Banking technology fintech Lakeba never got a chance to show its mettle via a takeover of Maleny Credit Union. More’s the shame.
If all had gone to plan, Lakeba would be undertaking a reformation of Maleny Credit Union in Queensland. It would be a year into the project by now.
Quickly deploying its own technology, the vision was to jump to a seriously digital offer quickly and sweep up a nationwide client list.
Giuseppe Porcelli, CEO of Lakeba, told Banking Day the thinking was MCU would multiply the footings by 20 times.
At this point Lakeba planned to look to offload its holding, which was all too doable.
The board of Maleny hesitated, and legacy-minded and independently-minded, in the end resisted the takeover scheme.
APRA were “professional and supportive” Porcelli said.
Lakeba wanted to showcase the quality, care and possibility in its home-grown banking operations and banking compliance apps and systems devised by the company, beginning in 2014.
It is still doing this under “relationships with tier one banks and tier two banks,” Porcelli confirmed.
How many fintechs are on the hunt for a credit union takeover for an easier entry into the banking system, we asked.
“No, I don’t think there are any.”
Fintechs are focused on their core business and adventures in ADI licensing is vanity more than strategy.
There used to be scores, even hundreds working on some facet of banking entry. Ludicrous.
“We wanted a demonstration,” Porcelli said.
More than likely Lakeba would have been pretty lively at what they were trying to do. They had a small but real chance of prosperity and success in banking.