1. Tell us a bit about yourself
With 25 years of experience as a financial technologist at leading investment banks, I’ve developed a keen eye for innovative solutions to complex business problems. My extensive work in Prime Brokerage, which provides comprehensive services to hedge funds, gave me unique insights into the power of integrated financial ecosystems.
This background led me to recognise a critical gap in the market: small businesses and solo entrepreneurs lack the robust financial infrastructure and access to capital for growth. Inspired by the prime brokerage model, I founded Uome to bridge this gap, developing an app that empowers SMEs with enterprise-grade financial tools and services.
Outside of Uome, I’m passionate about fostering diversity in tech. I’m actively involved with Code Untapped, which has been on a mission to support people from underrepresented backgrounds to work in technology and in startups. With Uome, my aspiration extends to showcasing that an ethnically diverse founding and technology team can not only build but also sustain a global financial institution.
2. The Thesis
Uome tackles two interconnected market challenges: the underserved SME sector and traditional banks’ struggle to compete in the digital age.
To address these challenges:
First, we’ve created a comprehensive mobile app that allows SMEs to run their entire operational horizontal from their smartphone, with features including CRM, invoicing, expense management, virtual cards and tax preparation. Second, we offer this app as banking infrastructure to enable banks to rapidly deploy the Uome solution under a white label offering. With Uome, even traditional banks can level up their SME offering and meet the needs of SMEs and compete in the digital age.
The market opportunity is substantial. In the US alone, there are 34.7 million SMEs, with 48% actively accelerating their move to digital platforms.
3. What problem or opportunity do you address, and for which target customers?
Uome solves the critical challenge faced by traditional banks: losing SME market share to agile digital platforms. Our primary target customers are banks and financial institutions looking to enhance their SME offerings rapidly and cost-effectively.
We enable banks to offer and monetise a wider range of value-added services for SMEs, most importantly access to lending, which enables SMEs to accelerate their growth.
4. Who are your competitors and what is your USP?
In the SME financial services space, our competition falls into two main categories:
B2C Competitors: Companies like Square and Shopify offer various tools directly to SMEs. While these solutions address specific needs, they often lack the comprehensive integration that SMEs require for full operational efficiency.
B2B Competitors: Our focus is on providing a comprehensive SME banking infrastructure that enables tier 2 and tier 3 banks in the US to effectively compete with established players like Brex and Bill.com, as well as prepare for the entry of neobanks like Revolut and Tide into the US market. Uome levels up these traditional banks’ SME offerings. As a banking infrastructure provider in the B2B space, we are not aware of any direct competitors. Our solution empowers these banks by:
1. Achieving rapid speed-to-market with cutting-edge SME services
2. Matching or exceeding the feature sets of fintech competitors
3. Executing a digital-first strategy without significant in-house development or cost
Our Unique Selling Propositions:
1. Full Operational Horizontal: We offer a complete suite of tools covering the entire SME operational spectrum, from customer relationship management to tax preparation, all within a single app.
2. White-Label Solution: Our app can be fully branded by banks, enabling them to offer cutting-edge services without significant in-house development.
3. Integrated Conversational Commerce: We uniquely combine chat features with a full banking ledger, streamlining business operations by eliminating the need to switch between multiple apps.
4. Rapid Deployment: Banks can launch a competitive SME offering in weeks rather than years, staying agile in a fast-moving market.
5. Flexible Integration: Our API-first approach allows easy integration into existing systems or standalone deployment.
6. Multi-Vertical Adaptability: Our app caters to various SME verticals, providing banks with a versatile tool to serve diverse customer bases.
7. Expense Management: Card programme in a box, offering comprehensive issuance capabilities.
5. What is your current stage and traction?
Uome has successfully launched its mobile proposition in 2 markets: UK and USA, and is in the process of raising its seed funding round.
1. UK Traction: We serve several thousand small business customers through our mobile app, demonstrating demand for our comprehensive SME toolset.
2. US Market Entry: We’ve launched our app in the US App Store, further validating our concept in a new market.
3. Mastercard Partnership: Uome has signed a 5-year strategic partnership with Mastercard North America, positioning us for significant growth. This partnership is central to our expansion strategy in the US market.
4. Leveraging our Mastercard partnership, we’re building a bank-led B2B2C model. Mastercard is supporting our strategy by introducing us to their network of US community and regional banks, providing resources, and helping us develop embedded finance strategies tailored for these institutions.
5. Funding: We’re closing a $1 million seed round and preparing for a seed extension following our Mastercard go-live in North America.
6. What are your plans for the next 6-18 months and how can our network help?
1. Bank Partnerships: Launch our tailored SME banking app with partner banks in the US with Mastercard, as well as in Europe, demonstrating the effectiveness of our white-label platform in a banking environment.
2. Price Discovery: Conduct market analysis to determine optimal pricing structures that maximise value for banks while ensuring competitiveness.
3. Capital Raising: Prepare for our seed extension round to fuel growth and support onboarding of our first bank clients.
The Fintech Forum network can support our growth by facilitating introductions to potential bank partners and investors, particularly those interested in SME banking infrastructure.
7. What’s on your bookshelf or podcast app? Your favourite place for a coffee or a drink?
My reading list reflects the innovative and solution-focused approach we take at Uome. The Lean Startup by Eric Ries has been instrumental in shaping our development process. Its emphasis on building an MVP and iterating quickly is exactly how we’ve approached the development of Uome. It’s been crucial for staying agile and responsive to our users’ needs.
Another influential book is Zero to One by Peter Thiel. Thiel’s focus on creating unique solutions rather than iterating on existing ones resonates with our mission at Uome. We’re not just another payment solution; we’re building entirely new infrastructure to address previously unmet needs.
For podcasts, I find How I Built This by Guy Raz particularly insightful. The stories of other founders overcoming challenges provide valuable perspectives as we navigate our own journey with Uome. It serves as a constant reminder that persistence and innovation in building a successful company is key.I also regularly listen to The SaaS Podcast. As a SaaS platform ourselves, the practical advice offered in each episode provides actionable insights that directly contribute to Uome’s growth strategy.
My favourite spot is The Convivial Cafe in Sydenham. It’s more than just a cafe—it’s a community hub. With its welcoming atmosphere, excellent coffee, and focus on locally sourced ingredients, it aligns with my values of supporting small businesses and sustainability. Whether I’m looking to work, think clearly, or simply enjoy a break from the hustle, it’s my go-to place.