EXCLUSIVE: “Fostering the would-be titans of tech” – Conor Moore, KPMG and Anthony Lacavera, Globalive in ‘The Fintech Magazine’

KPMG Private Enterprise’s Global Technology Innovator competition is about more than lifting the crown – it helps build a community, say KPMG’s Conor Moore and Anthony Lacavera from Globalive

Fintechs were among the emerging talent battling it out in this year’s KPMG Private Enterprise Global Technology Innovator competition, as national winners went head-to-head in Portugal.

After 1,300 applicants were whittled down to 23 for the final showdown, Sweden’s PlasticFri – whose green technology converts agricultural waste into eco-friendly products that can replace plastics – took the crown. But five fintech founders were among those finalists showcasing their businesses at the event in November, which is keenly watched by stakeholders and investors.

KPMG says the contest serves two purposes – to help the consulting giant identify the next set of great disruptive companies; and to provide an international networking opportunity for contestants.

Conor Moore, partner and global head of KPMG Private Enterprise, which founded the Global Technology Innovator (GTI), said: “KPMG wants to work with the best companies out there. And we all know the pace at which these companies grow and replace older companies. So, for us to achieve our objective, we must be invested in this space.

“If we are to attract and retain the best talent at KPMG, we also must be seen to be working with these groundbreaking companies. That’s what our people demand. It’s particularly true of younger people. If you’re not working with these companies, you lose in the talent war.”

Canadian telecoms entrepreneur Anthony Lacavera of Globalive said that the GTI offers an ‘immense yield on time’ for founders, given the contacts they will develop there.

Lacavera, a judge at this year’s finals, explained: “Networking with other top founders from all these different geographies is an amazing opportunity to expand your network. Whether that results in new client opportunities, new investor opportunities, new geographies that you can expand your business into, or just making new friends who are facing the same challenges, it’s invaluable.”

FOUNDER SHOWCASE

The GTI was launched during the pandemic in 2021 when KPMG ran national competitions in 17 countries. Six more countries have been added since then with each national winner presenting their business idea to judges at the grand final. There are eligibility criteria for technology companies taking part.

“We all know the pace at which these companies grow and replace older companies. So, for us to achieve our objective, we must be invested in this space”

Conor Moore, KPMG

To ensure competitors have already built scale, they must have an annual revenue of between $1million and $15million, or have raised capital of at least $500,000 if the business is at pre-revenue stage. The finalists are scored by five judges on six criteria: innovation and disruption; marketing potential; customer adoption; marketing buzz; long-term potential; and the quality of the pitch. Though there’s only one winner, the 23 finalists are showcased in a ‘fireside chat’ with Lacavera – his business Globalive Media records the one-to-ones for broadcast, raising their profiles.

Lacavera, who launched Canadianwireless carrier WIND Mobile and counts ‘five exits and three failures’ on his CV, says: “The GTI is about identifying these amazing founders and their technologies, which are often in deep tech that can be a few years away from commercialisation. In the interviews, we document the founders’ journeys, these emerging technologies and reveal their potential.

“For me, it’s a chance to give back to the innovation ecosystem and help build the profile of founders – and they can use the content for their own ecosystem, stakeholders, investors, clients and on their social networks.

“At the same time, during the conversation, I hope to offer some advice about the things I’ve seen go wrong in my own career and the vast litany of mistakes that I’ve made!”

A SUPPORTIVE NETWORK

Since winning the first GTI in 2021, Brazilian agriculture nanotech business Krilltech has increased staff headcount, completed a funding round and expanded into several other countries.

KPMG’s Moore says: “Being a national winner or the international winner opens doors that didn’t exist previously. It can help attract investors and business partners, and it can improve credibility when dealing with government officials.”

But it’s not just about business development potential.

“When it was announced that Diego Stone, the founder of Krilltech had won the very first competition in Lisbon, there was a tonne of emotion,” recalls Moore. “He immediately got online with his grandmother, who had been watching. It was very cool. And the other finalists, who had just that second found out that they had not won, were so happy for Diego – they all rallied around each other.

“Looking at that group from afar, you could say they were going to be friends and business acquaintances for life. It was borderline emotional watching it happen.

MEET THE 2023 GTI FINTECH FINALISTS

Founded in 2021, Motito provides alternative financing for essential assets, including buy now, pay later and peer-to-peer financing in markets dominated by cash. With its buy now, pay later ‘Pay Small Small’ plans, instalments can be personalised by the customer using the Motito app, and repayments are made over a maximum of six months, the first 30 days interest free. Its Pay4Me scheme allows individuals to set up a payment page so ‘supporters’, typically friends and relatives, can pitch in and help buy an item, such as a laptop for a student or a sewing machine for business use.

Motito has held four funding rounds since its inception and aims to have 100,000 users by the end of 2023.

Portugal Rauva created what it calls ‘Portugal’s first business super app’ with a business account, digital invoicing, expense management, payments and data analysis functions. Built ‘by entrepreneurs for entrepreneurs’, the fintech aims to be a one-stop shop for freelancers and small business owners with business tools collated in one place.

Launched in 2022, Rauva bought Banco Montepio business banking brand Banco de Empresas Montepio (BEM) in September, which was reportedly valued at €30million. The deal included BEM’s customer data, which Rauva said it would integrate into its quantum machine learning technology. from South Africa

“For me, it’s a chance to give back to the innovation ecosystem and help build the profile of founders”

Anthony Lacavera, Globalive

The Match Exchange aims to disrupt agricultural commodity trading through its app that matches farmers with crop buyers. The firm likens itself to X, formerly Twitter, in that farmers can easily communicate to their followers (buyers) that they have product to sell.

It promises to improve profits for participants by shortening supply chains through its use of data and network of brokers. Once a farmer or product buyer chooses a broker, they can follow progress through the Match Exchange app. When a deal is done, the fintech manages invoicing, payment, can arrange transportation and arbitrate in quality disputes. from the Philippines

Peddlr is a digital accounting and point-of-sale startup launched to transform a market where pen and paper remain the norm. Its mobile app provides a full range of bookkeeping services to micro and small businesses such as market traders and shop owners, covering sales, accounting and business reports.

It was founded in 2021 by former Proctor & Gamble and Unilever executive Nel Laygo with Aiko Reyes, a founder of women’s rights organisation Zonta International. Peddlr is backed by venture capital firm Kaya Founders, which has 39 digital companies in its portfolio.

Founded by former restaurant boss Conor Sheridan in 2021, Nory is an operating system for hospitality businesses, covering everything from forecasting to workforce and inventory management and payroll.

It employs AI to ‘learn’ a business and then advise a restaurant’s teams accordingly. For example, Nory can track staff productivity, predict customer peaks and troughs so people are in the right place at the right time, manage HR tasks such as rotas, and execute payroll. It uses AI to predict ordering needs days or weeks in advance and prepares prep lists for kitchen staff.

Nory claims this boosts profit by minimising waste, plus the system can set profit targets for specific dishes. By September, it had raised $10million in funding and employed 34 people

This article was published in The Fintech Magazine Issue 30, Page 50-51