Former CBA and Westpac CIO Bob McKinnon Named Chairman of FinTech Cloudfloat

Australian fintech Cloudfloat has appointed Bob McKinnon as chairman, bringing a wealth of experience in financial services technologies. Most recently, McKinnon was the non-executive chairman of the New Payments Platform (NPP).

McKinnon chaired technology reviews at both Commonwealth Bank of Australia and Westpac and builds board strength with existing members, banking director Alicia Aitken and insurance industry professional Daniel Johnson .

Cloudfloat provides hassle-free cash flow available upon payment of any commercial invoice. Suppliers can offer their business customers flexible payment terms without risk or recourse and can smooth cash flow levels while paying invoices on time and in full. The company was founded in late 2020 by experienced people who say they are passionate about the financial industry and helping businesses grow and were frustrated with the failing systems that existed at the time. Cloudfloat has since processed over $5 million in invoices for Australian businesses with an average invoice of around $2,000.

During his more than 40-year leadership career, McKinnon has held a series of group leadership, executive and board positions in finance, technology and general management in the financial services and real estate sectors. These include the Group Director, Technology and CIO of the Westpac Group and Commonwealth Bank of Australia, the Joint Chief Executive and Chief Financial Officer of the Multiplex Group, the Chief Managing Director and Chief Financial Officer of the MLC Group and the Chief Financial Officer of Lendlease Corporation. Bob was also the independent non-executive chairman of NPP, a national payments infrastructure that provides innovative real-time payment solutions such as PayID and PayTo, leaving that role earlier this year when NPP merged with BPay and EFTPOS.

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McKinnon is also currently a non-executive director and Chairman (Audit and Risk Committee) at AMP Capital Funds Management and Non-Executive Director and Chairman (Board Audit Committee) at Sydney Metro. He is the co-founder and director of Mirin Digital, a technology consulting company he started nearly a decade ago.

“Joining Cloudfloat was an easy decision for me,” he said. “Small businesses are the engine room of the Australian economy and are essential to our country’s prosperity, but for too long their working capital needs have been inadequately met by the banking sector. Cloudfloat understands this gap in the market and has developed an innovative business model and customer-focused service platform that helps small businesses easily access the working capital assistance they need to thrive.

Cloudfloat serves an underserved part of the community, providing small and medium-sized businesses (SMBs) with easy access to hassle-free cash flow when paying for any business transaction. The Cloudfloat platform enables its customers to pay for goods and services on time, every time, instead of delaying payment. The customer can then make refunds every fortnight with delays of up to 90 days. Suppliers can offer their business customers flexible payment terms without risk, solving cash flow problems and allowing businesses to grow.

Cloudfloat Founder and CEO, Aleem Habibullah, has 20 years of experience in banking and finance, specializing in corporate lending and transactions, and says, “Bob’s experience in banking technology is unparalleled. He is one of the most respected leaders in financial services, known for being outspoken and executing major technology restructurings. He is a huge boost for our team and we are excited to build on this in-depth knowledge.

On the picture : Bob McKinnon (front), Aleem Habibullah (rear)

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