Fintech is booming in Africa!

Fintech is booming in Africa!

Scott Picken of Wealth Migrate fills us in

Scott Picken is a South African-born real estate investor and serial Fintech entrepreneur, popularly known for his amazing business acumen, he is passionate about technology and marrying it with real estate.

He is a published author, an authority on Fintech in real estate and a master real estate analyst and investment expert who’s active in several global markets, including the United States, the UK, Australia, Asia, and South Africa. Scott is passionate about Collaborative SMART Investing™ and is one of the first to realise its potential to revolutionise real estate forever and create global wealth for all. He has dedicated his life and career to solving the wealth gap.

As the founder and CEO of Wealth Migrate (launched in 2010) – the remarkable fintech company that offers real estate investments on its online marketplace through crowdfunding – Scott has authored Property Going Global (2014) and has expert knowledge in acquiring and maintaining wealth.

Scott completed a B.Sc Construction Management (Cum Laude) with a dissertation on how technology was going to change construction and real estate at the University of Cape Town, South Africa. Scott also obtained a Masters's in Construction Technology (Cum Laude).

Key takeaways to listen out for in this podcast:

• Obtaining a licence for crowdfunding in SA and Africa is a tricky task, as regulation within the fintech space, still needs some work for positive change to occur.

• Nowadays, with technology, there’s really no excuse to fall behind and not invest – tech is the enabler that has made access to wealth and knowledge easier.

• There is a barrier around foreign investment in SA – bad international investment sentiment due to political issues that still need to be overcome.

• In order to be a ‘global citizen’ we must pursue first world assets and first world investments, to achieve financial freedom, best value and become empowered.

• Great companies are built on great cultures. This is why alignment is so crucial – clear goals, clear direction and purpose will attract best alignment opportunities.

• Raising ‘local capital’ is essential – capital can come from within, rather than outside Africa (international investors). This is where collaboration within African business ecosystems comes into play.

• A model based on partnerships, rather than top-down authority, can be most fruitful. Assess how you and your partner(s) can add value to people to develop a winning mindset – it’s not about what you can get (financially), but rather about what you can ‘give’ for the betterment of society.

• The fastest way to success is to copy a successful person– mentorship is an important source of key insight and valuable ‘life hacks’.

• Empowering the youth is one of the best investments we can make right now for the future of our country and the African continent – these are our future frontrunners.

• Tip: Within the property industry,more attractive financial returns can be achieved if one manager owns an entire building, cutting out the costs of ‘the middle man’.

In this Business Unusual podcast, Ralf Fletcher, CEO of Topco Media, engages in conversation with Scott Picken to discuss the challenges surrounding crowdfunding, regulation practices and compliance, and the property landscape. Together, Ralf and Scott unpack themes surrounding foreign investment in SA, the ‘global citizen’, and raising local capital.

Scott touches on collaboration and partnerships, the ‘Step Growth Formula’, and how fintech is currently booming in Africa.