BankiFi founder and CEO on launching a successful startup

Mark Hartley is the founder and CEO of BankiFi – the UK technology company specializing in Open Banking solutions for SMEs. Prior to founding BankiFi, he operated globally in a variety of general management, sales, innovation and strategy roles in the technology industry serving the financial services industry. We caught up with him to find out more about launching a startup in today’s climate.

Tell us about your role and your journey to the position. What are the critical elements that led you to it?

I have felt privileged to have experienced a practice run on this a couple of times, and these opportunities have given me a good insight into what I am working on now.

I was fortunate enough to be relocated to Australia in my mid-twenties to set up the Australian subsidiary of a European banking technology cash handling provider. For this opportunity I was given a blank check to go and set up an office, hire people and eventually win business. You could say it was a great test run for what I do now at BankiFi.

I was also lucky to be part of the Clear2pay group management from day one. Initially I was responsible for driving products, then global sales, and most recently I held the position of Chief Innovation Officer. During my time there I was involved in the most important decisions across the business and we grew from just five people to over 2,000.

That experience gave me a lens on all the aspects required when starting and building a company that sells and supplies products to banks. Therefore, it feels like I’ve already had two important dry runs, in incredibly relevant spaces.

How challenging is it to create a fintech startup in today’s environment?

I don’t think the current environment is any more or less challenging, it’s always a challenge when you start out in any business. Whether you’re in an economic upswing or a downswing doesn’t really make that much of a difference. It’s whether or not you believe in what you’re trying to do, and you have a purpose and determination to make it succeed. The rest follows.

What is the biggest mistake start-ups make that prevents success?

Want to be a unicorn.

How will the adoption of 5G affect fintech markets?

I think it will really help enable richer digital services. It can also make sharing large amounts of data and video streaming much easier. In Fintech, it can enable better video-based interactions that will more closely resemble the traditional face-to-face in-branch customer services that SME customers still want.

It’s more about indirectly making things better rather than creating a ton of services on the back of 5g.

What is the most crucial element to succeed in building a successful fintech?

Have a purpose and don’t do it for money. Your strategy should never be about making money or being an entrepreneur, the most overused phrase in the world. It’s about solving a problem, having a purpose and doing it for the right reasons and everything else will happen as a consequence of that.

Are collaborations/partnerships/MAs becoming more important – and what would your advice be to someone seeking a new partnership in the current market?

Yes, they absolutely are. I believe there have been three stages in the life cycle of FinTech:

First, this is where FinTech upstarts thought they would come in and change the world.

Second, the banks tried to fight back and perhaps do their own thing and ignore the threat and opportunity that fintech has presented.

I think we are now in stage three, where both parties realize that they have strengths and weaknesses. By bringing both the banks and fintechs together in a partnership, you have a good recipe for success.

My advice would be to know what you’re good at, know what you’re bad at, and don’t reinvent the wheel. Think about solutions that solve real customer pain points and recognize that you are only part of the solution set, you are not everything.

Asia seems to be leading the start-up fintech industry globally. Why?

I think it is probably because there is a lot of economic growth in Asia. There are an awful lot of small businesses in Asia, and it is seen as the hotbed of developing countries, therefore there is an awful lot of investment going into Asia. I think that naturally means that there will be a lot of entrepreneurial ideas and spirit, and it is therefore a good breeding ground for starting a business.

If you could give your younger self any savvy business advice from your current experience level, what would it be and why?

It’s about understanding people and what their requirements are, whether it’s a customer, a partner or a member of your team.

Always use your senses in the proportions in which you were given them – so you have two ears and one mouth, so listening and hearing are as important if not more important than speaking. Ultimately, being able to understand what someone else needs from a relationship with you or your business, as opposed to always trying to sell and peddle a product to them.

Think about why you do what you do – have a purpose. When you set something up, you’re trying to solve a problem, and you’re trying to do it for the right reasons. Always go back to it, to ground yourself and not get carried away by success when it comes, and not get carried away by failure when it inevitably happens too. Keep returning to your North Star, focus on your purpose and stay level headed no matter what is thrown at you.

What can we expect from your startup over the next few years? Are there any new launches/products on the horizon?

We bet on being a global software company and we plan to open many offices, with many customers all over the world. Our mission is to help two million small businesses be better served by their financial institutions by 2024.