shortage of skilled Blockchain developers unable to meet the demand of emerging projects! NCFA is pleased to announce an inaugural educational partnership with the Blockchain Learning Group offering a special introductory rate to attend an immersive, 2-day Blockchain developer training course on decentralized application development to help fill the gap of skilled engineers while connecting graduates to project opportunities. According to a recent 2018 PwC survey, 84% of 600 executive responders confirmed some involvement with Blockchain technology from proof of concepts to well capitalized international scale-ups and incumbents looking to modernize legacy systems. Distributed and immutable ledger applications are evolving rapidly with uses cases that improve trust and transparency for many business processes while distributing transactions to a decentralized network in a way that reduces costs and eliminates intermediaries. While crypto markets have exceeded $200 billion in just the last 2 years alone, the underlying technology is forecasted to disrupt almost every vertical with ...
Read More
Immersive 2-day Blockchain Developer Training Course (Nov 10-11, Toronto): Decentralized Application Development
Incipient Industries | Steven Dryall | Sep 19, 2018 Incipient Industries Releases Whitepaper Describing How Cryptocommodities  Are Created and Used As The Basis For A Stable Cryptocurrency Toronto, ON, Canada, September 17, 2018 - Incipient Industries Inc. announces the release of the definitive whitepaper on the subject of cryptocommodities. Following years of development combined with the dissemination of information related to cryptocurrency viability and asset- based cryptocurrencies, an actual description of how to deploy a cryptocommodity  is now available. This is a first in the burgeoning cryptocurrency industry and represents a significant step towards a stabilized digital economy. The cryptocurrency industry is still developing and discovering ways to integrate with traditional financial systems or to replace them altogether. The introduction of cryptocoomodities into the cryptosphere creates a new category of opportunities for pioneers in the space. For those seeking a solution to a stable cryptocurrency, this is the best path to success. See:  3 Clever Ways To Reach Crypto Price Stability, And One Giant Leap Of Faith “This is a perfect use case for cryptocurrency and also follows the Three Pillars of a Viable Cryptocurrency framework.” says Steven Dryall, CEO of Incipient Industries, who has pioneered several key concepts of ...
Read More
Whitepaper Provides Information About Cryptocommodities As The Basis For A Stable Cryptocurrency
Bloomberg | Joshua Brustein | Sep 4, 2018 With fewer than 100 residents, Ocean Falls is looking for a revival after almost four decades of industrial false starts. In 1971, an 11th grader named Greg Strebel wrote the introduction to a book about Ocean Falls, the tiny town in the British Columbian hinterlands where he lived. Strebel mentioned the odd fact that many of the town’s roads were made of wood, said the weather wasn’t as bad as some people made it out to be and noted that it had just gotten a new school building. But the one thing that mattered above all, according to Strebel, was the paper mill. “To most, 'the mill’ imparts a sense of security by its presence,” he wrote. “A low throb of power is audible throughout most of the town as long as the mill runs, accompanied by voluminous exhalations of steam.” The security provided by the mill turned out to be fleeting. It went silent when Strebel was in his 20s. Most of the buildings in Ocean Falls that haven’t been demolished over the decades are crumbling in place, and Strebel, along with most everyone who once lived there, is long gone. A ...
Read More
The Bitcoin Boom Reaches a Canadian Ghost Town
Australian Financial Review | Michael Bailey | Sep 12, 2018 Businesses wishing to raise money from retail investors will no longer have to convert to an unlisted public company structure, after an amendment to 2017's equity crowdfunding legislation passed federal Parliament. The legislation, which takes effect in 28 days from Wednesday, allows proprietary companies or unlisted public companies with annual turnover or gross assets of up to $25 million to advertise their business plans on ASIC-licensed crowdfunding portals, and raise up to $5 million a year to carry them out. Investors can put up to $10,000 a year each into an unlimited number of ideas. Australian private companies are typically limited to a maximum of 50 non-employee shareholders. However, under these reforms, investors acquiring shares through a crowdfunding portal are excluded from this cap, allowing private companies to raise funds from potentially hundreds or thousands of investors. See:  Australia and UK set up FinTech Bridge to deepen collaboration between governments, regulators, and industry bodies Proprietary companies with crowdfunded shareholders will have to prepare annual financial and directors' reports in accordance with accounting standards. Only large proprietary companies, defined as those with any two of either $25 million turnover or above, $12.5 million of gross ...
Read More
$5 million Equity crowdfunding extended to private companies
NCFA Sponsored guest post | Sep 18, 2018 “You are such a worry-wart.” This is the common reaction I get whenever I tell people about how I like to plan ahead. They tell me that I’m too overreacting, that I live too much for the future and not for the present, and that I really don’t get the concept of YOLO. I really don’t give a darn about what these people say. They’re impractically wasting their time, breath, and energy trying to change how I live my life. What if I’m so gung-ho about planning for the future? What if I’m too overly prepared even my future dogs and cats will be feasting every single day? It’s still better than having no insurance. It’s still better than having my children carry my weight. Lastly, it’s still better than being ill-prepared. See:  What Can Traditional Banks Learn From Fintech? If I were to choose between too much and too little, I’d choose too much any day. After all, what’s wrong with having so much you could spare a ton? It’s a thousand times better than having to ask for financial aid because you have so little. Do you get me? I ...
Read More
Why Life Insurance Policies Matter
