Spotlight on… Lynne Darcey Quigley, Know-it
FinTech remains a male-dominated industry, and for women it can sometimes be difficult to grow in a sector with few role models to relate to.
Here at FinTech Alliance, we regularly highlight the roles of various women in the sector to find out how they got where they are today, the challenges they deal with, and where they go for support.
This week, we sat down with FinTech Founder Lynne Darcey Quigley.
Hi Lynne, what is your role in the FinTech industry?
I’m the Founder & CEO of Know-it, the all-in-one credit management platform founded in 2019.
I’ve also been running UK leading commercial debt recovery specialists Darcey Quigley & Co for the past 16 years.
Having worked across several credit management roles for over 28 years, I’ve seen first-hand the catastrophic impact late payments have on businesses and this is where my determinism for business’ rights to be paid comes from.
How did you get into the FinTech space?
Working in the credit industry over the years, I’ve seen the same basic credit management mistakes made time and time again, resulting in companies suffering huge losses as a result of not being paid.
I started commercial debt recovery specialists Darcey Quigley & Co in 2007 to help businesses recover overdue invoices. The business has gone from strength to strength, but I knew there was another solution for SMEs.
I realised a huge number of businesses lack a robust credit control process for a number of reasons, such as not thinking about the risk of late payments until it’s too late, and lack of access to the tools and time required for credit management.
I knew technology would help streamline credit management, eliminate all of these barriers and make credit control accessible to businesses of all sizes and ensure they get paid.
The late payment crisis businesses face is only getting worse, the Federation of Small Businesses recently warned 440,000 small businesses could be forced out of business because of late payments. This is why it’s so important businesses adopt technology and automate areas of their businesses that have a direct impact on their survival.
What’s the biggest challenge you’re dealing with currently in your career?
We’re a very young company and this is my first step into the world of FinTech. Entering a new sector with a brand-new solution has been extremely exciting but definitely challenging.
The FinTech world is constantly changing with new innovations, approaches and solutions so it’s important to keep up or else risk being left behind. Innovation is something we pride ourselves on, but we must continue to innovate, providing even better solutions and an even more seamless experience for our users.
Where do you find support in the FinTech world?
Organisations such as Fintech Scotland, Scottish EDGE, Future X and AccelerateHER have all been great, providing both myself and the business a host of opportunities that wouldn’t have been possible without them.
The FinTech sector, particularly in Scotland, continues to go from strength to strength and there’s a real hotbed of talent. Plus, the community is extremely welcoming and supportive.
Initiatives such as the Scotland Fintech Festival and Fintech Week London are helping to keep the UK at the forefront of all things FinTech and ensure support for the sector for many years to come.
What advice would you give other women who want to work in FinTech?
I would say just go for it!
I feel there’s a lack of awareness on the variety of roles available to women in FinTech. It goes far beyond developing the tech – FinTech is the future of finance. The industry needs people from a commercial background, analysts, project managers… the list is endless.
We’re seeing greater diversity in the wider STEM sector, but we still have some way to go. This is why we need to encourage women to pursue their passion if they want to get involved in the FinTech industry!
This feature was first published by FinTech Alliance.