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TRANSCRIPTION WITH SPEAKERS
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[00:00] SPEAKER_00: Welcome to Canada's podcast.
[00:05] SPEAKER_00: Hello, this is Robert Smigel, coming to today with Canada's podcast where we talk to
[00:10] SPEAKER_00: entrepreneurs who are making it happen here in British Columbia, Canada.
[00:14] SPEAKER_00: Ahmed Arbabi is a tech innovator in the FinTech and Payment Space with over 18 years of
[00:20] SPEAKER_00: experience, building and expanding numerous disruptive ventures.
[00:25] SPEAKER_00: In 2016, Ahmed recognized significant gaps in how B2B payments were processed and started
[00:34] SPEAKER_00: a vote pay to drive innovation and digital transformation.
[00:39] SPEAKER_00: Ahmed founded vote pay under the principles that financial services should be easy, affordable
[00:45] SPEAKER_00: and accessible to all and continues to lead under those principles.
[00:51] SPEAKER_00: Ahmed, welcome to Canada's podcast. Thanks for taking the time today to be here for all our
[00:55] SPEAKER_00: lessons. Thanks for having me. I hope I got your name right.
[01:00] SPEAKER_00: Yes. Thank you, bye. Awesome. Okay, well, I've done a little bit of an intro.
[01:06] SPEAKER_00: Thanks for coming on the show today and just tell us a little bit more about yourself and
[01:10] SPEAKER_00: give us the details on the current business. Are you born and raised in Vancouver?
[01:14] SPEAKER_00: Did you immigrate to Canada? How's that look?
[01:17] SPEAKER_01: I'm Iranian and I migrated to Canada in 2006. Prior to moving to Canada, I moved to UAE
[01:28] SPEAKER_01: and the city was Dubai, which is known around the world. And I went to school there and started my
[01:36] SPEAKER_01: first venture in Dubai and decided to move to Canada to continue my entrepreneurial journey.
[01:45] SPEAKER_00: Great. You picked a beautiful city. Did you kind of stack out Canada?
[01:49] SPEAKER_00: You just figured Vancouver's place ago or was it just by chance?
[01:54] SPEAKER_01: No, I always look forward to come to North America, but I decided to come to Canada and maybe specifically
[02:03] SPEAKER_01: pick Vancouver because it's on the west coast and closer to Bay Area, which is California in terms of,
[02:12] SPEAKER_01: you know, the pick hub of the word. So that's why I decided to come to Vancouver.
[02:18] SPEAKER_00: Okay, so you're into finance. So there must be some money involved to get your business going.
[02:24] SPEAKER_00: Did you need finance and to start your company and how do you currently make money in your business now?
[02:29] SPEAKER_00: Part of the adult suite?
[02:30] SPEAKER_01: Yeah, definitely. Well, we have worked strapped since we started. And about here,
[02:35] SPEAKER_01: definitely looking into raising capital throughout this year as we are growing and expanding significantly
[02:44] SPEAKER_01: and we are going to the newest market. But how we make money is our customers have a subscription base and they pay us
[02:53] SPEAKER_01: a monthly subscription fee and they are able to process certain number of transactions and payments.
[03:00] SPEAKER_01: And then there's also a licensing component that how they can acquire our technology to that license.
[03:07] SPEAKER_00: So a typical say retailer or online e-commerce would integrate this into their payment like a visa?
[03:16] SPEAKER_01: The core focus of our platform or who would value the most is our other software platforms.
[03:23] SPEAKER_01: What we are focused is the area that is called embedded payments or embedded finance, which means there's another platform offering a service to their customers,
[03:34] SPEAKER_01: which could be businesses. And there's a payment relevancy. I use property management as an example.
[03:43] SPEAKER_01: Property management software help property owners to manage their rents and properties, but there is also rent components where they use our technology
[03:53] SPEAKER_01: to offer rents management to their tenants and landlords that are utilizing that software.
[04:01] SPEAKER_00: Okay, interesting. I want you to give me a key piece of knowledge or information about your industry that our listeners can learn from.
[04:10] SPEAKER_00: So is there anything that the general public may not know about your industry that you could enlighten us with?
