Dean has a B.A. (Hons.) in Economics and had a successful initial career as a bond trader, arbitrageur and proprietary trader that led to him becoming Head of Bond Trading at Paribas in London and later joining Greenwich Capital and Greenwich NatWest. Dean made his first angel investment in 1998 and during the mid-2000’s transitioned into a VC/private equity/operating executive role with Redbus Group in London which had successful exits such as RFD to Lionsgate and Lovefilm (which was the merged entity that the Redbus founded Video Island became part of) to Amazon and was named winner of the Richard Branson sponsored Sunday Times Virgin Atlantic Fast Track 100. Dean moved to Australia in 2010 and became the Managing Director and an Investment Committee Member of M.H. Carnegie & Co. in 2011, primarily leading the deal team in early stage venture investments and private equity deals. Dean co-founded Carthona Capital in 2014 which has become one of Australia’s leading early stage venture capital companies with over $200m of FUM.
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.”