Nicki Granger

Why Busy Founders Build Stuck Companies Some of the most revealing investor conversations don’t happen in boardrooms — they happen over coffee. Recently, talking with friends who back early‑stage companies, we kept coming back to the same idea: choosing a startup is ultimately choosing a founder. Markets shift and products evolve, but the founder’s mindset sets the ceiling. The most common challenge we see isn’t lack of intelligence, effort, or ambition. It’s the founder who is permanently too busy. The pattern is familiar. Early traction looks promising. Customers are happy, the team is energized, investors are supportive. Then growth stalls. The founder becomes the escalation point for everything — an operational issue in the morning, a hiring problem in the afternoon, a customer fire at night. There is motion everywhere, but progress nowhere. Ask about the company’s future and they struggle to look beyond next week. Busyness is dangerous because it feels responsible. It feels like commitment. But it’s often avoidance — staying inside the comfort of solving today’s problems instead of confronting the harder questions about tomorrow. Many great founders have had to escape this trap to scale. Brian Chesky stepped back from daily chaos at Airbnb to redesign the company from first principles. Shopify’s Tobi Lütke moved from building everything himself to building a leadership system that could scale beyond him. Google’s founders brought in Eric Schmidt once they realized founders can’t be both firefighters and long‑term stewards at the same time. The founders who succeed learn that strategy requires stillness. They protect thinking time. They hire people stronger than themselves in key areas — and then let them lead. They build systems that prevent fires instead of relying on their own stamina to put them out. They don’t disengage; they operate at a higher level of leverage. Founders who stay trapped in day‑to‑day operations eventually burn out, and their companies burn with them. The organization becomes dependent on the founder’s time and attention — the least scalable resources of all. As investors, we don’t expect founders to eliminate chaos. Early‑stage companies are messy by nature. What matters is whether the founder can manage the mess without being consumed by it — whether they can shift from being the company’s busiest employee to its clearest thinker. The most revealing question we ask is simple: When was the last time you had an uninterrupted hour to think about the future of your company? The answer tells you everything. The Chinese version is available from my weekly AM730 columns: https://lnkd.in/gfNBEQ8K #Founders #Startups #Leadership #VentureCapital #Entrepreneurship #Scaling #FounderMindset #CompanyBuilding

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SMASH your banking if it's holding you back. That's what Yoeven D Khemlani did for JigsawStack. Fresh off raising $1.5M in pre-seed funding across Singapore and London, his team was ready to expand to SF. But their traditional bank had other plans: ❌ 5-7 (business) days international transfers ❌ Surprise FX fees eating into their runway ❌ Separate accounts for each market (and the reconciliation nightmare that followed) ❌ Requiring you to visit the branch for support For an AI startup operating across multiple continents, their bank was moving at dial-up speed 👎 Then they switched to Airwallex. Suddenly, everything changed: ✅ Instant global accounts with local bank details in multiple currencies ✅ Collect payments in 130+ currencies ✅ Same-day international transfers (not next week) ✅ AI-powered spend management that actually catches issues before they happen ✅ One platform for everything; no more logging into four different banking portals with horrible UX Delight, delight, and simply more delight. As Yoeven puts it: "𝐴𝑠 𝑤𝑒 𝑠𝑐𝑎𝑙𝑒 𝑔𝑙𝑜𝑏𝑎𝑙𝑙𝑦, 𝘩𝑎𝑣𝑖𝑛𝑔 𝑎 𝑏𝑎𝑛𝑘𝑖𝑛𝑔 𝑝𝑎𝑟𝑡𝑛𝑒𝑟 𝑡𝘩𝑎𝑡'𝑠 𝑏𝑢𝑖𝑙𝑡 𝑓𝑜𝑟 𝑔𝑙𝑜𝑏𝑎𝑙 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛𝑠 𝑓𝑟𝑜𝑚 𝑑𝑎𝑦 𝑜𝑛𝑒 𝑚𝑎𝑘𝑒𝑠 𝑎𝑙𝑙 𝑡𝘩𝑒 𝑑𝑖𝑓𝑓𝑒𝑟𝑒𝑛𝑐𝑒. 𝑊𝑖𝑡𝘩 𝑔𝑙𝑜𝑏𝑎𝑙 𝑎𝑐𝑐𝑜𝑢𝑛𝑡𝑠, 𝑐𝑜𝑚𝑝𝑒𝑡𝑖𝑡𝑖𝑣𝑒 𝐹𝑋 𝑟𝑎𝑡𝑒𝑠, 𝑎𝑛𝑑 𝑠𝑢𝑝𝑝𝑜𝑟𝑡 𝑓𝑜𝑟 𝑎 𝑤𝑖𝑑𝑒 𝑟𝑎𝑛𝑔𝑒 𝑜𝑓 𝑙𝑜𝑐𝑎𝑙 𝑡𝑟𝑎𝑛𝑠𝑓𝑒𝑟 𝑚𝑒𝑡𝘩𝑜𝑑𝑠, 𝑤𝑒 𝑐𝑎𝑛 𝑠𝑒𝑎𝑚𝑙𝑒𝑠𝑠𝑙𝑦 𝑚𝑎𝑛𝑎𝑔𝑒 𝑒𝑣𝑒𝑟𝑦𝑡𝘩𝑖𝑛𝑔 𝑎𝑐𝑟𝑜𝑠𝑠 𝑚𝑢𝑙𝑡𝑖𝑝𝑙𝑒 𝑚𝑎𝑟𝑘𝑒𝑡𝑠 – 𝑎𝑙𝑙 𝑓𝑟𝑜𝑚 𝑜𝑛𝑒 𝑝𝑙𝑎𝑡𝑓𝑜𝑟𝑚." If you're building a global business, your bank should accelerate you. NOT hold you back. Your infrastructure should match your ambition. Welcome to the #FutureOfBanking. Only with #Airwallex. --- Check out 𝐀𝐢𝐫𝐰𝐚𝐥𝐥𝐞𝐱 𝐟𝐨𝐫 𝐒𝐭𝐚𝐫𝐭𝐮𝐩𝐬 for exclusive startup perks from us and partners like OpenAI, Nebius and more 👉 https://lnkd.in/gh84BTWT