[04:16] SPEAKER_01: Yeah, well, I personally found payments industry fascinating.
[04:23] SPEAKER_01: It's it's it's it's it looks very simple from outside, but when you get involved, there are so many layers and and and areas within this industry.
[04:35] SPEAKER_01: There is a there is so much complexity around compliance regulatory and and fraud and and other other components, but but what excite me that is that every many of the services are that that we touch on databases have a component of payments and and it's it's so streamlined to the point that we don't even realize or we don't have that friction that we had before.
[05:02] SPEAKER_01: I can use over that that how you have how you use right now you get in the car get out of the car without even having any any any any friction when it comes to the payments that the fees are already taken from your car door dash when you are ordering food while you have to go to that process of pulling out your credit card from your wallet, making the payments.
[05:25] SPEAKER_01: So this is this is how things are going in the payment space and contributing to digital transformation globally and helping the economies to to grow faster.
[05:37] SPEAKER_00: Okay, good. Now you did mention the US, what is the long term vision, what will your company look like in the future, do you see the company expanding into other areas and where beyond Vancouver BC or even Canada?
[05:47] SPEAKER_01: Definitely yes, our vision is to become a global service provider starting in North America and and from there, our planning to expand into South America, Caribbean and and and start moving toward the east, which is European markets.
[06:09] SPEAKER_00: Yeah, okay, let's talk a little bit about why you're doing business in Vancouver, what are the biggest benefits for you being an entrepreneur Vancouver, I want you to give some of the good points about starting a company here, but I also want you to give some of the tough things or challenges you've had for so our listeners can keep an eye for them.
[06:26] SPEAKER_01: Yeah, that's a great question. But there are, I would say in terms of advantage of starting a business in Vancouver, it really depends on the industries or the verticals you're working on, but what I found.
[06:45] SPEAKER_01: Vancouver is actually a great launch pad that you can have a Dean store and validate what you have built start expanding it to other territories and that gives you the foundation to even further go to the US market.
[06:59] SPEAKER_01: So you can start testing your product with a smaller population and and then grow to other regions and other market on the talent side.
[07:08] SPEAKER_01: It has been changing over the last few years, but I found it a great source of talent that that are available in the Vancouver markets.
[07:21] SPEAKER_00: Okay, now 18 years, you've been through a lot of ups and downs, I can imagine you've been through a lot of struggles and so forth, but I want you to imagine you were starting all over again and you just moved here to Vancouver BC, you've gained a lot of knowledge, but this time you've landed, you don't know anyone knowing what you know now, what would you do and how do you go at starting all over again as an entrepreneur?
[07:46] SPEAKER_00: Yeah, definitely.
[07:48] SPEAKER_01: I think for everyone who emigrant either you're doing a business or you're coming to a new city, the most important component is network network as much as you can.
[08:03] SPEAKER_01: They and not to meet people from different industries and then hear their stories how they have started and you know Canada and Vancouver, we have large population of immigrants that have been through the same experience.
[08:19] SPEAKER_01: So they can give you the best knowledge and they can help you to accelerate in your journey and educate yourself, just keep learning about the domain and don't try to guess or think that you have the right answer, try to educate yourself around the subject or the domain that that you are thinking to have a business or you have identified the problem and you think you are going to be in this solution.
[08:49] SPEAKER_01: Try to educate yourself as much as you can.
[08:52] SPEAKER_00: Let's talk a bit about your morning routine. Entrepreneurs tend to have a positive way to start their day to kind of own the day.
[09:01] SPEAKER_00: What does the first hour look like for you when you wake up the morning? Do you have a specific routine or a ritual that helps you get motivated to start your day?
[09:08] SPEAKER_01: Yeah, I'm an early riser, but at the same time I try to have a slower start, but focused on the tasks that are the most important and starting early gives you the option to operate on your own and knowing no other interruptions around you.
[09:31] SPEAKER_01: So I use the first hour of the day, which is from 6 a.m. to focus on the task that I need to dedicate more attention and I require focus. So that's my daily routine.
[09:45] SPEAKER_00: Earlier you touched on educating yourself. Can you tell us a little bit more about the books you read, audio books? How do you educate yourself and keep on top of? I mean, finance, you know, payment processing is a difficult complicated business.
