“For me, the future of finance aggregates all of these problems: insurance, broadband, savings accounts, pensions etc. all into a single place and makes it just work.”
Here at Foundervine we’re gearing up for our next change making SU54 weekend. On 8-10 March we’re collaborating with Monzo, Elastic and Neyber to bring you #SU54: The Future of Finance. Last year, we incubated 16 start ups at SU54: Social Enterprise and SU54: Africa Tech supporting 300 young entrepreneurs to build their business ideas in one weekend.
This year, we’re starting as we mean to go – BIG! As Millennials we’re already shaping the future of finance and so we want to create an environment where our community can come together to build businesses for the future.
Startup 54: The Future of Finance will be an immersive 3 day experience designed to launch ventures that will contribute to the transformation of financial services and birth the next big player in the financial ecosystem.
As ‘The Bank of the future’ Monzo is the perfect host for The Future of Finance. With over 1m users the digital only bank has become the millennial bank of choice. We spoke to Monzo’s cofounder and CEO Tom Blomfield about the future of finance and how young entrepreneurs can make the most of it.
Foundervine: What does the future of finance look like to you?
Tom: The future of finance is incredibly exciting. We’ve gone from a world where banks are really focused on individual financial products and as a consumer you had to do the work to piece them together (somehow!) and all the administration too. If you don't, you end up getting a bump deal and that’s really infuriating.
So for me, the future of finance means aggregating all of these problems: insurance, broadband, savings accounts, your pensions etc. all into a single place and just makes it work.
Foundervine: What are you most excited about?
Tom: What I’m most excited about is having all my financial admin done for me. It really is a personal frustration that I have to renew my car insurance or haggle with my mobile phone provider to make sure I’m not paying some crazy loyalty tax. These are not problems that I enjoy solving and I don’t think most people do either. So I’m looking forward to the day where Monzo just makes money work for everyone.
Foundervine: What advice would you give to scaling start-ups?
Tom: The first tip is to know when you’re in scaling mode and when you’re not. Typically that’s about product market fit - whether you’ve got a product that customers are buying off the shelves at a rate where you can’t replenish your shelves quickly enough! You really have to know you’ve got that demand there before you start scaling up your company otherwise you’ll incur a massive cost base without the customers or revenue behind it. So be clear you’ve got product market fit.
Once you’ve got that I’d say hiring seasoned executives that have been through that growth stage before at another high growth Tech Company makes things a lot easier.
Foundervine: What advice would you give to new entrepreneurs looking to disrupt this space?
Tom: The best way to learn how to scale a company is just to start a company. Just dive in. There’s no better learning experience. Secondly, for financial services specifically, embrace and understand regulation. I would not advocate trying to find a way around it I think that ends really badly. Just understand what the regulations are and how you can meet your obligations. It’s ultimately not that scary of you’re just willing to embrace it.
Do you want to build a start-up that will shape the future of finance, and transform how we interact with financial products and services for good?
See you there!