Name: Our Fintech Solution – Recognising the Need and Maximising Potential
Uploaded: 2024-05-08T10:46:52.131Z
Duration: 317.76
Description: Fintech Founders explores the need to recognise and maximise potential with our experts Henry Orunkoya, Founder, Wollette, Petr Kozyzkov, Co-Founder & CEO, Mercuryo,Matt Ford, Co-Founder & CEO, Sidekick and Andrew Martin, Founder & CEO, SMEB.

2. Our Fintech Solution.mp4

2. Our Fintech Solution.vtt

ENGLISH

{{00:00:08}}
It was 2019.

{{00:00:12}}
There was just crypto boom and
a lot of people came in crypto,

{{00:00:18}}
but majority of them were.

{{00:00:21}}
Just, adventurous guys who were
wishing to build something in crypto.

{{00:00:27}}
And there were just few guys
who had, FinTech experience

{{00:00:32}}
to build something for crypto.

{{00:00:35}}
It sounds strange that for crypto which
is actually kind of FinTech there were no

{{00:00:41}}
experience in FinTech and building this.

{{00:00:44}}
And we saw a clear path
that there are no FinTech.

{{00:00:48}}
Experienced teams.

{{00:00:49}}
There are no guys with understanding
of licenses, and we thought that

{{00:00:55}}
we can do it better than others.

{{00:00:57}}
So the problem of the inequity of
wealth creation is nothing new, but I

{{00:01:01}}
think the last 10, 20 years it's become
increasingly evident that the role of

{{00:01:05}}
the state is changing, the role of the
employer is changing, and increasingly

{{00:01:09}}
we're all having to take a lot more
accountability of our own wealth creation.

{{00:01:14}}
But I think the, Eureka moment really It
was, I first identified this during COVID

{{00:01:19}}
when we'd been at the end of the bull
market, the stock market had been flying,

{{00:01:23}}
but people were still actively hunting out
sometimes often crazy speculative things.

{{00:01:28}}
So this was the rise of NFTs,
crypto was going berserk, everyone's

{{00:01:33}}
WhatsApp groups were lighting up with
some weird and wonderful esoteric

{{00:01:37}}
opportunity to punt your way to 10x
your money and That was terrifying.

{{00:01:40}}
It was terrifying that actually
people, they didn't have a predictable,

{{00:01:44}}
risk managed, expertly advised
or guided approach to how they

{{00:01:49}}
meaningfully grew their wealth.

{{00:01:50}}
They were punting on stuff.

{{00:01:52}}
They were speculating all over the
place and Now that really showed, I

{{00:01:56}}
suppose the, real peak of the problem
that people really did need to take

{{00:02:01}}
a lot more accountability and take
control of their wealth creation.

{{00:02:03}}
But the real tools that were available
weren't available to the wealthiest,

{{00:02:08}}
were not available to the rest of us.

{{00:02:10}}
So I think that was
the canary in the mine.

{{00:02:12}}
And then obviously since the end
of the bull market, people have

{{00:02:15}}
realized that actually a lot of
those assets have gone to zero.

{{00:02:19}}
A lot of people got their
fingers burned on meme stocks.

{{00:02:21}}
They've not, everything
always goes up into the right.

{{00:02:24}}
But what else do you do?

{{00:02:26}}
Where do you turn to?

{{00:02:27}}
What product should you have?

{{00:02:28}}
And that vacuum, that void, that's what
we're trying to fill at Sidekick, really.

{{00:02:32}}
We're trying to build that sophistication
of product set that was only available

{{00:02:36}}
to the ultra wealthy, and we're trying
to democratize that for the rest.

{{00:02:41}}
The need came to us really with the press.

{{00:02:44}}
We saw facts in the, in, in the
market such as 6, 000 bank branches

{{00:02:48}}
closed over the previous years.

{{00:02:51}}
We saw the government solution
of the banking hub coming to

{{00:02:54}}
market really slowly with only
37 being deployed in three years.

{{00:03:00}}
With this knowledge, we decided we
would become a regulated payment

{{00:03:04}}
institution, which allowed us to
onboard the customers ourselves.

{{00:03:09}}
And therefore take the product
to market at our own pace.

{{00:03:13}}
Combine that with embedded finance and
we saw a real opportunity to accelerate

{{00:03:17}}
the penetration in the marketplace.

{{00:03:20}}
And that gave us the ability to
be in charge of our own destiny.

{{00:03:26}}
For me, the moment that we realized
that what we were building was

{{00:03:30}}
actually needed was when You know,
the cost of living crisis all started.

{{00:03:36}}
So one of the things that I realized was
if you had a system that could actually

{{00:03:41}}
help you to understand where you could
find the cheapest products, perhaps that

{{00:03:47}}
could make the the cost of living crisis
a little bit less You know, you could

{{00:03:53}}
reduce the impact, the cost of living
prices on the average folks on the street.

