Interview: Rhys David, CEO of Credas
Based in Cardiff, Credas is one of the rising stars of Welsh technology. It’s using real-time facial recognition technology to help companies speed up and simplify the process of ID verification.
The company is the brainchild of former GoCompare executive Rhys David, who has more than 15 years’ experience working in technology and innovation. We recently caught up with him.
TD: What is your company?
RD: We’re enabling businesses to easily comply with current legislation including Right to Work, Know Your Customer, Modern Slavery, Right to Rent and Anti-Money Laundering.
TD: Why did you set it up, and what problem is it solving?
RD: The product came before the business. The initial plan was to help a group of co-owned companies implement a much more streamlined way to register candidates who were looking for work.
The main problems that this solved were speed, accuracy and reducing risk whilst giving the end user a much better experience. We quickly realised that this product had much wider scope and so Credas was born.
TD: What has your start-up journey been like?
RD: There are so many things that need to be done and you are wearing multiple hats each day. It’s amazing how much you take for granted when you work for an employer as most things are already set up or there for you.
It’s been a huge learning curve, but if I look back on the first six months, I’m not sure I’d do anything differently as going through that early chaos is probably essential and helps you shape the road ahead.
You need to embrace it, have a smile on your face and you come out the other end with a much better understanding of your business – and yourself in many ways.
TD: What makes your business unique?
RD: We have the ability to put incredibly complicated technology in the hands of end users who think it’s simple. We believe our product is the best in this space.
And we have been able to put a very good end to end product in place that applies to many different people, perspectives, markets and sectors. For example, our core ID verification engine can easily be integrated with other systems in real-time.
TD: What has been its biggest success and biggest obstacle?
RD: Anyone that knows me professionally will say that one of my philosophies is that competitive advantage stems from people pulling together in the same direction toward a common goal.
Our biggest success is having a small but super talented team but also backers that share our vision, passion and excitement for the opportunities and journey that lay ahead.
The biggest obstacle is coming from a fast paced B2C digital world and adapting to a slower paced B2B environment where the sales process is much slower.
TD: Where do you see yourself and the firm in five years’ time?
RD: I believe we will see a major shift in how we verify our identity – with Brexit and GDPR fast approaching, issues surrounding ID verification and how to handle personal data has never been more important. The markets in which we operate are huge so the opportunity is vast for Credas.
TD: What advice would you give to the next generation of business people?
RD: Back yourself, surround yourself with good people, be open minded and accept that both your initial idea and target markets will likely change. Most of all, try and enjoy the journey.