Moroku

Making Banking Fun

Reserved AUD $825,000
Target AUD $1,000,000
Max AUD $3,000,000
83% complete
  • Financial Tech

  • Australia

  • February 2012

  • Series A

  • 10-20

  • moroku.com

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Highlights

  • UBS Finnovate Finalist, Accenture FinTech Lab 2015
  • Largest investor to date is Cuscal, one of Australia's largest and leading FinTech's providing capital and distribution
  • Innovative banking and payments platform for banks, insurance and wealth companies

Business Summary

Customers want 24*7 mobile access to their banking and insurance products in a way that helps them win. Facebook and Mobile video games are defining those interfaces and expectations. Banks need to win digitally because that’s where the customers are and where the margins are greatest. At the same time the legacy infrastructure, core systems and cultures of many banks, insurance companies, wealth providers and traditional software providers are hampering their ability to solve for this.

As the world moved from PC to mobile, the most engaging and popular app categories are social, gaming and more recently fitness. These app categories are defining the experience not just for these categories but all categories. To succeed, banks and insurance companies must deliver apps that utilise these design paradigms or they will lose customers.

Moroku's GameSystem is a mobile banking server that takes customers on a journey of success. We then deliver a set of “life stage” mobile banking apps that connect to GameSystem which 2nd and 3rd tier banks subscribe

A design methodology and professional services capability allows Tier 1 banks and Insurance companies buy to design their own apps on top of GameSystem

Dave Durbin and Colin Weir began digitising banking in 1997 when they began taking some of the biggest names in banking to the internet with their first start up JCP which they sold to Sun Microsystems in 2000. Having spent 2 decades digitising banking they’ve helped Financial Institutions (FIs) across the world take out a lot of cost from their operations. But in doing so the customers have fared less well.

Moroku’s purpose is to deliver digital solutions that help financial services companies help their customers win. Moroku does this through a platform that delivers apps that are fun, rewarding and socially connected to improve financial awareness, literacy and effort. Connected into core transaction platforms, enabled through 2 decades of system integration and cyber security experience, Moroku sells these as a service to FI’s – banks, insurance companies and wealth providers.

The market opportunity is large. Digital has dramatically reduced the barriers to entry in financial services. No longer do you need billions of dollars to create ATM, branch and call centre networks. New challengers are turning up on a regular basis offering contemporary low fee solutions at the same time that Facebook, Apple and Candy Crush are changing the expectations of what user experience should be.

The prize pool is large: Retail banking revenues in the US alone are $1.2tn per year with banks spending $196bn a year on IT and financial services in total spending $455bn

Off the back of its experience, platform, innovation and traction Moroku has been recognised by respected global brands as being one of the main protagonists in this market being awarded:

• IBM Smart Camp finalist • UBS Future of Finance regional finalist • Accenture Fintech Asia Pacific Finalist • Gartner – Future of Finance • Let’s Talk Payments – 21 Hottest Banking technology Startups

Moroku completed a seed financing round in December 2015, lead by Cuscal a leading payments provider in Australia. This enabled the company to finish its first application, ChoreScout and complete a distribution deal for that in Australasia with Cuscal. Having proven itself in Australia with a number of banks deploying alongside deployments in Europe and a current pilot with one of the world’s leading global banks Moroku is aiming to enter the US market at the beginning of 2017. To do this it has established a US based advisor and is raising capital to get the product US ready and build out distribution. Moroku’s exit strategy, currently underway, is to bring a significant business stream and innovation agenda to one or more large FinTech providers and exit as a trade sale.

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Management

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Colin Weir

CEO

A business leader with 25 years of experience in financial services software, Colin commenced his career as an engineer then quickly progressed commercially, growing and building start-up ventures as well as segments within multinational companies such as Sun Microsystems and Microsoft. Colin’s desire for results is coupled with a massive enthusiasm for the potential of software to change the world. As a highly spirited and practical leader, he is regarded by his peers as a strategic and creative thinker with a great ability to see the big picture. Cycling across Australia in 2010 with some friends to raise money for charity highlights much of who he is, loving adventure, the outdoors, sports, challenging himself and growing.

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Dave Durbin

CTO

Dave is responsible for setting the technology agenda and leading product delivery and operation. Dave is an ICT professional with over 20 years experience working at the leading edge of innovation, primarily in banking and telco land helping clients to exploit emerging technology to better serve their customers. While he has focused mainly on Web based and mobile solutions delivery, Dave has a strong background in security and identity management. Holding two patents for eCommerce and security related technology as well as having co-authored a best selling book on Java network security Dave holds the technology team together to deliver fabulous product for the business and solutions for our customers

Board of Advisors

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Sean O'Donoghue

Director

Commencing his career at KPMG Sean has generated a profile of one of Australis’s leading finance leaders with senior roles at Westpac, BT and Lend Lease. Sean is on the board of directors at Moroku through Cuscal’s strategic investment , managing the firms' strategic investment and the leverage between both companies

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Ron Forster

Legal and Risk Advisor

A leading M&A and corporate lawyer, with significant experience in public and private company contested and uncontested takeovers, including those involving managed investment schemes. With over 25 years in practice, Ron has extensive experience in both domestic and cross-border transactions across multiple industry sectors including the financial services sector, manufacturing, bioscience, media and broadcasting, and the resources and oil and gas sectors.

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Christa Steele

North America Advisor

An experienced CEO & Corporate Board of Director. Ms. Steele's industry experience includes financial services, financial technology, block chain, retail, service, wholesale, manufacturing, agriculture, distribution/transportation and commercial real estate. With a range of Board and corporate roles including President & CEO, Executive Vice President Wholesale Banking, Marketing & Sales, Christa influences the enhancement of organizational performance.

Milestones

ChoreScout enters UAT with Australian Credit Union

September 26, 2016

Marrakash launched on Google Play

August 26, 2015

Austrade Grants Moroku a Commercialisation Australia Grat

March 30, 2014

GameSystem launched onto Salesforce App Exchange

February 18, 2014

Moroku GameSystem goes into Beta

May 13, 2012

Moroku Incorporated

February 06, 2012

Press

KPMG invites Moroku into Credit Union Accelerator

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July 12, 2016

Cuscal takes a stake in Moroku

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June 03, 2016

Moroku a top prospects in the Australian sector

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August 18, 2015

Moroku selected for Acceture FinTech

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July 15, 2015

Key Customers

ASB

ASB

Moroku built the ASB's mobile point of sale platform Pi and other platform innovations within the corporate , commercial and rural division of the NZ subsidiary of CBA

DSK Bank

DSK Bank

DSK launched Gameo on GameSystem, a mobile app to encourage customers to save not spend and available on iTunes and Google Play

Maritime, Mining & Power Credit Union

Maritime, Mining & Power Credit Union

MMPCU began as a consulting customer for Moroku, engaged to help define the digital strategy for the bank and a group of Australian Credit Unions and Mutuals. From this collaboration ChoreScout was born with MMPCU as the first customer

Key Partners

IBM

IBM

Moroku run the Marrakash platform on IBM Bluemix , is a member of their Global Entrepreneur Program and a winner of the IBM Smart Camp

Salesforce

Salesforce

Moroku Runs GameSystem on the Salesforce Platform. Like IBM this gives us cloud scale and security as well as global sales and service distribution

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