Carta with Giles Sutherland (Managing Director) | E116

Enabling next generation payments.

Summary:

In this 116th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Giles Sutherland, Managing Director for Growth Markets at Carta. Carta is a provider of underlining payment infrastructure for various players in the market, including many well-known fintechs. 

Episode Highlights: 

● 00:37 – Giles Sutherland defines Carta and what it provides. 

● 03:21 – What led the founders of Carta to create it? 

● 08:34 – Giles provides some examples of companies that might be recognized that have utilized their service. 

● 14:48 – What other sectors of the economy has Carta gone after to support? 

● 21:17 – What is Carta’s unique value proposition? 

● 25:19: – Why did the company begin its efforts in Europe? 

● 31:39 – Platforms are baking in the proper security as necessary. 

● 33:52 – Under 10% of process flows are touching a bank. 

● 35:18 – It is roughly a 6-year process to upgrade platform systems. 

● 37:03 – What would Giles Sutherland change in his business or industry? 

● 39:48: – What have been the biggest challenges that Giles has faced? 

● 41:45: – What is the most exciting thing that he is working on? 

3 Key Points 

1. Carta refers to themselves as ‘the engine powering some of these neo-banks or fintechs. 

2. Carta’s business model is a service model in an infrastructure play. 

3. Banks are spending billions of dollars on their IT and infrastructure. But, three-quarters of it is just going to maintain systems. 

Tweetable Quotes: 

● “The reality is, almost all banks actually outsource the equivalent processing functionality. So, the merchant is outsourcing the processing of that, let’s say, accepting transaction to accept payments or receive payments.” – Giles Sutherland 

● “The average consumer though, wouldn’t be aware of the fact that their life savings are in a bank with extinct programming language actually holding it all together.” – Giles Sutherland 

● “You’ve got the new guys coming in to disrupt. Great, we want to sell them some technology that can enable them. The banks don’t want to let go quite so easily? No problem. We can use that technology to help banks.” – Giles Sutherland 

Resources Mentioned: 

● Facebook – Jason Pereira’s Facebook 

● LinkedIn – Jason Pereira’s LinkedIn 

● FintechImpact.co – Website for Fintech Impact 

● JasonPereira.ca – Sign up for Jason Pereira’s newsletter 

● Linkedin – Giles Sutherland’s 

● Carta – Website for Carta