Monday
InterviewsRohan Gamble’s Online Money Info Zone, Part I
- Rohan Gamble
Rohan Gamble is one of the great minds behind the Australian startup Mozo.com.au. This financial site aims to make it easier for Australians from all around to get the latest bank rates and product info.
There are many interesting stories behind this startup, so we’ll let Mr. Gamble tell them for us:
When did your site officially launch?
Mozo.com.au went public on 20 October 2008.
What does it offer its visitors?
Mozo.com.au is Australia’s new online money info zone. We bring together the latest bank rates and product info with customer reviews to help people compare credit cards, home loans, savings accounts and other financial products.
Mozo.com.au offers personalised comparison tools to help people find the best financial product for their needs. Our free Health Check service shows people whether they could benefit from switching their loan or credit card, including the top 5 products that would save them the most money and help pay off their debt faster.
As it’s turned out we’ve launched at a great time. In the current financial environment it’s never been more important to shop around for the best banking deal, but at the same time there’s a lot of confusion over where to borrow or stash your cash. We’re here to help people cut through the confusion.
How did you develop the idea for your site?
The idea for Mozo was born out of a very simple premise: too many of us put up with bad deals from our financial providers because it is just too damn hard to do anything about it. We know we should, but we just don’t act. So in early 2007 I decided to do something about it.
I had previously launched Virgin Money in Australia and run the business for three years. This experience got me thinking that there must be a more efficient way to connect financial providers with potential customers. I decided to create a new online financial marketplace that would help consumers make informed financial decisions and give financial providers a reliable and cheap acquisition channel.
Our timing was good, as financial comparison sites were rapidly growing in popularity in countries like the UK and the US. However, our research showed that users were starting to demand more personalisation and more sophisticated comparison features, such as customer reviews and the ability to compare providers on more than just price.
The concept for Mozo was to deliver a new comparison model that offers users a more personalised experience, that’s about more than just price transparency and that encourages banking customers to have a voice and help each other through the money maze.
Did you need to look for outside investment in order to finance your project?
To get Mozo going I spent every cent I had (and then some!). When I made the decision to do it I decided this was my roll of the dice, and that I was prepared to risk everything to roll the dice properly. I believe in Mozo so strongly that I wanted to get as far as I could without outside investment.
Once my personal well dried up we took on outside investors, who are all private individuals. I think it’s important to remain focused on what we’re trying to achieve, and I believe the best way to do this is to steer clear of any form of corporate investor in the early days. The investors we have are all highly successful in their own pursuits, and bring a wonderful set of skills and experiences. Having them on board gives us a lot more than just money, it also gives me a great informal advisory board to bounce ideas off.
How many people work on your team?
The Mozo Team
We have a lean launch team of 7 core people. Plus we have a team of people to collect and manage all the data that powers our site. Our ‘formal’ titles are below, but of course in reality we all need to be a jack of all trades to cover everything a business needs. Key employees are:
- Rohan Gamble, Mozo founder and Managing Director
- Chris Stephens, Technology Director
- Kirsty Lamont, Marketing Director
- Carole Donaghy, Sales Director
- Andrew Duncanson, Product Intelligence Director
- Belinda Gurd, PR & Social Marketing Expert
- Mark Ratjens, Software Architect
Tell us about any motivational activities you put into practice with your team. How do you prepare your staff in order to gain the skills required?
I am a big believer in hiring the absolute best people, and letting them get on with it. A start up doesn’t have the luxury of carrying weak staff in the way that so many larger businesses do. So people need to have a few things if they are going to enjoy the life of a start up.
First they need to be very highly skilled in the area of their ‘formal’ role. We simply can’t afford any weak links in the core functions, it would all fall over. Second they need a flexible, entrepreneurial attitude, because a start up comes with a lot of challenges. Everyone needs to do a wide variety of tasks, and also to accept that there are small day to day frustrations that come with the territory. Thirdly they need to be self motivated, and a self starter that can drive their own agenda, not wait for me to define it.
I don’t think a start up has the luxury to ‘train’ people up in these areas, they need to turn up with them. If they don’t, it tends to fall over quickly in my experience. But if they do, they thrive on it, and love their life as much as I do.
Are they freelancers, part-time workers, or do they work full-time?
Mozo employees are an entrepreneurial bunch who tend to have their fingers in one or two different pies. Others are juggling the demands of raising young families. We encourage employees to choose the working conditions that suit them best, so we have a mix of full-time, part-time and contract staff.
Post Tags: Australia, Bank, Business, Credit card, Financial services, Gamble, Managing Director, Rohan, Rohan Gamble, US, Virgin Money
Add New Comment
Viewing 6 Comments
Thanks. Your comment is awaiting approval by a moderator.
Do you already have an account? Log in and claim this comment.
Do you already have an account? Log in and claim this comment.
Do you already have an account? Log in and claim this comment.
Do you already have an account? Log in and claim this comment.
Do you already have an account? Log in and claim this comment.
Do you already have an account? Log in and claim this comment.
Do you already have an account? Log in and claim this comment.
Add New Comment