According to the Collinson Group survey, 55% of Singapore’s affluent prefers to bank digitally. With billions flowing into financial technology, it is arguably one of the hottest areas of investment and startup activity.
One startup making waves is FinCast, who has just been selected as one of the three pilot projects selected by OCBC’s Fintech inaugural accelerator programme.
Andrew Connors and Chelsea Dunne, a husband-and-wife team and Co-Founders of Fintech startup, Fincast aims to help wealth managers and their clients manage their investments better.
LadyBoss caught up with Chelsea to learn about the couple’s story behind Fincast and their plans moving forward.
“I could see the disruption that was occurring in the finance industry and the opportunity to commercialise…”
Q: What spurred you on to leave your corporate job and launch a startup with your husband?
A: I was in business development in the financial sector and my husband was in the funds management industry. We have both worked with major global brands around the world. I could see the disruption that was occurring in the finance industry and the opportunity to commercialise and scale the tools my husband was using in his funds management business.
I will always remember the day where we decided to sell our house, and put it all on the line, to create Fincast. At that moment, I became fully invested in leaving the corporate world and I have not looked back. There is nothing more challenging and rewarding than building your own business. I wanted to create something new and immediately got my hands dirty.
“It works well as Andrew and I are equally invested in the business.”
Q: How has it been like working with your spouse as co-founders of the company?
A: We both possess complementary skill sets and perspectives. Andrew always adopts a “glass half full” outlook while I am more conservative. At the same time, we both specialise on different aspects of the business. Given Andrew’s finance background, he is good with numbers while I lead the strategy, team, business development, management and partnerships.
Given our similarities and differences, we learnt to challenge each other without taking business matters personally. It works well as Andrew and I are equally invested in the business.
Q: What are the qualities that you possess that have been useful in your entrepreneurial journey?
A: Resilience, being able to be agile, good at multi-tasking and execution. As an entrepreneur, you have to be able to and willing to turn your hand to anything. You can’t just say, “I’m the boss and therefore I only do this”. This helps you build the respect with your team too.
“Ultimately we are keen in growing our customer base.”
Q: Where do you see the future of your business?
We are delighted with the success in Asia and we will be relocating our family and business to Singapore this year off the back of our pilot programme with OCBC. Having OCBC as one of our first customers is an outstanding endorsement of our applications.
In addition to working with OCBC, we are focused on growing our business in our core markets of Asia and Australia. Ultimately we are keen in growing our customer base. Raising Fincast onto a wider platform and to a bigger scale as the product is intended to be across borders.
We are also focused on maintaining our competitive advantage which will foster further innovation – we need to look at the next horizon, not just success with our current suite of applications.
Q: What is one advice you would give to women who are aspiring to become entrepreneurs?
Don’t let the fear of the unknown hold you back.