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Today's short: How is agentic AI going to disrupt payments? I've spoken to Fazz and StraitsX co-founder Tianwei Liu many times on the On Call with Insignia podcast but finally got to hear his views on the role of agentic AI in the future of payments Taken at Singapore FinTech Festival for a panel with Coinbase Developer Platform Head of Engineering Erik Reppel and Stripe Chief Revenue Officer of APAC and Japan Paul Harapin See a short clip below Follow Insignia Ventures Partners for an upcoming series we have with StraitsX on company's journey through the eyes of some of its earliest alumni #fintech #payments #SGFinTechFest #SingaporeFinTechFestival

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“We’re trying to get a speaking slot for our CEO at an industry event. But no luck so far.” That’s what the marketing head at a #fintech #startup told me recently. The CEO has 25+ years of experience in banking across Asia. Deep knowledge of the payments space. Built products, scaled teams, grown the business. So I asked: What’s holding things back? “He doesn’t have much of a public profile. In his previous roles, visibility didn’t matter. Now it does,” she replied. The founder’s personal brand is now intimately tied to the company’s brand. The marketing head said the CEO is focused on building the business and closing investor calls. There is no time to write a thought piece for a magazine or maintain a consistent presence on LinkedIn. How about using a writer? I asked. “It didn’t work. We spent too much time briefing the writer and then revising the copy to capture the CEO’s point of view and voice accurately.” Startup CEOs understand the value of #personalbranding, but there is just too much on their plate to pay attention to it. I’ve heard these concerns over and over again: 🔸 “We want to build our CEO’s authority, but it takes time we just don’t have.” 🔸 “She has great insights, but shaping them into stories isn’t our strong suit.” 🔸 “Our CEO wants to engage meaningfully on LinkedIn, not just post for the sake of it.” 🔸 “There’s a lot of noise. His voice needs to stand out with clarity and depth.” These are gaps we at Purple Iris Communications are filling. Why do leaders work with us? ✅ Experienced writers, including ex-journalists, who need minimal hand-holding ✅ Insights from working with CXOs across industries, including competitor learnings ✅ Familiarity with different formats and writing styles to suit the purpose ✅ Smart use of AI to ideate and speed up research, not to write for you Your story matters. We can help you articulate it and polish it, while retaining your authentic voice. If you’re a startup CEO and see yourself in this story, let’s chat. #StartupStories #FounderBranding #ThoughtLeadership #B2BMarketing #B2BContent #ContentAgency

