Collaboration in Fintech with Mastercard’s Derren Powell
The Finterview - Fintech Exposed episode 1
The world of Fintech is one of the most challenging, thrilling and dynamic environments there is. One might also think that it is a highly-competitive place, where winner-takes-all.
Derren Powell, Vice president of Business Development for Fintechs at Mastercard thinks otherwise.
In this episode of The Finterview, we discuss how Fintech founders and entrepreneurs should focus on partnerships and collaboration. Being clear on what you want to excel at and be known for is one of the key insights shared by Derren to be successful in the Fintech industry. There is so much to still do in the Fintech startup world, that anyone can find their place by specialising and offering the best quality of service to their clients in their Fintech niche. Derren also shares gold dust to help you grow and thrive in the Fintech start-up environment.
Being active on LinkedIn is not important, it’s critical
Whether it is through sharing thoughts, business advice, funny memes, or with the sole purpose of making somebody smile, LinkedIn is a wonderful outlet and platform to liaise with people. It allows Derren to stay connected with the Network, and has brought him a tremendous amount of value and business opportunities.
This is a result of the approach Derren has taken on this social media. But he emphasises the importance of never forcing an agenda. People will reach out because you are authentic, not because you have something to sell them.
People don’t buy from companies, they buy from other people
Authenticity, humility, integrity and transparency are the golden rules Darren applies in his day-to-day life. Personal branding is often overlooked, as we focus on companies. But consumers buy from somebody, not from something.
Striving to grow your personal branding will inevitably allow you to harvest the fruits of your authenticity in the long term.
You can’t be fantastic at everything. Embrace partnerships
The competition between Fintechs is nothing compared to all the creation of value that can be shared. As a Fintech founder, you should aim to collectively blossom with your peers. Not grow alone.
Be very good at something. And partner up with somebody who thrives in your blind spots. You will not only find best in class partners; you will also have a 360 degree offer and attract best in class clients.
Acknowledging your competition is important. But competition is critical to ensure that clients have choice and can make an informed decision.
Circumvent the pitfalls that people who went before you fell for
Working with Mastercard or joining the Fintech Foundation will allow you to benefit from the experience of dozens if not hundreds of founders who went through the same journey you are starting.
This is also the opportunity to be part of a movement that is bigger than yourself - at least at the beginning until you become the next Fintech unicorn.
In this episode, you will also learn more about Derren’s view of the banking industry, where he began his career, versus the world of Fintech today. We of course discuss what he does at his company and how Mastercard positions itself in the industry and towards Fintech startups.
Can’t wait to hear about all these topics and more? Then listen here 🎧or in your favourite podcast app👇
Links toward the topics we discussed during this interview: