The Fintech OG Series Season Two: Tomer London and Anu Hariharan
Dec 11, 2024
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Join Tomer London, Co-founder and CPO of Gusto, dedicated to empowering small businesses, and Anu Hariharan, Co-founder of Avra and former Y Combinator partner, as they explore fintech's evolution. They discuss the complexities of payroll systems, the impact of AI on finance, and the transformative potential of startups. Personal insights reveal their inspirations—from historical icons to morning routines—while sharing lessons from setbacks that shaped their resilient journeys in the ever-changing fintech landscape.
Tomer London highlights how Gusto addresses the challenges faced by small businesses by providing tailored financial technology solutions for payroll and operations.
Anu Hariharan emphasizes the transformative role of AI in enhancing operational efficiency and customer service within the fintech industry.
Deep dives
The Importance of Understanding Small Businesses
Tomer London emphasizes his mission to understand small businesses, as he recognizes that they often lack adequate financial and operational support. Growing up in a family of entrepreneurs, he witnessed firsthand the numerous challenges small business owners face, such as managing payroll without dedicated teams for finance or HR. This gap in support is significant, considering that small businesses play a crucial role in the U.S. economy and represent millions of employers. Gusto aims to address these challenges by offering tailored financial technology solutions that empower small business owners, enabling them to streamline operations and focus on growth.
Lessons on Resilience and Innovation in Fintech
Both Tomer and Anu recount their early experiences and challenges in the fintech space, highlighting the resilience required to overcome setbacks. They discuss the slow evolution of certain financial processes, such as ACH transactions, which remain a hurdle for payroll companies in the U.S. despite advancements in technology. The conversation reflects on the intersection of financial services and innovation, emphasizing the need for constant adaptation in an ever-changing market. They illustrate how companies like Gusto are innovating through partnerships with banks to expedite payroll processes, ultimately aiming for a more efficient customer experience.
The Impact of AI on Fintech Operations
Artificial intelligence is explored as a transformative tool in the fintech industry, with Gusto employing AI to enhance customer service and streamline operations. Tomer highlights how AI integration improves customer request handling, enabling quicker, more efficient responses to inquiries. This automation extends into various operational aspects of the business, like generating reports and filling out job descriptions, which significantly reduces the time and effort required for routine tasks. Anu adds that the operational efficiency gained from AI can lead to substantial cost savings, although more consumer-facing applications of AI in financial services remain to be seen.
Navigating Challenges and Facing Setbacks
The podcast delves into personal experiences of navigating challenges in the fintech landscape, showcasing a mixture of high and low periods. Anu shares a notable experience with Monzo, which faced dramatic revenue drops during the pandemic, requiring swift adaptations and clear communication with customers to avoid potential crises. Tomer reflects on his own learning curve, discussing how the pressures of startup life led to early difficulties in managing team dynamics and performance expectations. These stories provide valuable insights into the emotional and strategic resilience necessary for leaders in the fintech sector to succeed amidst uncertainty and change.
In this episode, I talked with Tomer London, Co-Founder and CPO of Gusto, and Anu Hariharan, Co-Founder of Avra and former partner at Y Combinator.
Together, we talked about the intersection of their personal passions and their professional innovations, sharing insights from their journeys into fintech and their ongoing efforts to solve complex problems in payments, payroll, and beyond.
From Tomer’s mission to support underserved small businesses to Anu’s work shaping the future of fintech through investments in companies like Brex and Monzo, this conversation unpacks the challenges and opportunities in the space. We also discuss the transformative role of AI, lessons learned from setbacks, and the unyielding resilience required to drive growth and innovation in an ever-evolving industry.
Let's dive in!
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