fintechFIVE: MoneyMe

Elizabeth Barry 1 February 2018 NEWS

fintech moneyme

Clayton Howes

CEO and co-founder

In two sentences or less, describe your product or service.

MoneyMe provides unsecured personal loans to customers with a very broad range of risk profiles. We do this completely online, with the simplicity, speed and convenience that today’s digitally-savvy millennial consumers demand.

What has been the company's biggest milestone to date?

In November 2017, MoneyMe finalised an AU$120 million asset-backed wholesale securitization facility led by $100 million from global investment manager, Fortress Investment Group, and joined with $20 million of bonds issued by corporate advisory, Evans & Partners.

The funding will allow us to continue capturing an even greater share of the digitally-savvy millennial consumer market over the next 3 to 5 years through an expanded product range and additional delivery channels. On top of this, however, we felt it was a great achievement for fintech as a whole.

To us, a capital investment of this magnitude signified recognition of the strength and depth of not just our value proposition, but served as an indication of the strong potential for Australian fintechs to capture serious wholesale market funding.

Oh, and taking out Australia’s second-fastest technology company based on revenue growth in the Deloitte Technology Fast 50 last year was pretty cool too!

What’s your most useful advice for having a productive day?

My advice on this one is to start with triaging. Your inbox is never going to be empty and the list of demands on your time is only ever going to increase. So, it’s vitally important to take a step back and ask yourself – “What really matters today?” Prioritise your top three “must do’s”, and delegate the rest or simply address them at a later point. Sometimes when you don’t address something immediately, you’ll find it can magically resolve itself.

You can also supplement this with a range of productivity hacks. Two of my favourites are the Pomodoro Technique (using a timer to break down work into intervals) and the “Seinfeld Strategy” (committing to completing a certain number of the same activities every. Single. Day.).

But this leads me to my next point on productivity – that it also requires downtime. If you’re constantly doing, doing, doing then your brain doesn’t have the space to get creative. We have a ping-pong table at MoneyMe – clichéd, I know! – but this is actually where some of my greatest ideas are formulated, as I give my brain a rest from work and let ideas brew in the background. It’s easy to be productive once you have a super exciting idea that you want to jump right into executing.

Where do you see the company in 12 months?

It really does feel like the world is our oyster here at MoneyMe! In 12 months’ time, I see a massive jump in loan volume after having launched a series of niche loan products targeting the millennial consumer at different stages of their credit life cycle. To compete and become a genuine threat to the banks, we will also be considering an additional debt funding deal between $250 million to $500 million.

Which book has had the most influence on your professional mindset?

Without a doubt that would be Disrupted by Dan Lyons. Not only is it a hilarious and riveting read, but the key message is a crucial one for entrepreneurs (“wantrepreneurs”): stop talking sh#t, and actually get sh#t done instead. As entrepreneurs, it can be too easy to fall into the trap of drinking your own Kool-Aid, and this book is a timely reminder of the perils that can result.

The fintechFIVE is a series of five questions intended to shed light on innovative companies from Australia and around the world. Every Thursday we ask the same five questions to a representative from a different fintech company – check out the most recent fintechFIVEs here.

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