Stephen is the Founder and CEO of Credible.com - the multi-lender marketplace. He founded Credible because of sheer disbelief at the burden student debt placed on young Americans (a problem that does not exist in his native Australia). Stephen was formerly an investment banker at J.P. Morgan, and more recently founded QC Media and was an Investment Director at MHC & Co.
In this fireside chat Stephen and Dean explained the story of Credible, which has just listed on the ASX.
“We started in 2012, we began in student loans. We’re like Expedia but for consumer finance. We give borrowers the ability to see options from multiple lenders. As distinct from a lead-gen site, we’re helping the borrower through 90% of the process. Students were paying off debt without debt-based pricing.
“There was mass consumer confusion and people getting ripped off paying 8 percent interest rates when Libor was at 30 bps.”
Dean Dorrell, who backed Credible from the beginning, added that he was still very suspicious of the banks. “I think they think about fintech as a threat. But we’ve seen that banks are starting to see that fintechs have a competitive advantage in speed and the people they can hire. I think it’s still a number of years before banks will buy them.”