This week, we’ve chosen to have a chat with Spotcap New Zealand’s own Ben Murphy. The Sales and Partnerships Manager of Spotcap New Zealand, Ben, has been on the ground in Auckland for Spotcap since the country’s launch in January. Ben has 14 years’ experience in the finance sector and has an abundance of experience in business development and client relationships.
Ben has decided to share his thoughts with us on the fintech industry, Spotcap moving into New Zealand and his goals for the business. Check it all out here.
What does New Zealand fintech look like at the moment?
It is growing and changing shape at a rapid pace. Earlier this year saw the formation of our industry body, FinTech New Zealand, which is a fantastic achievement, as it created a centralised forum for likeminded companies and individuals to connect and share ideas. Although fintech has been alive and kicking in New Zealand for years now, the community is just starting to draw together. Traditional banks, financiers, insurance companies and even politicians are starting to take a very strong interest in the fintech community and what we are doing.
What does the future of fintech look like for you?
I think as fintech companies look to collaborate more and more with incumbents, we will start to see companies that were proudly formed with one particular disruption offering start to evolve, and offer other products that complement their initial ideas – for example insurance and finance. Initially, it may be through another company, but ultimately developing their own product. Eventually becoming a one stop shop for their end user.
I also believe now that seed funding options become more diversified, this will greatly enable many ‘ideas’ that previously never saw daylight to have a real opportunity to be developed.
Was it difficult launching a global company so remotely from the headquarters?
Surprisingly not as difficult as I imagined. The technology we use to do business with not only Australia but Berlin and the other overseas offices is second to none. I have also never worked with such a motivated team of individuals, where everyone is willing to deliver to the best of their ability for the end user. It’s been a refreshing and educating experience to work so closely with a team so passionate about their jobs.
What are your goals moving forward with the company?
We have only been officially launched in New Zealand for four months now, so the first goal is to continue educating the market as to what alternative finance is and that there is now an option for businesses looking to grow where previously they had none. Secondly, I would like to really grow the distribution in New Zealand with some of the strategic partners who we are talking to. Thirdly for me I would like to grow the New Zealand Business to the size where we can lead the FinTech industry in New Zealand. We have so much FinTech knowledge and experience in our other offices and there is nothing we haven’t seen before. I would like to be able to share that with other New Zealand companies to create an environment of innovation and growth.
Originally published May 19 2017 , updated May 19 2017