10 mins with Money Mover
Money Mover burst onto the scene in November 2013 and joined the CW forum shortly thereafter. In January 2015, we found out more about the companies’ founder, Hamish Anderson via a Q&A in Anglia Business magazine but this week, we caught up with Amanda Nunn, Partnerships Manager.
In a nutshell, what is Money Mover?
Money Mover is an online currency exchange and global payments platform for SMEs.
Our approach is simple. We’re committed to reducing foreign exchange and payment costs for SMEs. We’ve designed a platform which is transparent and simple to use, and which maintains the safety and security of your funds at all times. We believe in supporting smaller businesses, which is why we keep our fees low and offer our customers great rates no matter what their size or turnover.
In creating Money Mover, we asked businesses what they needed from a global payments service. This allowed us to design our intuitive web application from the ground up to provide the tools and functions that make life easier for our customers and put them on equal terms with the largest institutions and corporates. Its suite of powerful features includes instant quotes, recipient management, downloadable confirmations, payment history and status tracking.
Tell us a bit more about how the team came together, and how Money Mover was borne.
Hamish Anderson, one of the founders of the business, was a hedge fund banker with HSBC. A number of his clients were interested in providing financial services (such as loans) directly to end clients, thus ‘disintermediating’ (cutting out of the loop) the banks. Such loans were more flexible, tailored to the specific requirements of the customer and could be arranged faster.
Lending was clearly not the only application for FinTech, and so the founders set about identifying big markets which were dominated by the traditional players. It didn’t take long to spot foreign exchange as a market which was shrouded in mystery and burdened with opaque fees and charges. Recent FinTech start-ups like TransferWise and Azimo were doing a great job in personal currency exchange, but there was a gap in the market for a service focusing on SMEs, which are increasingly international, but underserved and overcharged by the banks.
Coming from a big bank Hamish understood that, due to technical challenges resulting from unwieldy legacy systems, banks tended to design new services which were easy for them to deliver rather than functional for users. Here was an opportunity to turn things on their heads and build a payments service that was designed from the ground up to meet the needs of the customer. A service offering intuitive tools and functionality which would fit the way our users worked, responding to the unique challenges faced by the SMEs at the heart of the UK economy.
Basing the business in Cambridge, and using designers and developers who had never built a financial application before, meant that we could build something new and unrestricted by conventional wisdom. Furthermore, the local business community consisted of just the right blend of international-facing and technology-aware customers who would be the ideal users of such a service.
Now, a year since we launched our web application, we’ve recruited 100 SME customers, and have helped them exchange over €39m (saving them an estimated £500,000 in fees and charges).
We’ve received over £1m of seed financing from a group of experienced financiers and technologists.
Our business has proved that the financial sector doesn’t have to be all about London. Technology is opening new doors. The UK offers the right talent and experience for challengers to do things differently – and there’s the appetite for it.
Tell us about your team
In terms of the team, there are six of us at the moment but our team is expanding rapidly.
Andrew Comber is our CTO and is a New Zealander living in Canada whose natural habitat is technology. An experienced project manager and systems architect, Andrew has worked on banking systems and has set up his own web businesses. He is responsible for all aspects of Money Mover’s technology and makes sure that our systems play nicely with our partners and service providers.
Our Head of Legal, Rosemary Fallows, originally qualified as a solicitor with a wide range of legal experience including contracts, employment law, commercial property, residential conveyancing and private client work. She then moved into investment banking and, with three years of operational experience under her belt, Rosemary found her home in legal and compliance. She spent a number of years working at a large US investment bank, latterly specialising in dealing with high risk clients. Rosemary deals with new account opening, keeps all of your payments running smoothly and makes sure that we comply with all applicable regulations.
Alex Garbutt is our Business Analyst. Alex is a recent graduate of the University of Kent where he studied economics for three years. In the summer of 2014 Alex gained work experience as a capacity and investment analyst at a manufacturing company in Hungary where he secured over €1.7 million for targeted investment from a large local bank. As a Business Analyst his role ranges across all parts of the business including operations, technology, sales and strategy.
I joined Money Mover four months ago as Partnerships Manager. I met Hamish during my time at the CBI and when he approached me about the role I jumped at the opportunity.
What does your role as Partnerships manager entail and how do you intend to utilise your CW membership?
During very early stage discussions with lawyers, accountants and other professional service providers, it became apparent that there was a lot of interest in putting us in front of their clients. As such, we identified that partnerships would be a good source of introductions.
I came in to the business in October 2015 to pick up on some of the early stage discussions and also develop a partnerships strategy. The majority of my role is focused on developing and maintaining partner relationships to ensure a consistent flow of introductions.
Another important aspect of my role is to build relationships with networks like Cambridge Wireless. CW membership offers us a great opportunity to be part of the vibrant business community in and around Cambridge. In addition, it’s helpful for us to be able network with like minded businesses. Both as an opportunity to share best-practice but also to help spread the word about Money Mover!
What are the teams plan for MoneyMover over the next year…2 years?
Well, at the moment, our focus is very much on building our client base. It’s a very scalable business and our revenues are growing month on month. The challenge for the time being is to recruit good team members who help to take the business to the next level. We’ve just recruited a CCO and a Marketing Manager so as far we see it, the sky’s the limit.
Tell us a bit more about the technology behind the application – how hands on are the team with this aspect?
Our platform was developed from scratch in Cambridge using local web designers and application developers. The web application is built on a Linux (Ubuntu), Nginx, Python, PostgreSQL software stack and makes use of a variety of software frameworks including Django, ZURB Foundation, jQuery, Modernizr and Moment. Our back end is tightly coupled with payment services providers and banking counterparties through its developer API. The web application is hosted on the Amazon Web Services platform based on a simple IT architecture using EC2, RDS, S3, SES and Route 53.
We manage the platform in-house with the support of our CTO and the Cambridge team. It’s all masterminded in-house and the whole team is very hands-on.
For more information, please visit www.moneymover.com