Michelle Beyo
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Michelle Beyo is the visionary CEO and founder of FINAVATOR, an acclaimed strategy firm dedicated to bridging the divide between fintech startups and traditional banking institutions. Her extensive experience as a strategic advisor to various fintech companies, combined with her active roles as a Money 20/20 RiseUp alumni, Global Council Member for Women in Payments, Membership Chair at the Canadian Prepaid Providers Organization (CPPO), and a Payment Advisor for the National Crowdfunding and Fintech Association (NCFA), exemplifies her multifaceted contributions to the financial services sector. Additionally, she serves on the board of the Open Banking Initiative of Canada (OBIC), further solidifying her influence in the industry.
Driven by her passion for promoting financial inclusion and advancing faster payment solutions, Michelle launched FINAVATOR with a mission to empower consumers and enhance the open banking landscape. With over 20 years of extensive experience in the retail and payments industry, she has become a prominent figure in driving innovation. Her accolades include being named a “Rising Star” by Women in Payments in 2018 and recognized as one of the “Top 30 Best CEOs of 2021” by The Silicon Valley Review. Furthermore, FINAVATOR was awarded the title of “Most Influential Leader in Fintech Consulting – Canada” in 2020, highlighting the firm’s impactful contributions.
The Journey to FINAVATOR
For Michelle Beyo, embarking on the journey to establish FINAVATOR was marked by significant risks, particularly her decision to leave a stable corporate career spanning over two decades. Her breakthrough moment came when she applied for Money 20/20’s prestigious RiseUp program, renowned for its global influence in payments and financial services innovation. In July 2019, Michelle was thrilled to secure one of only thirty global spots from a pool of five hundred applicants, granting her access to invaluable mentorship and networking opportunities.
Inspired by this transformative experience, Michelle decided to pursue her long-held aspiration of becoming a CEO. She faced the daunting task of launching her own company, all while her family relied on a single income. This leap of faith was compounded by the recent loss of her best friend, who had battled colon cancer, a tragedy that underscored Michelle’s belief in the importance of pursuing one’s dreams without hesitation. Within a week, she successfully bootstrapped FINAVATOR, announcing its launch on LinkedIn and quickly attracting over 100 followers and her first client within a month. This rapid growth was fueled by her desire to leverage her expertise and expansive network to drive innovation in the fintech space.
FINAVATOR’s Offerings
FINAVATOR occupies a distinctive niche in the financial services arena, fostering a collaborative ecosystem that connects various stakeholders to develop innovative products and services for consumers. The firm’s expertise encompasses a broad range of areas, including Open Banking, Payments & Prepaid Solutions, Challenger Banks, Micro Loans, Rewards, Loyalty Solutions, and Financial Marketing.
For traditional banks, Michelle and her team assess fintech companies to identify the best innovation partners, facilitating the expansion of their customer base. Conversely, when collaborating with fintechs, the focus is on fostering growth through product innovation, strategic marketing, and forming enterprise partnerships that tap into new customer segments.
A notable achievement under Michelle’s guidance was her work with Treasure Financial, where she played a pivotal role in launching a Canadian budgeting app for children. This innovative solution uses a prepaid card to allow parents to teach their children about money management by sending allowances via digital or physical cards. This initiative stands out as one of the first prepaid reloadable cards designed specifically for children aged 6-12, showcasing FINAVATOR’s commitment to empowering the next generation of financial literacy.
Advocacy and Speaking Engagements
Michelle’s expertise in the payments industry has led her to be a sought-after speaker at numerous global events. She has delivered keynote addresses, including at the Cyber Security & Risk event focusing on Open Banking, and has participated in panel discussions at prestigious gatherings such as Money 20/20, the Payment Summit, and the Women Future Conference, among others. Through these platforms, she has shared her insights on work-life balance and the future of payments, further establishing her as a thought leader in the fintech space.
Commitment to Empowering Women
Beyond her professional achievements, Michelle is deeply committed to empowering women in both personal and professional contexts. Her volunteer roles include participation on the Global Council and involvement in the award committee for Women in Payments, as well as membership in Women in Blockchain and Women in Digital Identity. She consistently advocates for equal representation concerning gender and diversity within organizations.
Within FINAVATOR and the various initiatives she supports, Michelle prioritizes the importance of gender equity and diversity. Her efforts challenge existing stereotypes and ensure equitable practices across all levels of leadership. When moderating panels or speaking at events, she actively seeks to assemble diverse panels, emphasizing the value of varied perspectives.
This commitment to diversity also influenced her recent board appointment at OBIC, where she advocated for the implementation of a 50/50 gender diversity initiative. This initiative was accepted as a 2021 goal, marking a significant step towards fostering equality within the organization. As co-director of OBIC, Michelle aims to educate and connect industry players while promoting the idea that Open Banking is a beneficial force for Canadian consumers, small and medium enterprises (SMEs), and the broader financial ecosystem.
Personal Initiatives and Fundraising
In addition to her professional and advocacy efforts, Michelle participates in a 10 km run every year in memory of her late best friend, Shannon Phair, who passed away at the age of 36. This annual event, known as the #Pushforyourtush run, raises awareness and funds for colon cancer research. Through her leadership of Shannon’s Shamrock team, Michelle has successfully raised over $50,000, demonstrating her commitment to making a difference in the fight against cancer.
The Impact of Open Banking
As the CEO of FINAVATOR, Michelle is dedicated to accelerating the growth of fintech, driving innovation within banks, and advancing the open banking conversation. She believes that open banking is essential for empowering consumers, fostering competition, and spurring innovation, which is crucial for maintaining Canada’s global competitiveness in the financial services sector.
Her influence extends to her role as an expert and advocate for Open Banking at OBIC. The open banking movement enables consumers to control their financial data through open APIs, facilitating the development of innovative products and services by third-party providers. Michelle co-created and hosts OBIC’s Open Banking Insights Series, which features discussions with industry leaders on the benefits and challenges of open banking in Canada and the UK. This ten-part series includes insights from renowned organizations such as HSBC, EQ Bank, Interac, and the Financial Consumer Agency of Canada (FCAC).
Michelle Beyo’s contributions to the fintech landscape exemplify her unwavering dedication to driving innovation, promoting diversity, and advocating for open banking as a transformative force. As she continues to empower both consumers and the industry at large, her journey serves as an inspiring testament to the impact of visionary leadership in shaping the future of financial services.