Cambodia Investment Review
In episode 122 of the Rising Giants podcast, Lucinda Revell, co-founder of Boost Capital, shared insights on how her company is revolutionizing access to digital financial services in Cambodia. Boost Capital leverages chatbot technology to simplify the loan application process, enabling users to apply in mere minutes without the need for traditional app downloads.
Lucinda Revell’s entrepreneurial journey began after an MBA with a strong entrepreneurial focus, which she credits with her introduction to the startup ecosystem. “Being part of an entrepreneur community made becoming a founder seem more doable. And then also having the right co-founder has been pivotal; doing this alone would have been much harder,” Revell explained.
The idea for Boost Capital was conceived over dinner discussions about the potential of smartphones in financial services. The concept quickly proved viable when a simple Facebook ad led to 500 loan applications in just a few days. “We saw a direct path to providing leads to financiers, which was our initial step in blending technology with financial services,” Revell noted.
International Investors Brought High Operational Standards
The startup initially secured funding through a convertible note from a Singaporean impact-focused investment firm. “my co-founder and I had both worked in the Private Equity and investment space, so we knew there was investor appetite for an emerging-markets focused fintech, which would pilot tech in Cambodia but with the roadmap of going regional” said Revell. Boost is one of the few Cambodia-incubated fintechs to have successfully raised funding from both Asia and Silicon Valley based institutional investors. Revell credits backing from international investors with both ensuring that Boost maintained high operational standards from the outset, and helping Boost attract the best talent.
Describing Boost Capital’s business model, Revell pointed out the dual focus of their service: “We are essentially a business-to-business-to-consumer company working on behalf of banks to onboard customers. That means we have to make sure we’re creating customer joy for applicants, as well as meeting the strategic goals of the bank that hires us.”
Boost’s technology supports a range of financial products, from uncollateralized and collateralized loans to term deposits and merchant onboarding, allowing them to cater to diverse financial needs and expanding their market reach. “Our tech allows us to offer a broad spectrum of services, which enhances our appeal to financial institutions,” she added.
Regarding market expansion, Revell discussed the company’s strategic approach to avoid saturating the Cambodian market. “We aim to pick a few winners in each market and concentrate on enhancing their KPIs,” she said. The company is also expanding regionally, and Revell notes that they see different strategic focuses for each market based on differing market needs, like salary lending in Cambodia compared to SME-focused products in the Philippines.
Supportive Environment In Cambodia For Women In Leadership Roles
Boost Capital’s team has grown to 30+ members across the region, supported by both social investors and tech-focused international backers in recent funding rounds. “Our investors understand the unique position we hold in the market, which is not just about technology, but also about understanding and integrating with the banking sector effectively,” Revell remarked.
She also highlighted the importance of third-party social media platforms in their operations. “We utilize popular platforms like Facebook, Telegram, and WhatsApp to ensure our technology is accessible without requiring customers to learn new tech, reducing barriers for users,” said Revell.
Reflecting on her role as a female founder in the tech industry, Revell emphasized the supportive environment in Cambodia for women in leadership roles. “Being part of a gender-balanced team and a supportive female founder ecosystem has been crucial in navigating the challenges of entrepreneurship,” she shared.
Lucinda Revell continues to focus on direct customer engagement and emphasizes the importance of understanding market needs, concluding with a key piece of advice: “Always talk to your customer and ensure you have a buyer before you spend tons of resources building your product.” Through innovative technology and strategic market adaptation, Boost Capital is set to redefine financial services accessibility in Cambodia and beyond.
