“11Onze is dead, of course, it is!”
We spoke to 11Onze’s CEO, James Sène, with an eye on the Investors’ Information Assembly to be held on 11 October. Now that El Canut has been up and running for two years, we analyse the situation and the next steps to be taken by an entity that many have given up for dead several times.
“It’s been a tough year for fintechs around the world, we know that. What have we done? We’ve cut our costs, but we’ve kept working,” explains James Sène on 11Onze’s Podcast. “The news from 11Onze is that it’s all still working,” he stresses.
We haven’t heard from 11Onze’s CEO for months, as the company has strategically kept a low communication profile. Working, resizing and consolidating an entity that is in optimal conditions to face the growth of the coming years. As James Sène explains: “We are where we wanted to be. We have not lost sight of our objective, which is to be dominant in the region in 5 years. But sometimes you have to adapt to reach your goal.
Thanks to the work we’ve done, we can see the results in the current accounts or products such as gold, insurance, Monthly Return, Litigation Funding or cryptocurrencies… but also in La Plaça where we have consolidated 15,000 unique monthly users who choose 11Onze Magazine to find out about the economy and everything that revolves around money. “We’re past that moment,” says James Sène, “when people asked us what a fintech was. Now everyone knows what we do.
All this is happening in an economic context in which large corporations are suffering and in which, in the financial sector, we have seen the disappearance of Crédit Suisse or the debacle of Silicon Valley Bank. Have we been left for dead? James Sène replies: “If we are dead, that’s alright. Two years ago, they said 11Onze was impossible. Now that we exist, they say we’re finished. When it becomes clear that we’re not, it will be something else. But in this country, we have been hearing for 10 or 15 years that there will be a financial institution in the country, and we are still waiting for the Institut Català de Finances (ICF). All the initiatives that there have been are no longer in place or have taken a different shape, and 11Onze continues”.
On 11 October, therefore, investors will find out what 11Onze has done with their contribution, what is the exact picture of the company’s present and future and also what has happened during this time. “We have spoken to everyone in this country,” says James Sène, “and the time has come to explain everything. There are things that we have not been able to explain in the documentaries for legal and strategic reasons. Now is the time.
You can listen to the conversation with the CEO of 11Onze about the Investor Briefing on the 11Onze Podcast.
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