We’re now in the start-up phase and the next phase is the growth phase. At the moment we are live and integrated with the challenger bank Monzo, in closed pilot, and the food retailers EAT and Bel-Air. Our primary focus is to prove that what we do can create value for everybody. The next phase will be to roll this out and integrate with Barclays: firstly, by using their Launchpad experimental platform to try out the technology on 10,000 customers before potentially scaling up to the Barclays user base of five million people; and secondly, through Barclaycard, whose relationships with 30% of UK retailers gives us a huge opportunity.
You were part of the Barclays Accelerator powered by Techstars at Rise London earlier this year. What have you gained from that process and your relationship with Barclays since?
The Accelerator gives you on the one side, people who can help you refine, grow and structure your business and on the other side, access to this powerhouse bank which can help you take all those concepts and implement them in the real world. It’s been a beautiful combination for us. We are really excited to be working with Barclays because it allows us to take what we are learning on a small scale and blow it up to get huge traction very quickly. It’s really exciting. We’re looking at this from a global perspective. It’s not a question of if this technology will become ubiquitous, it’s a case of how.