The rise in authority can be a major hurdle for fintech companies, especially those based in Washington.
That’s the hurdle fintech founder Leon Weston faced when launching a bank guarantee platform Assuro in 2018.
The digital platform, which was named WA Startup of the Year at the Incite Awards last month, enables companies to apply for and manage bank guarantees, bonds and other financial guarantees while keeping costs low.
Mr Weston said the business had experienced some hesitation from customers in the early stages, which he attributed to fear of the unknown.
“At first there was a lot of hesitation… I completely understand that. They didn’t know who we were or how we deliver value,” Mr Weston said.
Mr Weston noted that raising awareness was another common hurdle facing new fintech companies in an increasingly crowded sector.
“There’s a lot of noise and very well-known companies in the market, so it’s hard for new fintech companies starting out to gain traction in the market,” he said.
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Source: Credentialing is proving to be a significant hurdle for fintech, says Assuro founder Leon Weston | Western Australian