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When Fintech Leaps: AI + Emerging Markets = Optasia’s Midnight Run 🌍 Frontier fintech is getting bolder. AI-powered fintech Optasia is preparing a ~$375 M IPO via the JSE, after scaling to serve 121 million users across emerging markets. This isn’t a fringe bet; it’s proof that emerging markets are now fertile ground for AI-driven financial infrastructure. Here’s why this move matters for everyone building fintech or SaaS globally: 🔹 1. The user base is enormous - and underbanked In many emerging markets, a large portion of the population is digitally native but financially underserved. AI + mobile finance lets you leapfrog legacy banking, and not just compete with it. Optasia is designed around filling that gap. 🔹 2. AI + risk modeling becomes a moat Traditional credit / underwriting data is scarce in frontier markets. ML models built on alternative signals (behavioral data, mobile usage, digital footprints) become essential. The companies that crack this will hold strong predictive advantages. 🔹 3. Scalability and unit economics are tightrope acts You need incredibly efficient cost-of-acquisition, low infrastructure overhead, and high automation. Every incremental user must add gross margin, not just volume. IPO targets like Optasia must show a credible path from growth to cash flow. 🔹 4. Regulation & FX risk are the battlegrounds Regulatory regimes vary wildly. Capital controls, currency volatility, cross-border flows... these create both barriers and opportunities. Firms that navigate compliance and build optional rails (e.g. local settlement networks) gain advantage. 🔹 5. The echo for developed-market fintech & SaaS - Emerging markets become labs for new financial primitives (microcredit, embedded payments, AI risk underwriting) - Innovations that prove durable tend to travel; for example, M-Pesa (Kenya) influenced pay-later, mobile wallets, cross-border flows - SaaS vendors that build APIs, risk models, or compliance modules that target emerging markets can plug into this wave 💬 If you were backing the next-frontier AI-fintech IPO, which market would you pick: Latin America, Southeast Asia, Africa, or South Asia? #Fintech #AI #EmergingMarkets #DigitalFinance #SaaS #Innovation #Scaling #RiskModeling #StartupStrategy #GrowthMarkets #ProductManagement

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Why is fintech winning? Because the Incumbents (aka established financial institutions) don't have a product for the working class. It is not a good or a bad product, it is simply not a product. In fact, for 90% of the population, the incumbents in the US collect more interest from the working class than the federal government collects in Taxes. #fintech #innovation 2/3

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Building a fund is hard. Building one across cultures is a whole different game. Michael Lints from Golden Gate Ventures launched a MENA-focused fund ~1.5 years ago, backed by regional families. Before that, he spent 11 years in Singapore running their early-stage fund across fintech, healthcare, logistics, marketplaces, e-commerce, and media. Our conversation uncovered what most emerging managers underestimate: fundraising changes dramatically across geographies. • Geographic presence matters immensely - An institutional family office's second question was "Where are you living?" wanting the GP physically on the ground, not remotely managing. • Different regions prioritize differently - Middle East LPs focus on fundamental impact on local ecosystems beyond just returns; South Korea/Japan emphasize strategic value and information sharing they can bring back to corporate parents. • US is transactional - Americans are binary (yes/no quickly), no social component, meetings are efficient and decision-focused. • Middle East requires social time - Emphasis on dinners, coffees, social relationships is unmatched; you won't succeed without investing heavily in the social dimension. • Face-to-face time is non-negotiable - Visiting a region once or twice, then disappearing signals disinterest; LPs in the Middle East/Asia need to see you regularly in their geography. • Start with a strong anchor - First-time fund managers should focus on securing one strong anchor LP (family office, strategic corporate, or super angel) rather than spreading efforts thin. • Show progress between meetings - Coming back a year later at the same fundraising stage with no progress kills momentum; continuous advancement is critical. • Warm introductions are mandatory - Cold outreach to family offices rarely works; need to build a network through time in the country and strategic questions like "Do you know families allocating to venture?". • Never ask directly for intros - Instead, ask "Who's interested in this space?" or "What are they looking for?" then provide value first before seeking an introduction • First meeting is about values - Focus on understanding what matters to the family long-term, ask questions, listen more than pitch. • Always meet in person - Second meetings should be face-to-face when possible, even if it means flying to them; shows commitment and seriousness. • Multiple locations build trust faster - Meeting LPs at different venues (office, home, events, dinners) accelerates trust-building versus same location repeatedly. • Qualify LPs early through questions - Ask about investment history, allocation strategy, decision-making process to avoid wasting time on families that will never allocate to venture. • Invest in senior IR early - As soon as you close Fund I, hire a senior investor relations person; they pay for themselves by maintaining relationships and enabling GP to focus on the next fund.

