BankVault takes on the East Coast with FD Global

Security is critical in the finance sector. And that’s where BankVault has found its home. The innovative cybersecurity company helps prevent hackers from infiltrating bank accounts, with products used by both businesses and consumers. It enables its ­customers to conduct banking, crypto-trading or other online transactions securely, leaving nothing for criminals to hack after its use.

BankVault was enjoying success in Australia, particularly within the Real Estate and Insurance industries. But CEO Graeme Speak has his sights set higher. Outside of Australia’s ‘Big Four’ banks, there are only about 100 smaller banking institutions. Graeme knew that expansion would be a key part of the company’s growth strategy.

The company already had a West Coast office, based in San Francisco but to truly embrace the opportunities in the US, Graeme knew they needed a presence on the East Coast – in the heart of the country’s financial sector.

Participating in the NYC Immersion Fintech program has resulted in a wave of success for BankVault. Expanding the team’s local network helped lead to unique opportunities including the chance to pitch at the World Trade Centre and during an event hosted by the Australian Embassy.

“The companies in the program were the centre piece of each event which generated so many high-quality leads”, said Graeme.

In fact, there was so much interest in BankVault that Graeme remained in New York after the program and spent more time nurturing new relationships from the West Coast. The company was also able to appoint its first US channel sales partner and has secured further investment to launch a new product to protect crypto-currency wallets from hackers.

“We’re hitting the market at exactly the right time. The US represents an enormous opportunity, well beyond that of Australia.”

“Locally, we were constrained in our ability to raise investment and grow. It’s just as hard in the US but the numbers are 10 to 50 times. For instance, Australia has around 100 banking and credit institutions but our first channel partner in the US has direct relationships with 850 banks. And that is only 10% of the market here”, said Graeme.

BankVault is primed and ready for its USA expansion this year and is also now reaching globally into the booming new crypto-currency industry.

“The NYC Immersion Program didn’t just meet my expectations, but met my hopes”, said Graeme.