Banking on Air: #25 SMB acceleration in the US with Anthony Strike (SteadiPay)

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Full transcript of this episode is available here.

What’s the best way to now effectively offer digital services to the US SMB market to deliver the banking tools to really help them grow their businesses? Being underbanked is something we’d more readily associate with developing nations rather than the US, yet underbanking is prevalent in the United States too. In the US, most small and medium-sized businesses (SMBs) do indeed have access to a basic bank account, they can deposit and withdraw cash, but on many levels this market segment still remains ‘underbanked’ as sophisticated service provision by digital providers has focused on acquiring either very large corporations as customers or mass-market retail. In our Banking on Air podcast we look at how to extend that high personal touch to digital banking to serve a wider network of SMBs and really offer them the support and tools they need to succeed.

In this episode of ‘Banking on Air’, host Helene Panzarino is joined by Michael Callas, Chief Strategy Officer of Vacuumlabs, and our guest Anthony Strike, CEO of US-based SteadiPay

SteadiPay is focused on small and medium-sized businesses and helps them track, forecast and manage cash flow whilst earning the best interest rates on their cash holdings through a bank-agnostic sweep account. SteadiPay initially launched as an app to help individual customers manage credit card spending but developed its offering to fill the gap in the market for the underserved SMB segment. In our show, Anthony talks us through how he grew and developed his business and how SteadiPay honed in on the sweet spot for this market without falling into the trap of becoming too niche.

Anthony realized that many small business owners were struggling with the complexities of their cash flow management. Undertaking more than 300 customer interviews and speaking to over 100 small business accountants to best ascertain needs, Anthony saw the significant potential. It was then that Anthony hit a few roadblocks as he realized that many of the tech companies he was looking to help actually build his new product didn’t in fact have the capability to do so or the ability to build any kind of differentiated offering.

SteadiPay knew it could rely on Vacuumlabs and has partnered with us to build the key technical elements it wanted. SteadiPay now offers a cash dashboard for SMBs to track and forecast cash, a ‘cash optimiser’, a bank-agnostic sweep account to secure better money market rates for customers’ cash holdings. 

The company is now building out its offering to bring SMBs the very best in financial tools to underpin their growth. This is something that draws on some of the best from the past, recapturing the personal banking relationship—as through the service offered by old-school community banks who understood all the intricacies of each customer’s business. And it’s powered by some of the best of the future with deep data insights pointing customers towards the best solutions to improve their cash situation.

Learn more from our podcast about what SteadiPay will be bringing in to support the banking needs of small and medium-sized businesses, freeing these entrepreneurs up to focus on what they themselves do best.

Find out more about Anthony via his LinkedIn profile.

‘Banking on Air’ is the official Vacuumlabs podcast covering the challenges, opportunities, perspectives and opinions that matter to you and to our community. In this podcast, we are looking under the hood of the changing face of tech: the acceleration in all things digital, the impact of regulation (and disruption), the need for genuine collaboration – and the specter of competitors old and new as it plays out in fintech and financial services around the world.

This podcast is brought to you by Vacuumlabs – and we’re sharing our experience and expertise in creating solutions for the digital journey for professionals, community banks, and fintechs.  We believe that the future is in communities when it comes to digital transformation in financial services, and we invite you to join us and our guests over the coming weeks and months.

And don’t forget to subscribe!

WHERE TO LISTEN    

Full transcript of this episode is available here.

About Vacuumlabs

Vacuumlabs provides teams of flexible software engineers and designers with years of experience building fintech, online marketplaces, and digital products. Every step of the way, Vacuumlabs experts collaborate with clients, so that they can move fast, learn and iterate as they build world-class products together.