Sharif Mohamed, the Vice President of Sales at Lenkie, is mastering the ever-evolving Fintech industry.
His early days at Iwoca, a company that has since become a leading fintech firm in the UK and Europe, laid the groundwork for his ascent. “I worked in their sales department and made my way up before going into commercial divisions, where I looked after partnerships and then eventually headed up business development across partnerships and new products.”
But his tenure at Iwoca was just the beginning. Mohamed went on to make significant contributions at Currency Cloud, where he played a pivotal role until its acquisition by Visa. There, he provided crucial infrastructure for lenders across Europe and advised on operations in Asia-Pacific and the USA. “I gained a deep understanding of the other side of the fence and what makes a lender run internally,” he says, highlighting the importance of ensuring that these entities can function in diverse environments, particularly in the face of challenges and the ever-shifting landscape of regulations.
But it wasn’t just traditional lending institutions that caught Mohamed’s eye. His expertise extended into the realms of web three, the metaverse, and blockchain technology, though he remained focused on the sales and commercial functions of businesses. It was this breadth of experience that led him to Lenkie, a young lending firm with a “very exciting product” and a “phenomenal team.”
At Lenkie, Mohamed’s role is as dynamic as the fintech industry itself. “I look after anything revenue-related. So sales channels, account management, introduced or broker channels alongside partnerships and any other go-to-market function that we think of,” he explains. His days are “massively varied,” a reflection of the fast-paced environment in which he thrives.
Under his leadership, Lenkie has seen a staggering “1000% revenue increase last year,” propelling the company towards a promising funding round. But for Mohamed, it’s not just about the numbers; it’s about understanding and navigating the complexities of international finance, from tax implications to regulatory compliance across jurisdictions.
As fintech continues to redefine the financial landscape, sector experts like Sharif remain at the forefront, steering their companies through the currents of change with a steady hand and an eye towards the future. “It’s one thing to do it, but it’s another thing to truly master it from very early on,” he muses.
Navigating the High-Pressure World of Fintech Sales: Sharif Mohamed’s Approach
Mohamed has harnessed his extensive experience to foster a culture of sustainable growth and employee satisfaction. “It’s managing those people as we scale and understanding pressures are going to go up,” says Mohamed. His leadership is defined by a deep understanding of the pressures his team faces and a commitment to structuring the business for scalable, efficient growth.
Mohamed’s ground-up experience in sales has been instrumental in shaping his approach to building sales channels that are not just commercially viable but also conducive to employee well-being. “A happy employee is always going to do twice as well as an unhappy employee,” he asserts, highlighting the correlation between employee satisfaction and productivity.
Reflecting on the evolution of finance, Mohamed contrasts the reactive nature of traditional banking with the proactive stance of modern fintech companies. He notes the shift towards a more aggressive sales approach, which, while driving growth, has also led to challenges such as the payday loan crisis. However, this has resulted in a significant learning curve for the industry. “Fintech has become very aware of its capabilities,” Mohamed explains, emphasising the importance of responsible selling and the impact of financial products on customers.
As fintech continues to evolve, Mohamed remains committed to ethical sales practices, ensuring that the pursuit of revenue does not overshadow the well-being of customers and employees. “It’s very tricky to build in that mindset of we have to sell, not at all costs,” he concludes, pointing to the delicate balance required in the pursuit of sales excellence in the fintech sector.
Embracing Change
The Vice President of Sales has also witnessed firsthand the transformative power of fintech in automating traditional banking processes. “Fintech was all about automation and speed,” he reflects, reflecting on the industry’s drive to make financial services more seamless and fair for customers.
The agility of fintech companies during the COVID-19 pandemic, particularly in rolling out government-backed loans, demonstrated the sector’s ability to quickly adapt to market conditions. However, Mohamed cautions against the pitfalls of prioritising speed over sustainability. “There are actually very few success stories of businesses being sustainable,” he notes, highlighting the pressure to grow rapidly often at the expense of long-term viability.
Mohamed observes a positive shift towards building more sustainable business models in fintech, a trend accelerated by the COVID pandemic’s economic impact. He advocates for a balanced approach that considers profitability alongside growth, ensuring that fintech companies can endure and thrive in the future.
Discussing the broader financial industry, Mohamed sees a gradual but significant shift towards digitalisation, with traditional banks and financial institutions increasingly investing in fintech innovations. “They’re not necessarily interested in the business as a whole. What they’re interested in is what the business is doing,” he says, indicating a strategic focus on technology that benefits customers.
One of the most notable changes Mohamed highlights is the globalisation of the workforce within fintech. “We have got some of the best talent based in Nigeria and South Africa,” he proudly states, underscoring the industry’s embrace of international talent and the opportunities created by remote and hybrid working models.
Overall, it is safe to say that Sharif’s insights reveal a fintech industry that is maturing, prioritising sustainable growth, and adapting to the demands of a digital world. .
