EP 84: Yanir Yakutiel On Growing A FinTech Venture, Decision Making, Podcasts & Habits That Make Founders Successful
Yanir began Lumi with one major goal in mind: to help Australian small businesses flourish by offering fast, flexible and fully transparent loans. One of the biggest differences between Lumi and other financial lenders is the fact that we harness big data in real-time, allowing us to offer customised lending decisions like no other. Having been involved with SME financing for the last 3 years, Yanir recognised the opportunity to use the power of data and analytics to create a market-leading, customer-focused small business lender that truly solves the lack of access to capital that is an existential problem for Australian small business owners. As the owner of a small business, Yanir says he understands firsthand how the lack of capital can hinder the growth of a business and limit the entrepreneurial potential of small business owners. His overarching ambition with Lumi is to empower small business owners to grow their businesses and achieve their dreams and aspirations.
In this episode Yanir and Phil talk about growing a FinTech startup, leadership decision making, podcasts and the three habits that founders need to develop to be successful.
3 KEY POINTS
- Building technology to achieve operational efficiency and achieve favourable unit economics was the big lesson from Sail that was carried across into Lumi because it’s good business and because in Australia, unlike the US, investors won’t fund loss making ventures for long periods of time (07:14 )
- Startup is a team sport. A B-grade idea backed by an A-grade team will always win over a A-grade idea and a B-grade team (12:10 )
- Making quick decisions, in particular in relation to talent and if a hire isn’t working out is essential (14:10 )
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