The FinTech Report The FinTech Report: Episode 61: Damir Cuca, Founder, Basiq
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Jun 19, 2025 
Damir Cuca, founder of Basiq and a tech veteran with over 20 years of experience, shares insights on the evolution of open banking in Australia. He discusses how fintechs played a pivotal role in Basiq's success and the challenges of selling to banks versus innovative startups. Damir reflects on his motivations for selling to Cuscal and offers advice for founders considering an exit. Additionally, he emphasizes the importance of financial literacy for his children, intertwining personal finance education with modern technology.
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Fintechs Drove Basic's Early Success
- Damir initially targeted large banks but failed to secure clients there in early Basic days.
- Smaller fintechs innovated actively and became the real customers driving Basic's success.
Ecosystem Over Single App Power
- The power of financial data lies not in one app but in enabling an ecosystem of fintechs.
- Different consumers have diverse needs, requiring a platform for various tailored solutions.
Australia's Unique Open Banking Focus
- Australia's open banking focuses on data access, unlike the UK's emphasis on payments.
- Use cases range from identity verification to personal finance management to lending.