Multi-currency and cross-border lending, with Jorge Juttner (Ritmo) and Maggie Gemmill (Currencycloud)

How to Lend Money to Strangers

Brendan le Grange

Credit, Fintech, Management, Lending, Banking, Business, Careers

5 • 2.6K Ratings

🗓️ 30 November 2023

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

I've got a drawer in my bedside table that is filled with an assortment of foreign notes and coins: euros and dollars and Rands that I need relatively often but that I'll nevertheless forget to take when I travel next; some Indian rupees that have long since been decommissioned; some Hong Kong dollars because how can it have taken me four years to find an excuse to get back; some, what I think are Cambodian riel; and an unseemly number of hotel room keys. It's chaotic, but even more organised people than me have to work extremely hard to keep international trade relatively efficient, with multiple accounts at different banking institutes to Rands into American dollars so those can be turned into Hong Kong dollars.

Or at least they did, Currencycloud makes this easy to do, enabling efficient cross-border lending at cross-border lending operations at scale. One example doing it really well, is the Spanish startup Ritmo.

Ritmo is at home online at https://www.getritmo.com/ and on LinkedIn at https://www.linkedin.com/company/ritmo-capital/

And as he mentions on the show, you can either email Jorge directly, or find him at https://www.linkedin.com/in/jorge-juttner-cfa-55a3a068/

Currencycloud can be found at https://www.currencycloud.com/ and on LinkedIn at https://www.linkedin.com/company/the-currency-cloud/

And if you'd like to learn more about what Currencycloud can do for your international business, Maggie can be found at https://www.linkedin.com/in/maggie-gemmill-779697119/

LinkedIn is also where you'll find me, and when you do, send me a connection request: https://www.linkedin.com/in/brendanlegrange

As mentioned more than once in this episode, my action-adventure novels are on Amazon, some versions even for free, and my work with ConfirmU and our gamified psychometric scores is at https://confirmu.com/ and on episode 24 of this very show https://www.howtolendmoneytostrangers.show/episodes/episode-24

If you have any feedback or questions, or if you would like to participate in the show, please feel free to reach out to me via the contact page on this site.

Keep well, Brendan

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Transcript

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0:00.0	Attention at all passengers. You can now book your train tickets on Uber and get 10% back in Uber credits to spend on your next train journey.
0:11.0	So no excuses not to visit your in-laws this Christmas.
0:16.5	Trains now on Uber T's and C's apply check the Uber app.
0:29.0	Put your financing management on autopilot mode through the platform and we will take care of the rest. That's pretty much what we do. So we've got our own internal complexities in our operations and through
0:35.0	currency cloud we've automated those operations. I think we've reduced our
0:39.7	cost of operation in no exaggeration about 98% and at some point we said well if we are
0:47.0	taking advantage of the service why don't we pass it on to the benefit of our
0:52.0	clients right if the needs are multi currency pass it on to the benefit of our clients, right?
0:53.0	If the needs are multi currency or cross border,
0:56.0	our lending solution needs to be cross border, obviously.
0:59.0	When you work at a bank, things work, right, and you execute. When you work at a startup it's not that like
1:06.2	things don't work is that they simply don't exist first need to develop them and
1:10.5	then you need to make them work of them. I was living in Hong Kong when I got my first royalty check for Drakken, my pulpy action
1:21.1	adventure novel, which is still available as a free download on Amazon
1:24.4	and for a small fee in other formats. That check was written in US dollars, about 120 of them.
1:31.3	We're not talking Stephen King numbers, I'm afraid. Now the Hong Kong dollar
1:36.2	is pegged to the US dollar at about 7.5 to 1, so that 120 US dollars should have netted me about 900 Hong Kong dollars.
1:46.0	And yet, by the time the various commissions and fees and exchange rate differentials
1:51.6	had been taken out of that transaction, I don't think I saw 700.
1:56.7	It wasn't an issue for me because writing Draken, again available as a free download on Amazon,
2:02.4	was a hobby published for the experience of doing so,
2:05.3	rather than any expectation of income. But that's no way to run a business.
	...

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