IBS Journal September 2016
49
community. We’re building the business using freelancers. We’re supporting them with knowledge and connections. And we’ve met some amazing people through the process who are really excited about the product.
IBS Journal: What has been your biggest challenge/setback?
IBS Journal: What’s your business model?
Samuel O’Connor: A freelancer can sign up for an account in three minutes through our app and they receive a debit card. They get everything they need to manage their finances and pay a small monthly fee.
IBS Journal: What sets you apart?
Samuel O’Connor: Unlike anything else in the market we can offer all the tools freelancers and independent workers need to manage their money in real-time and automate their finance process. They will never be caught out financially again.
IBS Journal: Who or what inspired you to set the company up?
Samuel O’Connor: We believe freelancing is the future of work and banks are not set up to cater to this growing segment of the workforce. As an increasing number of people choose the freelance lifestyle, the burden is getting even more onerous: sole-traders will be required to file tax returns quarterly with HMRC by 2018, for example, massively increasing their workload. We want to build something that helps this creative, enterprising and growing community thrive.
IBS journal: What has been your smartest move?
Samuel O’Connor: Committing wholeheartedly to the freelancer
Samuel O’Connor: When building any product, it’s easy to sit in a room and come up with what you think will work. We’ve really pushed ourselves to get the product in front of freelancers from a very early stage and continue throughout the product development process. This means we’ve received feedback directly from our first customers. It’s been a slower process to develop the product, but ultimately it means we’re building something that the community loves and we believe this will increase the value of Monizo for our customers.
IBS Journal: Where do you want to be in five years?
Samuel O’Connor: We want to eliminate admin days for freelancers.
“WE BELIEVE FREELANCING IS THE FUTURE
OF WORK AND BANKS ARE NOT SET UP TO CATER TO THIS GROWING SEGMENT OF THE WORKFORCE”
www.ibsintelligence.com
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