Building credibility proves a significant obstacle for fintechs, says Assuro founder Leon Weston
Building credibility can be a significant roadblock for financial technology companies trying to get off the ground, particularly for those based in WA.
It’s an obstacle fintech founder Leon Weston faced when he launched bank guarantees platform Assuro in 2018.
The digital platform — which was named WA Startup of the Year at the Incite Awards last month — allows companies to apply for and manage their bank guarantees, bonds and other financial guarantees, while keeping costs low.
Mr Weston said the business experienced some hesitancy from clients early on, which he attributed to fear of the unknown.
“Initially, there was a lot of hesitancy … I completely understand it. They didn’t know who we were or how we deliver value” Mr Weston said.
Mr Weston noted that raising awareness was another common obstacle emerging fintechs faced in an increasingly crowded sector.
“There’s a lot of noise in the market and very established companies, so for new fintechs starting up, trying to get the awareness in the market is hard,” he said.
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Source: Building credibility proves a significant obstacle for fintechs, says Assuro founder Leon Weston | The West Australian