Fintech Insider Podcast by 11:FS
01:26:04 · Pranav Sood, David M. Brear
[01:26:04] S7: Yeah, that is absolutely correct. That's actually my day job. So we've just launched in Australia and New Zealand. It is going like an absolute rocket ship. We've already got, I think, 100 accountants collecting their fees and then a couple of... Well, actually several 100 more SMBs on top of that and we've only really been going for about six weeks. So super exciting and and Canada, The US to come in the in the very near future as well. [01:26:26] S10: Wow. That's that's pretty impressive. So what what do we think? Like how do we see the future of this space playing out because, you know, automation is one thing, but the the feels like there's a lot of opportunity and with the growth that you've seen, it feels like this is clearly something that people want. [01:26:41] S7: Yeah, I think massively. I think anything that you can give a small business owner that gives them the time and the space to focus on what they're doing best is going to be something that they value. And so for us, you know, our aim is to take the pain out of getting paid so that small business owners can focus on what they actually care about. I haven't met too many small business owners whose passion is late payments or payments in general. I have met a lot who are interested in chocolate making or wine or whatever it is that gets them going and our mission is to give them the time and the space to do just that.
01:26:41 · Pranav Sood, David M. Brear, Will Farnell
[01:26:41] S7: Yeah, I think massively. I think anything that you can give a small business owner that gives them the time and the space to focus on what they're doing best is going to be something that they value. And so for us, you know, our aim is to take the pain out of getting paid so that small business owners can focus on what they actually care about. I haven't met too many small business owners whose passion is late payments or payments in general. I have met a lot who are interested in chocolate making or wine or whatever it is that gets them going and our mission is to give them the time and the space to do just that. [01:27:10] S10: I think that's a real entrepreneurial ship is seen as such an amazing, you know, kind of standing on the front of a ship and being excited about it thing. But actually, to your point, it's pretty much terrifying on a day to day basis the thousand things you're trying to figure out and the thousand things you're carrying in your head. So actually anything that can simplify that process and make it easier definitely is a big win. Stuart, how do see this space kind of playing out? [01:27:36] S6: Yeah, I
01:27:36 · Will Farnell, Stuart Gregory, David M. Brear, Sarah Kocianski, Pranav Sood
[01:27:36] S6: Yeah, I [01:27:36] S15: I think if you look at international payments like they aren't gonna cost 3%. They're not gonna cost £10 a payment and they're not gonna take two or three days. Like, the the trend is towards instant international payments, international payments that are nearly free. There's no reason it should cost so much to essentially send ones and zeros, right, like around the world. So, I definitely think that that trend's coming and and we're excited about that because that's going to enable, small businesses around the world to do trade way more globally. [01:28:05] S10: And I think that will mean everything, right? You know, the amount of businesses that go out of business because of the inability to actually plan forward and see these things actually happening and you know, somebody paying late can happen for various different reasons but having all of these different processes in place to stop that cash flow problem becoming the death of your business is is a huge thing, you know? [01:28:26] S0: Yeah. I I think the key that that we've all agreed on here is it's all about choice. It's all about having the options to pay as and when you want and to receive money as and when you want. So that actually concludes the second part of our show. We are racing through [01:28:37] S10: time Thank here [01:28:39] S0: you so much to our guests. Where can people find out more about you? So, Pranav, can people find you on Twitter? [01:28:44] S7: At GoCardless or gocardless.com. [01:28:46] S0: Perfect. And how about you, Stuart?
01:28:46 · Sarah Kocianski, Stuart Gregory, Megan Caywood, Hannah Dawson, David M. Brear
[01:28:46] S0: Perfect. And how about you, Stuart? [01:28:48] S15: Yeah. Transferwise.com or if you're here at Zerocon, come and find us, stand over there, get some free transfers for your clients. [01:28:54] S0: Wait. Wait. Wherever transferwise are those... No? [01:28:57] S5: They're not hiding. No. [01:28:58] S0: They've run away. Alright. Thank you so much, gents. I a big round of applause? So, we're going to move on to the final part of the show. We're going to talk about access to credit and to capital. To talk about this, we have two fantastic CEOs who know what they're talking about in this space. So please welcome, Anil Stocker, CEO of Market Invoice, and Hannah Dawson who is the CEO of Futurely. Hello. Hi. You bought your own drinks? Do you need a drink, Anil? Are you good? [01:29:29] S16: No white wine. Don't want Wonderful. Put any pressure on [01:29:32] S10: So as the panel, and I'm sure many of the audience know today, 85% of small business lending is funded by UK big banks. However, the tide on that one is kind of changing, not one thing to do a pun around tide, but I'm sure the tide guys will appreciate that anyway. So, however, with the likes of the investment and the partnership that you guys have done with Barclays, this might start to see the tide changing, shall we say?
01:29:32 · David M. Brear, Anil Stocker
[01:29:32] S10: So as the panel, and I'm sure many of the audience know today, 85% of small business lending is funded by UK big banks. However, the tide on that one is kind of changing, not one thing to do a pun around tide, but I'm sure the tide guys will appreciate that anyway. So, however, with the likes of the investment and the partnership that you guys have done with Barclays, this might start to see the tide changing, shall we say? [01:29:58] S3: Yeah. Absolutely. Look, I think there's so many great fintech companies out there doing different types of lending and I think what we've done is is really done a really great big partnership with Barclays, which we're announcing today to accountants. So Barclays will be selling our invoice finance solutions as part of their kind of core lending product to their 1,000,000 small businesses here in The UK and also there'll be funding on the platform. So it's the first time that a big bank will be relying on a third party credit model, our credit model that we've developed over the last five years. So, you know, it's a great referral and funding partnership and I think one of, you know, first of many to come. [01:30:34] S10: And and how did that come about? Because that's a... This is and obviously, you know, me and you have talked a lot before, but you know, Barclays changing and and being in that situation where they're they're... I I always think the amount of emotional intelligence that's required to believe you don't do everything yourself and everything being perfect and and partner, that's that's a big step.
01:30:34 · David M. Brear, Anil Stocker, Hannah Dawson
[01:30:34] S10: And and how did that come about? Because that's a... This is and obviously, you know, me and you have talked a lot before, but you know, Barclays changing and and being in that situation where they're they're... I I always think the amount of emotional intelligence that's required to believe you don't do everything yourself and everything being perfect and and partner, that's that's a big step. [01:30:55] S3: Yeah. I think banks are going through quite a bit of soul searching. So they're thinking about their product set. They're thinking about the customers that they serve. They're debating whether they should build themselves versus partner with fintechs and I and I think that, you know, Barclays have actually been, you know, they're they're ahead of the game and they're thinking far into the future and they they recognize what they are today, what they can do, and what they could achieve by partnering with fintechs. And I think you'll see a lot more as we've discussed today, a lot more collaboration between the likes of zero, the likes of fintechs, the likes of banks. And that coming together of those three main parties could be very powerful. [01:31:27] S10: Yeah. And, Hannah, do you guys are spending a lot of time helping small businesses manage, figure out where their cash flow situation is? Like how does that fit into the scenario around lending? [01:31:38] S16: Yes, so first step for us has been to try and make sure that small businesses actually have a plan. They really need to work with one. [01:31:45] S10: It's amazing how many don't, isn't it?