Founder Matthew Godley on How Businesses Save 19-48% on their Financial Expenses with Spendly
In the rapidly evolving fintech industry, it’s rare to come across a SaaS that makes you sit up and take notice. That’s exactly what happened in this episode of our podcast, featuring none other than Matthew Godley, founder of Spendly.
This episode is a deep dive into how Spendly is changing the way businesses handle financial services, from payroll to payment processing.
Picture this: a platform where businesses can slash their expenses by up to 48% without filling out a single form. Interesting, right?
Who is Matthew Godley?
Matthew Godley, founder of Spendly, navigated the startup world with notable success, including a profitable exit from his first venture. Spendly, his latest brainchild, is a disruptor in the fintech space, offering businesses a unique, hassle-free way to save on essential services. With Spendly, Matthew isn’t just changing the game; he’s rewriting the rules.
Follow Matthew on LinkedIn to learn more about his entrepreneurial journey.
Summary of the Podcast
Introduction to Matthew Godley and Spendly
Timestamp: [00:00]
In the opening segment, Matthew Godley, the founder of Spendly, is introduced. Spendly is described as an online marketplace designed for businesses to find savings in various services like payroll, payment processing, benefits, lending, and commercial insurance. The uniqueness of Spendly lies in its application-free process for businesses seeking savings.
How Spendly Works?
Timestamp: [00:42]
Matthew explains Spendly’s utilization of data extraction and natural language processing to assist businesses. Businesses can upload documents like invoices or agreements, and Spendly scans these to verify existing rates or terms. With a network of financial institutions, Spendly facilitates the offering of better terms for services, where businesses have reported savings between 19-48%.
Spendly’s SaaS Business Model and Monetization
Timestamp: [01:52]
The discussion shifts to Spendly’s monetization strategy. The platform forms agreements with service providers who pay to join the platform. This model allows businesses to keep 100% of the savings they find through Spendly. Matthew highlights the alignment of incentives between Spendly, its clients, and service providers.
Founding Journey and Market Research
Timestamp: [03:35]
Matthew shares the origin story of Spendly, rooted in his encounter with a CFO who was overpaying significantly for services. This discovery, combined with his previous startup experience and market research, led to the creation of Spendly.
Growth Strategy and Client Acquisition
Timestamp: [05:27]
Matthew discusses Spendly’s cautious growth approach, focusing on building a solid foundation. With a client base of 50-100 businesses and over 30 corporate partners, Spendly’s strategy includes direct outreach and strategic partnerships, especially with accounting and financial service professionals.
Building Strategic Partnerships
Timestamp: [07:16]
The conversation delves into the nuances of forming strategic partnerships. Matthew emphasizes the importance of aligning Spendly’s offerings with the needs of business owners and how these partnerships add value to their clients. He suggests that the success of such partnerships hinges on the inherent quality and benefits of the product or service.
Future Plans and Market Outlook
Timestamp: [09:48]
Looking forward to 2024, Matthew outlines Spendly’s plans for growth and potential fundraising. He discusses navigating the changing venture capital landscape and leveraging strategic partnerships to facilitate this growth.
Lessons from Past Startup Experience
Timestamp: [13:02]
In the concluding segment, Matthew reflects on his previous startup experience and its influence on his approach with Spendly. He highlights the importance of having co-founders, leveraging past lessons in investor relations and corporate partnerships, and the impact of team dynamics on business growth.
Conclusion:
This podcast episode with Matthew Godley is full of insights for anyone interested in fintech, entrepreneurship, or innovative business strategies.
The key takeaways? Innovation can simplify processes in unimaginable ways, strategic partnerships are invaluable, and understanding market dynamics is crucial for success.
If this glimpse has piqued your interest, dive into the full episode for a more comprehensive understanding of Matthew Godley’s journey and Spendly’s impactful role in the business world.
