The Bankwatch

Tracking the consumer evolution of financial services

Digital Finance Toronto 2015 – some notes @dfi2015

Digital Finance conference in Toronto. Two panels today with very different perspectives and fascinating to observe:

  • first panel was very focussed on the regulatory environment, and was very focussed on the problems that fintech has with regulators. There was a thread of unbanked and underserved. In general this panel struck me as close to lobbyists
    • Sarah Gordon CFSI
    • Carol Caruso Accion (funded by Gates Foundation)
    • Grant Fondo – Goodwin Proctor (security / cybercrime)
    • Jo Lang (ny) R3CV – crytocurrency, org with 9 global banks
    • Sarah Martin, Moneythink – economic health of US people one at a time
  • the next panel was 4 actual fintech companies, and these are driving real change. What struck me with them, is that they are providing a customer friendly technology front end that is layered on top of old banking technology. They are each driven by partnerships with existing players.
    • Patrick Postrehovsky, (Rentmoola)
    • Michael Gotkurk – (PayFirma) (ex Versa Pay)
    • Daniel Eberhard (Koho)
    • Michael Katchen (WealthSimple)

Some points from the Fintech panel:

  • brief description
    • RentMoola – credit card acquiring and payment to Landlords
    • PayFirma – superior card acquiring
    • Koho – PFM based online banking with Credit Union providing the underlying banking core technolgy. Primary revenue is Interchange.
    • WealthSimple: very experienced Silicon Valley entrepreneur. Offerring investing advice and management open to small and beginning investors with low fees
  • Katchen from WealthSimple points out that 50% of his employees are developers with an entrepreneur background.
  • Payfirma points out they compete with legacy incumbents. At their core PayFirma is just a card acquirer, but then they just do it so much better than the incumbents.
  • passion and working ‘insanely hard’ to provide the best experience for customers.
  • “can we make peoples lives better” this is the koho filter for all decisions, and they use it every week for decisioning.

I note the audience is full of lawyers, banks, investment companies. There is clear interest in the space. Thankfully it was not another blockchain discussion.

WealthSimple is a big Canadian winner and rasing $32M in Canada is huge.

Nothing from the CPA discussion yesterday, except to expect more regula

Written by Colin Henderson

September 30, 2015 at 11:47

Posted in Uncategorized

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