Founder's Story - Founder's Story with Andrew Spira on Building SkyCap to Support SMEs

Episode Date: December 23, 2024

Welcome back to Founder's Story! In this episode, guest host Vanessa Antonio speaks with Andrew Spira, founder of SkyCap, a fintech company focused on providing unsecured business loans. Andrew shares his journey, the motivations behind starting SkyCap, and his perspectives on the challenges businesses face in securing funding.Episode Highlights:About SkyCap:Founded in October 2023, SkyCap specializes in unsecured loans for SMEs ranging from $2,000 to $100,000 AUD.The company leverages AI to streamline funding approvals, providing an alternative for businesses unable to secure traditional financing.Learn more at skyecap.com.au.Andrew’s Journey:Andrew reflects on personal challenges in his youth that influenced his entrepreneurial outlook.He shares how these experiences shaped his approach to solving funding accessibility issues for small businesses.What Sets SkyCap Apart:SkyCap is privately funded, which Andrew believes enables the company to make faster decisions and offer greater flexibility to its clients.The company emphasizes building a team culture focused on supporting SMEs with tailored funding solutions.Motivations Behind SkyCap:Andrew discusses the gap in funding for SMEs and his perspective on why traditional banking systems often fall short.SkyCap was founded with the goal of providing businesses with a reliable, open-minded funding option.Future Plans:Andrew shares his focus on consistent improvement and scaling SkyCap to reach more businesses in need.He expresses long-term goals for growth and expansion within the SME funding sector.Connect with SkyCap:Visit skyecap.com.au to learn more about their funding options.For partnership opportunities, check out the broker section at skyecap.com.au/broker.Key Takeaways:SME funding remains a significant challenge, and Andrew discusses his perspective on how alternative solutions like SkyCap aim to address these issues.SkyCap focuses on offering flexible funding options using AI technology, which Andrew believes helps streamline the process for SMEs.Andrew shares his outlook on the importance of resilience and planning in building a business and supporting small enterprises.Financial DisclaimerThe information provided in this episode of Founder's Story is for informational purposes only and should not be considered financial, investment, or business advice. Neither the host, guests, nor Founder's Story is responsible for any actions taken based on the content of this discussion. Individuals are encouraged to conduct their own research and consult with a licensed financial advisor or professional before making any financial or business decisions.Our Sponsors:* Check out Rosetta Stone and use my code TODAY for a great deal: https://www.rosettastone.com* Check out Vanta and use my code FOUNDERS for a great deal: https://www.vanta.comAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Welcome to the Founder's Story. I am Vanessa Antonio. Today we have Andrew Sparra, who is a Sydney-based Fintech mogul currently spearheading Skycap, our evolutionary SME funding company, boasting the latest technological and operational advancements. Andrew, tell us about Skycap. operational advancements. Andrew, tell us about Skycap. So Skycap is my latest venture in the fintech space. It was founded in October 2023 now, so it's already been a year and two months. And what we're doing is we're using AI to fund our secure business lines in Australia. So we fund companies anywhere from 2000 up to 100,000 Australian dollars. Wow, that's a lot. How have you managed to overcome adversity and succeed in the competitive field of SME financing? Look, I've been through a lot of adversity in my life. I ended up on the streets between the ages of 15 and 17. But I think this gave me my entrepreneurial edge because I had to do

certain things to survive through this period. And then recently I went through a challenging period of addiction. At the age of 23, I relapsed into drug use and I ended up losing all my money to the point where I was broke. And now I rebuild my net worth today to back up to about 40 million Australian dollars. So it's been a good journey. And it's been a very interesting journey. Having said that, what do you think sets Skycap and its founder apart from others in the field, talking about technologically, culturally and operationally? Look, Skycap is a private business.

Skycap is me. We're completely self-funded, so we've got no investors. That sets us apart in the fact that we're able to make decisions faster, we're able to be more flexible, we're able to be more open-minded. And what gives us our edge? I think we've got staff that care, I've got a fantastic team around me. And I think I've basically emulated all the processes I've seen in the eight years I've been in this space into my own business. So I've seen all the mistakes being made and I'm trying not to emulate them. With access to funds being among the most difficult aspects of running an SME, what

inspired the creation of Skycap? Look, we want to help people. I think that's what Skycap does, where our motto is to help people. The sky's the limit, let's help people. Obviously around the world right now, there's a crisis with small businesses being unable to get funding for traditional banks. And that's why I've launched my business. So we're an outside option to the bank. We're an option that approves nine out of 10 of our customers.

And we're an option that's open-minded and flexible. Andrew, with your unique experience that you've mentioned a while ago, how do you think that helped skyrocket your company? I believe in the universe. I think the good energy I've put out there has given me a lot of good opportunity. I think the planning, it took me three years of planning to get this business up and running.

And I think the execution was done very well as well. So I think that's why we're at this position we're at today. I think the business just got valued at $130 million. So it's pretty good. Congratulations. Are there any exciting future plans? Repetition, repetition, repetition until we become a billion dollar company.

So let's keep pushing. Is there anything that you'd like our audience to know about Skycap? And if they're interested, where can they find you? We're available at skycap.com.au. So if you want to get in touch, if you need a business line, reach out. Alternatively, if you want to become a referral partner, feel free to go to our broker section, skycap.com.au slash broker, and we could get you on board as an affiliate partner or a broker.

If that's the pathway you want to go down. Andrew, thank you so much for joining us at The Founder's Story. Thank you. Thank you.