According to World Bank estimates, remittances totalled US$585 billion in 2016. And Liberac is looking to make it easier for international workersworker to send money home to families in need.
Idealog: So what is Liberac?Liberac What are you tr ying to do here?
Sulu Fiti, CEO (left): My intenintention with Liberac was to be part of the global sea change to lower remittance costs in the Pacific Islands, using innovative technology. Our initial focus was to use Samoa as a test ground,g before expanding out to Tonga, Fiji, and further afield. Also, there is a dearth of Pasifika people who are leading busbusinesses here in New Zealand, particularly in the FinTech space. Hopefully other PacifiPacific Islanders can be inspired by our journey aat Liberac, and start putting their creative mminds towards creating innovative business ventures.
What did you get out of the accelerator?
Just having exposure to a hughuge network of people and resources that I wouldn’t normally have access to has been incredible. We’ve been mentored by leading industry figures, introduced to investors, other startup founders, and the government agencies that we have dealt with have had the Kiwibank FinTech Accelerator on their radar, making the process of working with them much easier.
There has also been a huge amount of support and help from the Creative HQ team, and those associated with the accelerator. In particular, programme director Kristen Lunman has been fantastic and Rick Brown has been our 'guiding light’ mentor throughout this experience. Special mention must go out to Kiwibank, and their digital advisor Peter Fletcher-Dobson. They have some great people working for them, and have been a pleasure to work with.
What's the secret to getting a viable FinTech project off the ground in such a short time?
There is no secret. Just hard work, tenacity, focus, momentum and having a dedicated team that can execute. Also, being clear and decisive, so that if, like I did, you decide to pivot, then you do so from a place of strength.