[10:00] SPEAKER_00: So I imagine you must read outside of that domain too.
[10:03] SPEAKER_01: I am actually a big fan of reading and educating myself around different domains. And I really believe the way that you need food to support your body, you need knowledge to support your brain. It's a food for your brain and reading books is the best way to do that.
[10:23] SPEAKER_01: So I read from various domains and subjects based on the necessity or or different times of my business. I also do a lot of courses. I just everyone to do that. I find the programs that suit me and help me to improve my skill sets in that specific area.
[10:39] SPEAKER_01: But but there are lots of books and and it depends where individuals are in their life. So I can take a lot of life for their business. But for start of founders, one book that I recommend, which I found quite interesting is called zero to one.
[10:57] SPEAKER_01: And it's from Peter T. who was a former founder of he was a father of K-Pad and few other successful ventures in San Francisco.
[11:07] SPEAKER_01: But the other books that I really like, one would be issues on the negotiation skills called never split the difference. I don't remember the name of the author, but that that gives you a great understanding of how to negotiate and how to position yourself.
[11:24] SPEAKER_01: When you are negotiating, which we do that on daily basis and everything we do in our life has some aspects of negotiation.
[11:34] SPEAKER_00: Okay, if you weren't doing what you do now, what would you like to do for a profession? You want to vote pay? What would you like to do outside of being not to peneur?
[11:45] SPEAKER_01: Yeah, I don't want to change anything. I enjoy what I do. I wake up excited and I work for hours and hours and on a stuff throughout the day.
[11:56] SPEAKER_01: I really don't think I want to change. If I had the opportunity, I would do exactly what I'm doing right now. Maybe I would have started few years earlier. But this is my passion right now.
[12:08] SPEAKER_00: Okay, in business, what is your favorite word quote or sentence that you like to use?
[12:16] SPEAKER_00: Is there anything you use regularly?
[12:19] SPEAKER_01: Yeah, I there is a try to use that I it's just relevant to some some areas, but I say trust but verify.
[12:27] SPEAKER_01: But it's really but verify verify. Okay. Yes. Yeah. So that's a code I always use and that that has been.
[12:37] SPEAKER_01: That is my approach that you have to trust, but but you need to continuously do your checkpoints to make sure.
[12:46] SPEAKER_01: Yeah, things are the way that they're supposed to be.
[12:49] SPEAKER_00: What's your least favorite word or quote that you do not like to hear?
[12:53] SPEAKER_00: I cannot.
[12:58] SPEAKER_00: I cannot do that. We're going to find a way.
[13:02] SPEAKER_00: Yeah.
[13:03] SPEAKER_00: If you had to pick one or two words to describe yourself, what would it be and why? What makes you an entrepreneur?
[13:09] SPEAKER_00: What are the things the characteristics you think if you were to lay it down and say, okay, here's what I think makes me who I am.
[13:17] SPEAKER_01: Yeah, I am honest with myself. That's that's what I think is very important in terms of being entrepreneur.
[13:28] SPEAKER_01: The entrepreneurs tend to be optimistic and and and and believe that whatever they are doing is going to land on them, but I'm always being honest to myself and and and make sure that I keep myself.
[13:45] SPEAKER_01: In line to make sure that I don't make enough.
[13:51] SPEAKER_01: Mistakes by becoming too optimistic.
[13:54] SPEAKER_01: That's that's really my main important.
[13:57] SPEAKER_00: Yeah.
[13:58] SPEAKER_00: So do you are you're well aware of your strengths and your weaknesses?
[14:02] SPEAKER_00: Yes.
[14:04] SPEAKER_00: As much as I can.
[14:05] SPEAKER_00: Okay.
[14:07] SPEAKER_00: Is everything keeping you up at night? Is there anything you you take your work home with you or you're thinking about things or you just are you able to shut it off?
[14:16] SPEAKER_01: Unfortunately not.
[14:18] SPEAKER_01: The the the brain engine works 24 seven.
[14:22] SPEAKER_01: And I don't sleep too long.
[14:26] SPEAKER_01: I prepared to sleep like five to six hours a day and that's the maximum amount of sleep I get.
