The CEO of two successful broker-tech businesses sees “a massive opportunity” to expand the reach and usefulness of his products yet further.
From the same tech group behind document collection platform Ezidox, Verimoto is an app that was made available to brokers just a few months ago, but has already revolutionised the process of financing second-hand cars.
“The feedback from everybody is that it’s great. In fact, they’re pushing us to expand Verimoto beyond motorcars into all the other assets that people finance, like caravans, trailers, boats, and campervans,” explained Ezidox and Verimoto CEO, Geoff Kendall.
“We’re about to launch the second version of Verimoto which will cover all those aspects as well,” he added.
However, Kendall’s vision for the future extends even further. He expects to expand into the plant and equipment space next, and hopes to eventually release Verimoto as a consumer product to be used by anyone buying a car, even if they’re doing so with their own money.
“The opportunity is truly massive,” Kendall said.
A large portion of the app’s success lies in the unique approach to business taken at Lakeba Group, the incubator hub that supported the development of both Ezidox and Verimoto.
“Lakeba is a reverse incubator. We focus on building our own ventures, so we take our ideas and we build them out and validate them with customers and then launch them,” said Kendall.
“All of our different ventures can work with each other as if they’re independent businesses, but we’re all under one roof, we’re sharing resources.
“For example, we couldn’t have built Verimoto as quickly as we did without having Ezidox sitting underneath it to do all the document management. That’s taken us years to build, but because we could use it as a component inside the Verimoto solution, it made it so much faster.”
According to Kendall, realising the numerous and varied ways in which Ezidox can be applied to other ventures was “a massive turning point.”
He elaborated, “We just rebranded the product to make it look a bit fresher and newer. If you look at our website, there’s a new logo, a new look and feel, a whole new pricing model for smaller businesses so they can get on board much more easily.”
“Ezidox solved one, specific problem – getting all the information you need from a customer and making sure that you receive it all in the format and the timeframe that you need. Now, that component can be used in any of our other ventures, in so many other ways,” Kendall added.