Tell me a little bit about yourself.
Matthew: Born in Switzerland to British parents, my mother coming from Trinidad with Polish and Indian ancestry, that’s why I don’t look so British. Grew up in the South of France, graduated from Babson College in the US with a major in Entrepreneurship and investments. I started my career in London as a tech investment banker, then got an MBA from INSEAD, and worked for the hedge fund Citadel where I was responsible for a TMT portfolio. I’ve been in Cambodia for nearly 8 years.
Skye: I grew up in Australia, a country with excellent financial inclusion – 98% of the adult population has access to financial services. I studied Multimedia Design, started my own business when I was 20, and completed my Masters in Business/Marketing concurrently. I’m half Khmer so when I received the opportunity to help start Clik and improve regional access to financial services in Cambodia, I jumped straight in and have been loving it ever since.
In your 1 min elevator pitch, how would you best describe your Fintech Solution?
Today, brick and mortar merchants lack the data insights into their customer bases online businesses have and also have to deal with the costs and risks of cash transactions while managing a fleet of antiquated payment terminals.
Our solution provides consumers with an app that transforms payment into a seamless, safe and simple experience. Our merchant app is a revolutionary mPOS solution capable of processing any digital payment, including: our wallet, Visa, Mastercard, UnionPay, Alipay, WeChat Pay, G Pay, Apple Pay and any other wallet. This solves the problematic fragmentation of the payment market, making things much easier and safer for merchants to manage.
We are capable of providing un-precedented customer insight to merchants, something that up until now only online businesses could access. Finally, we provide merchants loyalty and message marketing tools to act on this customer insights- helping them secure, improve and personalise their services by leveraging our AI and ML capabilities.
Our ultimate objective is to enable merchants to market the right product to the right customer, at the right place and at the right time to both grow their profits and also provide customers with a rewarding and personalised experience.
What inspired you to start Clik?
Observing the market we thought that brick and mortar merchants were not properly serviced by their payment providers. So, 2 years ago we ran one of the largest market studies, speaking to close to 1,800 merchants ($1bn of revenues) and over 1,000 consumers to understand how they do payments, what their problems are, what is important to them, and more. It confirmed our thesis that Cambodia wants better digital payment services and that the timing is right. From there we assembled an amazing team and designed our service to solve their problems – and that’s how Clik started.
What did you wish you knew before you started your first business?
Matthew: I wish I had chosen my business partners more wisely.
Skye: Networking! As an introvert it took me a long time to learn.
How do you see the current Fintech industry and what do you think of it in the next 5 years?
The industry is entering an incredibly transformative phase, where we’re seeing amazing applications of artificial intelligence, machine learning and blockchain – innovation fuelled by un-precedented amounts of capital while posing interesting regulatory challenges. These are really exciting times, impacting habits and improving the lives of billions of people.
In the next 5 years blockchain technology will mature and find itself in many applications, transactions costs will go close to $0 (as most causes for transaction losses will be drastically reduced thanks to fraud prevention) and the wallet will disappear into the background as transactions become seamless, like conversational commerce.
What was the greatest challenge you’ve faced with this start-up?
If you had one piece of advice to someone just starting out, what would it be?
Matthew: Do you want to fail because you didn’t try hard enough? If you believe in it, then try as hard as you can.
Skye: Surround yourself with people you trust – whether it’s partners, employees or other businesses. You can do so much more with their support.