Fintech Insider Podcast by 11:FS
00:28:24 · Kate Moody
[00:28:24] S2: Yeah, I think so. You know, suppose to go back to the conversation we're having with Jeremy about, you know, the refund process being broken, the international expansion process is broken. And we've seen that as kind of a major area of customer pain, customer frustration and customer inefficiency, you know, ever since I started speaking to these types of businesses when I first joined 11FS, you know, nearly five years ago. So I think there has been an understanding in these banks that actually there is a major problem here and there is something that customers need help with. But actually, you know, there are a lot of people in these organisations that would really love to fix this. But actually, when you scrape beneath the surface, a lot of a lot of these financial institutions, you know, despite it being a global bank, actually, there are lots of very separate regional and domestic systems. So actually creating this efficient system that runs across the whole is very difficult for a lot of these banks who are starting again, to go back to the topic earlier around how the world is going back to being more global. You know, these systems were built before the world was as global as it was. So it made total sense to have a system that was right for the market that you were in and didn't really think about everywhere else. So yeah, companies that are starting from now and building that infrastructure now have a totally different set of trade offs to make versus the ones that banks are making when they set up their systems all those youngsters ago. So, I think it's completely, but it's fascinating for me to see how far the likes of Airwallex can get because for that customer who, you know, that business that wants to expand, wants to grow, I think the default probably still might be in their heads that, you know, I should turn to my bank first. But I think the larger the likes of Airwollocks and all its competitors get, I think that that opportunity for banks is gonna rapidly slip away unless they do something fast. Yeah, a fascinating one.
00:30:12 · Benjamin Ensor
[00:30:12] S0: Pranav, I feel I should give the last word on this story to you. It's fantastic news, fantastic work by you and your colleagues. What's next? I mean, obviously you can't tell us what your next acquisition target is, but do you have sort of plans up your sleeve? Do you have more good news coming?
00:30:31 · Pranav Sood, Benjamin Ensor
[00:30:31] S3: Look. We are working extremely hard behind the scenes to do a whole bunch of things in in parallel. Of course, we're continuing to invest in building up our infrastructure. We are very focused on Latin America as a as a region, there will be other markets that we're able to announce exciting things in soon. We're also very focused on The Middle East, as I've mentioned. And I now actually have an office and and a team in Tel Aviv, and and we're looking around that region as well. And also in Southeast Asia, where we already have a pretty strong business and presence, but there are a number of markets where we feel that we need to invest more in. So that's certainly one aspect. We are continuing to extend and expand our product offering outside of just cross border payments. So now offering some exciting things I'm probably not allowed to to disclose on this podcast, but will be very, very soon. And then, you know, the main job is just making sure that we focus on our customers. And, you know, the last few months, we've been able to announce some really exciting new partnerships that we're that we're launching, so powering the likes of Brex and and others as they expand around the world. And, I'm I'm very happy to say there's lots more of that to come. So hopefully, much more good news to share soon. [00:31:31] S0: Well, fantastic. Congratulations again to you and all of your colleagues. Okay. We're just gonna take a quick pause here, and we will be back very shortly.
00:31:31 · Benjamin Ensor, S1, S5
[00:31:31] S0: Well, fantastic. Congratulations again to you and all of your colleagues. Okay. We're just gonna take a quick pause here, and we will be back very shortly. [00:31:43] S1: Launching innovative payment products is only the beginning. Real progress comes from what happens next. Paymentology fuels continuous compounding momentum as a cloud native issuer processor, helping banks and fintechs grow beyond go live with global reach, local know how, and the power of its Loom platform. Powered by more than 500 paymentologists across 68 countries, they make card programs work naturally across markets. Want to keep the momentum going? Head to paymentology.com. [00:32:16] S5: This episode is brought to you by Google Chrome. You think you know a browser, but Gemini and Chrome, that's new. It can help you with practically anything on the web, like restoring a vintage motorcycle from a 50 page restoration block or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses, setup required, compatibility, and availability varies 18 plus.
00:32:16 · S5, S6
[00:32:16] S5: This episode is brought to you by Google Chrome. You think you know a browser, but Gemini and Chrome, that's new. It can help you with practically anything on the web, like restoring a vintage motorcycle from a 50 page restoration block or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses, setup required, compatibility, and availability varies 18 plus. [00:32:42] S6: This episode is brought to you by Indeed. You're ready to level up your business, but the pressure to find the right person to make that happen is intense. Indeed sponsored jobs can help carry the load. It boosts your job post to help it reach quality talent fast. Cut through the chaos with Indeed sponsored jobs. Get a 75 sponsored job credit at indeed.com/podcast. Terms and conditions apply. Hiring now? Then this is a job for Indeed sponsored jobs.
00:33:14 · Benjamin Ensor
[00:33:14] S0: Welcome back. Before we get into the second half of the news, a quick note to go and check out our most recent FinTech Insider Insight Show. Our chief executive, David Embria, is joined by ElevenFS's deputy chief executive, Jason Bates, to discuss the concept of fast following. They unpick what they mean by a fast follower and how, when, and why it's an appropriate strategy, but also when it's not. Is it always a bad thing? How can you get it right? What pitfalls to avoid getting it wrong, and what is the impact on the end customer? Listen to our latest Fintech Insider Insights and find out. So go check out that episode in our podcast feed. It should be the one just below this. Let's get back into the news. So Money twenty twenty has announced the launch of Twentyfold. This was announced at its own event in Las Vegas last week. Money twenty twenty is planning to launch a new platform to connect fintech professionals with investment and partnership opportunities. Twentyfold will be available to all Money twenty twenty customers with plans to roll out commercially to the rest of the industry. The platform believes its powerful discovery engine will enable more valuable connections more easily and improve the deal making workflow. It also boasts its own AI chatbot, aptly named Fin, to provide real time support to users. When the app launches in January 2024, over 80,000 fintechs will be listed and profiled. Maybe I'll come to you, Jeremy, first as someone launching a new FinTech. Is something like this needed? Do people need an app to connect better within the FinTech industry? What do you think?