Going Global: Month two
Our journey of international expansion
Finding your place in any market isn’t easy. I’ve written previously about understanding the landscape you’re entering, and doing your groundwork early. I’m now able to shed some light on how I put my words into action.
Yesterday we officially announced Banqer’s Australian partnership with Netwealth here in Sydney. A selection of Australia’s best financial and consumer journalists attended the event, along with the Australian Government Financial Literacy Board Chair; Paul Clitheroe. Joint Managing Director of Netwealth Matt Heine and myself introduced Banqer and spoke to some of our ambitions for what we plan to achieve together this year and beyond. As a starting point Netwealth has committed to supporting 15,000 Australian students to use Banqer this year. This represents a significant contribution towards the improvement of the financial capability for these young Australians.
Why Netwealth?
We’ve always been very outspoken around our unwillingness to compromise when it comes to selecting partners. But the process of determining if an organisation is a good fit for Banqer is as much a science as an art. As a social enterprise we’re guided by our mission, so naturally any potential partner has to place equal importance on the impact we’re trying to make in the world from a purpose perspective. But there are a few other things we look for, and often we don’t know them until we see them. Beyond the obvious (strong credible brand, great people to work with, wide market reach) we want our partners to be different, or more importantly to think and act differently.
An increasing trend is collaboration between FinTech’s and those established in the finance industry, but typically this relationship doesn’t come friction free. The stark difference between the way a start-up can sprint and an incumbent can jog is just one of the barriers to playing nice together. We’re weary of this and it’s why we look to partner up with those who’ve somehow managed to retain their start-up mentality. Those who position themselves at the forefront of tech and don’t frighten when faced with fast paced iterations, MVPs, or new technologies.
And this is Netwealth to the core.
Despite the fact they now manage billions of dollars and have hundreds of staff they run like the wind. This is what excited us about working with them. We knew they wouldn’t be holding us back, instead they’re already bolstering us along. And I guess that’s why we call these unique organisations we find partners, not sponsors. They’re not just along for the ride, they’re co-pilots.
How did it happen?
You know that conference I mentioned in my previous post? Well that’s where I first met Netwealth, or more correctly where they saw me pitch. They reached out after the fact and let us know about them. Over that 18 month period we kept in touch, learnt more about each others organisations; what made us tick, what our ambitions were, and eventually started exploring what a partnership might look like.
And yesterday we got to share all of that with the world.
What next?
Our partnership with Netwealth and Banqer will look to change the trajectory of 15,000 Australian students lives this year alone. An ambitious goal, but one we’re committed to.
As for Banqer we’re looking for more partners to bring on this journey in other roles, those with specific expertise (such as insurance and real estate), as well as educational partners, those doing good in the same space as us. And actually on the education front I’m hoping to bring you good news soon. It involves an eye patch, a mutual love for Fergburger, and two pigs. But I think I’ll save that for another post.
