The FinTech Report The FinTech Report: Episode 61: Damir Cuca, Founder, Basiq
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Jun 19, 2025 
Damir Cuca, founder of Basiq and a tech veteran with over 20 years of experience, shares insights on the evolution of open banking in Australia. He discusses how fintechs played a pivotal role in Basiq's success and the challenges of selling to banks versus innovative startups. Damir reflects on his motivations for selling to Cuscal and offers advice for founders considering an exit. Additionally, he emphasizes the importance of financial literacy for his children, intertwining personal finance education with modern technology.
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Building Strategic Partnerships
- Basic involved strategic partners like Westpac, Salesforce, Plaid, and Visa to expand capabilities.
- These collaborations brought investment, distribution channels, and technical synergies.
CDR: Promise and Limitations
- The CDR program paradoxically empowers consumers but is held back by its industry-specific approach.
- Damir wishes it was a universal data consent standard for all consumer data.
Navigate Exit and Earn-Out Carefully
- Founders should be prepared for a prolonged earn-out period after selling their business.
- Negotiate to get as much upfront payment as possible to avoid uncertainty from performance hurdles.