{{00:03:56}}
Because what made that whole
period quite difficult, and we're

{{00:04:01}}
still in it right now, right?

{{00:04:02}}
What makes it quite difficult is the fact
that people really struggle to find deals

{{00:04:07}}
and they struggle to find cheap prices.

{{00:04:10}}
And they are there.

{{00:04:11}}
The cheaper prices are there, you just
need to spend time to actually find them.

{{00:04:14}}
And what we are trying to do is to
optimize the whole process and to make it

{{00:04:18}}
easier for consumers to find those prices.

{{00:04:21}}
and to also increase the
relationships between merchants

{{00:04:24}}
and consumers as a whole.

{{00:04:26}}
And so for us, the current landscape tells
us that our product is incredibly needed,

{{00:04:34}}
and it also tells us that in a, there
is a huge, acceptance of digital for us.

{{00:04:43}}
And the other validation, that we had
that helped us to understand that we

{{00:04:47}}
are on the right track was the fact
that France and the rest of the European

{{00:04:51}}
countries are now coming on stream
with new laws that ban paper receipts.

{{00:04:56}}
So in France, you are not
allowed to automatically print

{{00:04:59}}
paper receipts any longer.

{{00:05:01}}
And if France is doing it, The Germany
is doing it and Germany is doing it.

{{00:05:05}}
It's just a matter of time
before the UK starts to do it.

There was just crypto boom and
a lot of people came in crypto,

Just, adventurous guys who were
wishing to build something in crypto.

And there were just few guys
who had, FinTech experience

It sounds strange that for crypto which
is actually kind of FinTech there were no

And we saw a clear path
that there are no FinTech.

There are no guys with understanding
of licenses, and we thought that

So the problem of the inequity of
wealth creation is nothing new, but I

think the last 10, 20 years it's become
increasingly evident that the role of

the state is changing, the role of the
employer is changing, and increasingly

we're all having to take a lot more
accountability of our own wealth creation.

But I think the, Eureka moment really It
was, I first identified this during COVID

when we'd been at the end of the bull
market, the stock market had been flying,

but people were still actively hunting out
sometimes often crazy speculative things.

So this was the rise of NFTs,
crypto was going berserk, everyone's

WhatsApp groups were lighting up with
some weird and wonderful esoteric

opportunity to punt your way to 10x
your money and That was terrifying.

It was terrifying that actually
people, they didn't have a predictable,

risk managed, expertly advised
or guided approach to how they

They were speculating all over the
place and Now that really showed, I

suppose the, real peak of the problem
that people really did need to take

a lot more accountability and take
control of their wealth creation.

But the real tools that were available
weren't available to the wealthiest,

So I think that was
the canary in the mine.

And then obviously since the end
of the bull market, people have

realized that actually a lot of
those assets have gone to zero.

A lot of people got their
fingers burned on meme stocks.

They've not, everything
always goes up into the right.

And that vacuum, that void, that's what
we're trying to fill at Sidekick, really.

We're trying to build that sophistication
of product set that was only available

to the ultra wealthy, and we're trying
to democratize that for the rest.

The need came to us really with the press.

We saw facts in the, in, in the
market such as 6, 000 bank branches

We saw the government solution
of the banking hub coming to

market really slowly with only
37 being deployed in three years.

With this knowledge, we decided we
would become a regulated payment

institution, which allowed us to
onboard the customers ourselves.

And therefore take the product
to market at our own pace.

Combine that with embedded finance and
we saw a real opportunity to accelerate

And that gave us the ability to
be in charge of our own destiny.

For me, the moment that we realized
that what we were building was

actually needed was when You know,
the cost of living crisis all started.

So one of the things that I realized was
if you had a system that could actually

help you to understand where you could
find the cheapest products, perhaps that

could make the the cost of living crisis
a little bit less You know, you could

reduce the impact, the cost of living
prices on the average folks on the street.

Because what made that whole
period quite difficult, and we're

What makes it quite difficult is the fact
that people really struggle to find deals

The cheaper prices are there, you just
need to spend time to actually find them.

And what we are trying to do is to
optimize the whole process and to make it

easier for consumers to find those prices.

and to also increase the
relationships between merchants

And so for us, the current landscape tells
us that our product is incredibly needed,

and it also tells us that in a, there
is a huge, acceptance of digital for us.

And the other validation, that we had
that helped us to understand that we

are on the right track was the fact
that France and the rest of the European

countries are now coming on stream
with new laws that ban paper receipts.

So in France, you are not
allowed to automatically print

And if France is doing it, The Germany
is doing it and Germany is doing it.

It's just a matter of time
before the UK starts to do it.

Fintech Founders

Expert Insight

Fintech Founders explores the need to recognise and maximise potential with our experts Henry Orunkoya, Founder, Wollette, Petr
Kozyzkov, Co-Founder & CEO, Mercuryo,Matt Ford, Co-Founder & CEO, Sidekick and Andrew Martin, Founder & CEO, SMEB.