[14:31] SPEAKER_01: But but you know being an entrepreneur you you have to continuously think about how it can move forward how it's a different shape in the market how it can compete and and there are always wise and and and how's that far.
[14:50] SPEAKER_01: That far with in your cost process that that you have to find the right answers for them.
[14:55] SPEAKER_01: So that's that's what really happening.
[14:58] SPEAKER_01: Right.
[14:59] SPEAKER_01: Every second.
[15:02] SPEAKER_00: You're from Iran, correct?
[15:04] SPEAKER_00: Is there anything that growing up in Iran that hit you have brought over.
[15:09] SPEAKER_00: The way you think the way you work the way you conduct yourself your disciplines is anything that has helped you from your youth.
[15:19] SPEAKER_00: Parents background.
[15:20] SPEAKER_01: Yeah, definitely.
[15:21] SPEAKER_01: So yeah, the living in Iran was definitely help help help to build my character because things are different over there with the way we were.
[15:36] SPEAKER_01: We refer to that as being a street smart because there are things that that we learned that are not written in any book.
[15:44] SPEAKER_01: And they are not academic also it's really first and experience that will teach you the way of life how to socialize how to avoid things how to evaluate risk.
[15:57] SPEAKER_01: So that's that's what I think the biggest value I have learned.
[16:00] SPEAKER_01: I have brought from my youth and my time that I lived in Iran, which is which is being a street street smart.
[16:08] SPEAKER_00: Okay. Do you have any advice that you may received from a mentor or other entrepreneur that you can pass on to entrepreneurs throughout Canada?
[16:20] SPEAKER_01: Well, I'm trying to think of one specific one right now, but.
[16:24] SPEAKER_01: But I think what I have learned in in my journey that I have so many mentors I look at my books as my mentors, but one thing I have always tried is my philosophy is being successful is not by the number of right decisions you make.
[16:44] SPEAKER_01: It's really the number of wrong decisions you do not make. So I was learning as you can assess the decisions and and spend enough time on every move you made if you can reduce the errors your chance of success is way higher.
[17:02] SPEAKER_00: Yes, so I mean it's kind of like that goes with the experience right you have to sometimes go through those mistakes learn from it and then carry it through and and sense when it's coming back again and know how to try not to repeat them.
[17:18] SPEAKER_00: Yeah, how to stick on the lap through there. Okay.
[17:21] SPEAKER_00: I imagine you're very busy person Vancouver is a very beautiful city. It's a lifestyle city. That's why people go there.
[17:28] SPEAKER_00: What do you do? How do you when you get out of the office? Where would you go to think about your business? Is there a place you go for and kind of collect your thoughts and clear mind?
[17:37] SPEAKER_01: Yeah, I really enjoy walking so I try to dedicate 20 to 30 minutes every day and I usually go on the sidewalk and and sit somewhere quiet and try to download and process the thing that are happening and the thing that are coming up throughout the rest of the day.
[17:58] SPEAKER_01: So I try to find 20 minutes every day, get out of the day to walk on the sidewalk, rain or shine. I I I doesn't matter, but that gives me the opportunity to really think through the things and and and the decisions that I have to make.
[18:17] SPEAKER_00: Good. Okay. We're going to wrap things up here. I'm at how can our listeners get whole of you and is there anything you'd like to add before you leave us today?
[18:26] SPEAKER_01: Yeah, I am always available on LinkedIn and Twitter. That's those are the best way to reach me and there is my email address that I can share.
[18:36] SPEAKER_01: And I think for for for whoever want to start a business, make sure this is something you're passionate about.
[18:45] SPEAKER_01: It's not just something that you want to do because you think it's a good idea or it's a cool idea. Make sure you have passion and and and don't give up if things go wrong because if you keep pushing forward, the right opportunity will come in front of you.
[19:01] SPEAKER_00: Yeah, I think when you're passionate about it, you'll enjoy the process a little bit more because there is a roller coaster ride and you definitely have to stick to it on on the peaks and valleys.
[19:10] SPEAKER_00: So good, good advice there. Okay, Ahmed. Thanks for coming on the show. I've learned a lot about you and I'm sure our listeners have as well. Great.
[19:25] SPEAKER_01: Thanks for having me.
