HSBC’s Post

Transcript

Our technology is embedded inside some of the world's largest digital platforms, such as Booking.com, Amazon and eBay, to protect their customers. Cover Genius is a technology company. We operate in 60+ markets and we have over 30 million customers. Without using HSBC we wouldn't be where we are today. Cover Genius is a great example of what we can do to help the tech ecosystem. We help solve a lot of their problems. They had over 100 bank accounts with multiple financial institutions. We've been able to consolidate Cover Genius��� treasury operations on to a single platform, which gives the finance team global visibility on their cash and huge efficiencies in terms of how they transact globally. As a platform that has aspirations to define a whole new category of technology business out there, we look for partners who can help with that complexity to understand what it means to do global business. Europe and the US are vast markets and we���ve already got a strong business there. The 60+ countries is a challenge, both from a regulatory point of view, but even just your business operations, and so being able to work with someone like HSBC has meant that we're able to scale globally for the markets that we operate in, but also what we want to do in the future. So one of the major things HSBC has done for Cover Genius is put in place a venture debt facility. This has helped them to fund their ongoing operations and working capital needs. These numbers here are very impressive, right? This definitely supports... This deal was HSBC's inaugural Insurtech deal globally. It was also one of the first venture debt facilities provided to an Australian corporate. Cover Genius is on an exceptionally exciting journey, and we really look forward to being part of that. Having venture debt from HSBC has been a real tick of approval for our business. We wanted to choose a partner who was going to be able to help us with our growth story. Our intention is to be around for a long time.