By Margaret Maccoll
Ian Parke and James Pound drew on their backgrounds in technology and banking to create a global cross border payment company.
The fledgling compan, called Fin-Pay FX and founded only last year has about 13 clients and $35million in transactions on its platform.
Small to mid-range businesses including shipping, logistics, minerals and resource, accounting and multinationals are using their business to make foreign exchange payments and the entrepreneurial pair are now looking to expand.
On Monday Ian and James were among three business owners to pitch their business ideas to potential financial investors at the AngelLoop showcase held at Sunshine Beach Surf Club.
AngelLoop is Australia’s largest Angel Investor Network compromising 22 groups from around Australia sharing investment opportunities.
AngelLoop Director Simon Horne said the charity promoted entrepreneurship and ideas and benefitted the community. It aims to turn ideas into viable businesses and maintain them, he said.
Mr Horne travels the east coast from Townsville to Newcastle to garner interest from investors and business start-ups.
SunCoast Angels chairman Darrell Edwards said on the Sunshine Coast start-ups pitched their ideas to AngelLoop every third Tuesday, alternating between the Maroochydore Hive and Peregian Beach Digital Hub.
With a background in banking and finance Mr Edwards said he saw a lot of customers with big bank balances sitting dormant where their money could be invested in businesses and watching them grow can be very rewarding.
He said the benefit of dealing with the Angel group was in bringing people from various backgrounds together for due diligence on potential investments.
“It’s capitalising on experience,” he said.
Noosa Council CEO Brett de Chastel said Council had an interest in economic development and diversifying the economy of Noosa which is strongly reliant on tourism.
He said initiatives like the Peregian Beach Digital Hub and Innovate Noosa were the sort of thing council wanted to get behind and support.
“It’s more than putting money on the table. It’s mentoring, knowing how to avoid problems start-ups have, how to accelerate the business. That’s the sort of thing that makes a difference,” he said.
“We see this club as a way we build up the local economy and grow our own.”The business pitches are live investment opportunities, however, investors are under no obligation to invest in any of the companies. Further, ASIC regulations govern the conduct of such a showcase, including a prohibition on the entering in to any contract on the day of the showcase for the subscription or purchase of securities discussed.
For more information visit angelloop.org