Forbes | Michael del Castillo | Sep 17, 2018 People keep asking me, what’s the deal with stablecoins? With two prominent regulatory approvals to issue the blockchain-based tokens, many have heralded them as the next evolution of cryptocurrency, while others say they’re perfect evidence of why no one ever needed cryptocurrency in the first place. On a basic level, a stablecoin is a token that has a mechanism in place to minimize its price fluctuations. Unlike traditional cryptocurrencies such as bitcoin and ether, which are directly tied to their wildly fluctuating demand, a stablecoin can rely on four methods to constrain its fluctuations. See:  One SEC commissioner is establishing herself as the voice of innovation for the crypto market The first and by far most popular way to achieve this stability is to peg the price of the token to a more stable asset like the U.S. dollar. This is what both the Gemini and Paxos cryptocurrency exchanges received permission to do from the New York Department of Financial Services last week. Unlike bitcoin and ethereum, which are created through a mining process that also ensures the blockchain’s accuracy, these stablecoins are only created when someone buys them with U.S. dollars. Gemini and Paxos ...
Read More
3 Clever Ways To Reach Crypto Price Stability, And One Giant Leap Of Faith
NCFA Canada | Sep 14, 2018 Ep9-Sep 14: Curexe's New SmartPay Product & Front-line of Global Digital Payments About this episode:  On this episode our host Manseeb Khan sits down with the CEO And founder of Curexe, so chat about their new product called SmartPay! They also talked about how A.I is going to touch the payments and every other industry, regulations that could be in place when accepting crypto and many more. Enjoy! Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest: Johnathan Holland, Founder and CEO, Curexe Bio:  Johnathan Holland's experience comes from a decade of learning about capital markets and a relentless pursuit of providing better customer experiences in the payments and currency exchange industry. Johnathan’s advantage has been to look at the currency exchange industry in a new light, which enabled him to create a new, better way to empower the businesses that are underserved by their current solutions.  Johnathan graduated from the 2016 cohort of the Next 36 accelerator program that helps young entrepreneurs build high impact businesses and is currently running the company out of the DMZ.  LinkedIn profile Join NCFA's weekly Podcast series 'FINTECH FRIDAY$' where we sit down with the incredible people ...
Read More
FINTECH FRIDAY$ (EP.9-Sep 14):  Curexe's New SmartPay Product & Front-line of Global Digital Payments with Johnathan Holland, Founder of Curexe
Bloomberg | By Natalie Wong and Gerrit De Vynck | June 20, 2018 A cryptocurrency baron has bought the largest and one of the most expensive condos in Canada, paying for it partly with digital money. Anthony Di Iorio purchased the three-story penthouse for C$28 million ($21 million) at the St. Regis Residences Toronto, the former Trump International Hotel & Tower in the downtown business district. The unit totals 16,178 square feet (1,502 square meters) and includes a wrap-around patio overlooking the city’s skyline at the corner of Bay and Adelaide Streets. Di Iorio didn’t take out a mortgage for the property because he doesn’t “like being in debt.” Instead, he cashed out some of his cryptocurrency and made a wire transfer to pay the price. “I don’t remember exactly which ones I cashed in but this is my safety net, real estate right?” he said in an interview with Bloomberg at his new condo. He now owns two condos units in Toronto for a total investment of about C$34 million, he said. “I decided to take a bunch out and put it in real estate.” The hotel is owned by InnVest Hotels LP and operated by Marriott International Inc. as ...
Read More
Crypto Pioneer Buys Penthouse in Former Toronto Trump Tower
Computer Weekly | Karl Flinders | Sep 13, 2018 A Tech Nation programme to support the UK's financial technology startups demonstrates the increasingly diverse range of business-to-business products and services available through the country's fintech community Financial technology (fintech) is providing a market where IT professionals in the finance sector and beyond can find answers to their business challenges through specialist tech startups. UK-based CIOs have the benefit of having these fintech startups on their doorstep. UK government-backed startup network Tech Nation has selected 20 such fintech startups to take part in a five-month programme that aims to scale up early-stage companies. The programme’s business-to-business (B2B) focus demonstrates that beyond the high-profile digital challenger banks and payments companies targeting consumers with funky apps, there is a deep source of niche financial services IT innovation in the UK. Fintech solutions begin life as an idea about how to use technology to solve a particular financial services problem. The speed of software development today means products can quickly follow. See:  UK Government Ups Crowdfunding without Prospectus to €8 Million – Matching Germany But the challenges really begin when it comes to turning a great idea into a commercial success. This is where the likes ...
Read More
Tech Nation startup programme demonstrates richness of UK fintech
Forbes | Enrique Dans | Sep 5, 2018 The growing popularity of fintech and the emergence of competitors in different phases of the cycle, from new banks such as Germany’s N26 to partial service providers such as Revolut and others, or niche competitors such as Shine, highlights not just the inability of traditional banking to compete with them, but even to understand the most basic implications of the phenomenon. The banks’ problem is not competing with these types of companies, or at least, not for now. We talking here about vastly different magnitudes, of scale: a service with strong growth like Revolut, for example, expects to reach three million customers by next month, which is nothing to Santander’s more than 113 million customers in more than ten countries worldwide. The idea that fintech companies represent some kind of threat seems absurd, seen in the context of size. Obviously, this does not mean that the traditional banks should ignore the phenomenon — and they aren’t. Ignoring change and hoping that size will continue to matter is risky. The big banks are aware that the growth of the fintech phenomenon is mainly due to their own shortcomings, to the strong tendency towards industry isomorphism, ...
Read More
What Can Traditional Banks Learn From Fintech?

 

 

 

 

 

Share