IBS Journal November 2016
43
“PSD2 IS A HUGE OPPORTUNITY FOR COMPANIES SUCH AS OURSELVES”
IBS Journal: What was your biggest challenge/setback?
MF: Gaining FCA authorisation was especially challenging. It took a full year to get regulated, which is incredibly challenging for any early stage startup seeking to demonstrate product-market- fit to investors and survive on seed funding. But tying into the point above about our smartest move, this gave us the time to really understand the market, build a product that people genuinely needed, and have all the right foundations in place to operate responsibly, smartly and innovatively at the point authorisation came through.
people’s well being and limiting their life choices.
IBS Journal: What has been your smartest move?
MF: We launched a stripped-back budgeting app very early on, long before receiving FCA authorisation to offer credit broking services. This allowed us to get an incredibly detailed and accurate picture of how people spend, what they find difficult, how we could help and what financial products would benefit them. With only minimal marketing, we gained tens of thousands of users who connected their banks to the service and we learned a huge amount from them before fully launching our Zopa consolidation loan offering in September this year.
IBS Journal: Where do you want to be in five years?
MF: We believe the future of banking isn’t actually a bank at all, but rather a platform: one that understands a user’s complete financial picture, takes an active role in their improvement, and delivers relevant personalised financial products when needed.
PSD2 is a huge opportunity for companies such as ourselves. Over the next five years, we hope to expand across Europe, scale significantly, and deliver an unparalleled consumer proposition which significantly disrupts the retail banking sector.
www.ibsintelligence.com
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