Particular Report: With a brand new CEO and a contemporary capital increase, the enterprise is concentrated on leveraging some key market alternatives within the 12 months forward.
For ASX-listed fintech Identitii (ASX:ID8), the power of its community throughout main multinational banking purchasers was one of many firm’s early aggressive benefits.
In flip, the enterprise established partnerships with names equivalent to HSBC, to construct out product improvement for its Overlay+ platform. It has since gone on to broaden that buyer relationship in addition to announce engagements with the likes of Customary Chartered Bank.
And amid the market volatility attributable to the COVID-19 pandemic, the corporate has made some key strategic strikes to start out the 12 months, together with the recruitment of recent CEO John Rayment.
Rayment joins the enterprise following a 9-year profession at multinational funds firm Travelex, the place he rose to turn out to be the London-based world head of its business-to-business (B2B) enterprise division.
Talking with Stockhead, Rayment stated that after operating a division serving greater than 2,000 purchasers throughout 77 international locations, he received the itch for a brand new problem; find out how to apply his data and networks to help fintech startups as they scale as much as their subsequent part of progress.
Not lengthy after, he was launched by way of a mutual pal to Identitii co-founder Nick Armstrong. Together with a promising marketing strategy, the pair realised that the corporate was additionally ideally suited to Rayment’s skillset.
“I know a number of people in senior banking jobs around the world. And when I described the details of Identitii’s business to them, the response from my network was overwhelming. They said that if Identitii can execute on its strategy, then it’s an extraordinary opportunity,” Rayment stated.
Having joined the enterprise in January, Rayment stated his instant focus was on establishing a transparent set of progress benchmarks for 2020 and past, as Identitii scaled its enterprise model in direction of rising and repeatable buyer wins.
“The key focus now is how to take our core products, where we’ve already established traction with key clients, and build out our customer base,” Rayment stated.
“We already have a well-developed sales pipeline of interested parties for a number of our services, so I want to apply a laser focus on doing a small number of things and doing them really well.”
Rayment stated his world community had already supplied some aggressive benefits for the enterprise.
“It’s helped to crystallise our thinking around strategy. Because I’ve been able to approach my network with a suite of opportunities we have and get high level market feedback on which products these companies are likely to buy.”
Drawback solvers will probably be in demand
“We’re applying more of a lean startup approach, where you take a view of the market and the problems they want solved, as opposed to building a product and hoping we can sell it.”
To assist fund the execution of that technique, ID8 final week closed a $1.9m funding spherical by way of a rights subject to eligible shareholders.
Together with the funds raised, the corporate stated it had additionally acquired “significant interest in strategic investment from several global financial institutions and technology companies”.
The extra capital will probably be deployed in direction of serving to the corporate shut quite a few late stage offers and progressing strategic funding conversations which can be underway.
Whereas the tempo of market exercise slows dramatically amid the continuing well being disaster, Rayment is assured that Identitii is well-placed to profit amid the uncertainty.
“If you look across the spectrum, from governments and regulators to banks and consumers, the demand for more information around transactions isn’t going to go away,” he stated.
“In terms of our long term opportunity, financial institutions will likely be looking to identify quicker and more nimble ways to solve problems such as how to meet reporting and regulatory obligations, that haven’t gone away.”
“Solving technology challenges in a faster, smarter and more cost-effective way than completely overhauling existing technology systems is the key value proposition on which Identitii was built,” Rayment stated. “Which puts us in a unique position to help financial institutions as we emerge from this crisis.”
“If we stay disciplined and focused on executing our strategy, we will be perfectly placed to help financial services companies rebuild.”
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This story was developed in collaboration with Identitii, a Stockhead advertiser on the time of publishing. This story doesn’t represent monetary product recommendation. It is best to take into account acquiring unbiased recommendation earlier than making any monetary choices.