Daniel Kniaz, Founder of Weel, Discusses the Journey and Future of the Fintech Startup

Episode Summary:In this episode of Fintech Fun, host Chris Titley invites Daniel Kniaz to take us through the genesis and evolution of his company Weel, formerly DiviPay. The discussion begins with an exploration of the early days and the iterative process which led to their current business model. The episode offers listeners a glimpse into the world of Australian fintech innovation, capturing both the struggles and triumphs of a startup journey.Daniel shares valuable insights into the initial concept of DiviPay and the subsequent pivot due to Weel after scalability and monetisation challenges. The narrative shifts focus to Weel's current mission: resolving SMB spending-related inefficiencies and facilitating seamless expense management. Chris and Daniel's conversation provides a look into the ethos of a fintech founder, the strategic thinking behind pivots in business models, and the shaping of a tech product amidst a changing financial landscape.Key Takeaways:Daniel Kniaz's journey with Weel highlights the importance of listening to customer needs and adapting business models to meet market demands.Weel, born from DiviPay, serves to alleviate SMB spending and employee reimbursement pains by streamlining payment workflows and expense reporting.Successful scaling and market fit are achieved by offering a product that assists businesses in tighter financial control during challenging economic climates.The rebranding journey from DiviPay to Weel underscores the relevance of strategic name and positioning in the evolving fintech industry.Kniaz outlines the future direction for Weel, emphasising both the expansion into new payment types and the enhancement of pre and post-payment workflows.Notable Quotes:"When we reflect on, on the why behind that and we look at our customers, what's interesting is because of the broader macro environment, customers know that they need to keep a really tight eye and control on how they're spending company funds.""We've kind of been a product that solves a problem within what's going on in the broader macro.""Our focus is really two parts. First part is giving SMBs access to all different payment types. And the second piece that we really focus on from a product perspective is adding value in the workflow around that payment."Resources:Weel websiteH2 Accelerator programStone and Chalk coworking and innovation spaceThis podcast uses the following third-party services for analysis: Podtrac - https://analytics.podtrac.com/privacy-policy-gdrpSpotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

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