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It feels like the topic of "exits" (or the lack thereof) has dominated every coffee chat, boardroom discussion, and industry panel discussion in Singapore for the last few years. The narrative is usually the same: "Great startups, solid founders, but where is the liquidity?" For a long time, the gap between the private markets and the public markets has felt oceans apart, literally and figuratively. Companies felt they had to choose: stay local and risk lower valuations/liquidity, or move everything to the US to chase the Nasdaq dream. The recent announcement from SGX Group and Nasdaq regarding the new "Dual Listing Bridge" is a massive step toward closing that gap. If you missed the details, here is the summary: 🫱🏼‍🫲🏽 The Mechanism: A new cooperation framework allowing companies to list on both SGX and Nasdaq simultaneously. 📑 The Efficiency: Issuers can use a single set of offering documents for both exchanges. No more double-work on prospectuses or duplicative regulatory hurdles. 🎯 The Target: Aimed at high-growth companies with a market cap of S$2B and above. 📅 The Timeline: Targeted to go live mid-2026. For years, we’ve talked about Singapore needing to be more than just a launchpad. We want it to be a landing pad too. This bridge validates a new pathway. It allows Southeast Asian champions to tap into deep US liquidity pools without losing their "Asian Nexus" or their regional investor base. It essentially tells founders: You don't have to leave Singapore to go global. You can do both. Is this a silver bullet? No. Infrastructure alone doesn't create liquidity; buyers create liquidity. We still have work to do to build a deeper bench of late-stage investors in the region who understand deep tech and high-growth models. We still need to address the risk appetite of local retail investors. And the S$2B threshold means this is currently a play for the "unicorns," not the mid-market (yet). But, you cannot have traffic without a bridge 🚦🌁 (see what I did there?) At Carta, we've been prided ourselves on providing infrastructure to make private markets operate more like public markets. For Singapore and Southeast Asia, this is a critical piece of the puzzle that we’ve been waiting for. It moves the conversation from "It's too hard to list in two places" to "Now that we can, how do we build a business good enough to demand it?" Kudos to the teams at SGX Group and Nasdaq for making this happen 👏🏽 It’s definitely a win for the ecosystem.

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The biggest threat to SMEs? A clunky reconciliation process. Why? Because for SMEs, time is money, and resources are often stretched thin. Every hour spent manually matching transactions, sifting through spreadsheets, and chasing down discrepancies is an hour not spent on strategic growth. So, what makes reconciliation so complex? It's the multiple intermediaries involved in every transaction: gateways, processors, acquiring banks, and card companies. Each provides its own reports with different formats and fees, forcing you to "wade through all of these different reports" to get the full picture. Qualpay offers a solution: an integrated platform that automates and streamlines your reconciliation, giving SMEs the transparency and efficiency they need to thrive. With Qualpay, you get better insights and data analytics so you can manage your payment finances, saving your business both time and money. Ready to reclaim your time and focus on growth? 🤔 We're here to help!

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Purifai is moving faster than we planned. A feature meant for next year is being released this weekend. What we originally planned for version 2.0 after the fasting period is now being introduced earlier due to real demand from users. This time at the Singapore Muslim Festival with Jamiyah Singapore. Purifai started with three simple capabilities:  1. Calculate zakat across 16 asset classes  2. Choose the zakat methodology you follow  3. Customise where your zakat goes This weekend, we are introducing a new level of clarity. Instead of paying zakat to a single authority and leaving all allocation decisions to them, users will be able to:  • Select Jamiyah as the collecting organisation  • Specify how their zakat is allocated across the eight beneficiary categories In short, you can now decide not just who you give to, but how your zakat is distributed within that organisation. This is a focused first step. As more Malay Muslim Organisations come onboard, this level of allocation will eventually extend across different organisations and beneficiary categories (It's actually ready but whether the community and MMOs are ready is what we are unsure about). If you are attending the Singapore Muslim Festival at Expo Hall 6 this weekend, do drop by. Entry is free. Or you can explore Purifai anytime here: https://www.purifai.sg

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