Ditno strengthens its financial defences with Airwallex

ditno's journey began over a decade ago when founding team Andy Walker and Warren Cammack were working in IT Australia’s leading bank.

Before making the leap into technology, CEO Andy had a career as a professional footballer in the UK. After an injury, he transitioned to a role in technology, which led him to take up roles for large corporates.

"After moving to Australia, I was working at the Commonwealth Bank, leading a program to redesign their network perimeter security to reduce the risk of breaches  and enabling them to stay compliant," Andy says. During this project, he connected with Warren, ditno’s Chairman. 

The duo realised the market lacked a solution for robust network governance and flexible operation across both on-premises and cloud environments and, from this, the idea for ditno was born. 

“With initial funding from a well-known high-net-worth investor, we were able to develop a basic version of our product, which was essentially built to meet the needs of medium and large Enterprises,” Andy adds.

Building on early successes 

Ditno’s next breakthrough came with one of Australia's biggest law firms, which had significant network visibility issues and sensitive client data to protect. "Once they had established a strong zero trust baseline on-premises, they wanted to modernise quickly," Andy explains. “Ditno's solutions helped the firm move 75% of their workloads to the cloud securely.”

This early success propelled ditno forward. “We then onboarded a large state-owned energy company. This client’s critical infrastructure status called for rigorous security measures, pushing ditno to evolve its solution further,” Andy recalls. 

The company's approach appealed to other industry sectors, attracting more clients, including a large healthcare company and a new investment bank determined to develop world-class network security. "The customer had no legacy systems and wanted to build the best, most secure investment banking system possible. They had heard of ditno’s reputation and we've now been working with them for four years," Andy recounts.

Ditno's growth story is defined by adaptability and client satisfaction. "Our flexibility allows us to quickly meet the needs of different companies," Andy notes. “Gaining public recognition in cybersecurity can be challenging, as companies are often reluctant to disclose their security strategies. But we’re proud that ditno's reputation has spread through word of mouth and outstanding service.”

With a strong portfolio of successful implementations, ditno is now eyeing international expansion. "We’re building on our Australian success stories to expand into the UK and are really optimistic about the future,” Andy says.

Navigating international payments with ease

For ditno, the journey to choosing Airwallex as their financial services provider was driven by a need for flexibility and simplicity in handling international transactions. 

To start with, payments from their primarily Australian customer base were straightforward through normal bank accounts. However, three years ago, when ditno acquired its first customer in the UK, it faced challenges with foreign currency transfers and unfavourable exchange rates. 

"Opening a business account overseas was a headache," Andy explains. “The complexity and paperwork involved in setting up a UK-based bank account drove us to look for a more efficient solution.”

Andy Walker

CEO, ditno

"We compared different providers and Airwallex stood out because of its flexibility in opening bank accounts in multiple countries and the speed of provisioning those accounts."

The capability provided by Airwallex’s Global Accounts proved invaluable when an Indian client needed to transfer payments. "We could set up an account in 15 minutes and provide them with an account number," he adds, highlighting how Airwallex simplified the payment process for international clients.

The second major challenge involved paying overseas staff. Post-COVID, with skyrocketing engineer costs in Australia, ditno began hiring talent from the UK and Vietnam. "How do we pay them efficiently?" was the pressing question. 

Airwallex provided an easy solution, integrating seamlessly with Xero, their accounting package. Andy notes, "Our bookkeeper needed a simple, clean interface to avoid extra reconciliation costs."

More recently, ditno's growing need to handle expenses for overseas conferences and events, especially with Andy’s forthcoming move to the UK, called for a reliable financial services partner. 

"We needed a way to handle expenditures without relying on Australian credit cards and incurring conversion fees," Andy explains. Airwallex’s ability to provision virtual cards for staff allowed for smooth expense management with full auditability and traceability. "This makes it really easy to see and manage expenses across different countries," Andy adds.

Reducing time, cost, and admin overhead

For ditno, a significant benefit of using Airwallex is its cost-effectiveness. As a scaleup mindful of its budget, the business weighs up fees and exchange rates carefully. With market-leading rates, there were no downsides to choosing Airwallex, making it a standout choice for ditno.

Andy Walker

CEO, ditno

“We needed to make sure that adopting a new financial platform wouldn't add additional costs. The competitive rates offered by Airwallex were a major factor for us.”

Airwallex also eliminated the need for opening separate bank accounts in every country, which would have been a time-consuming and cumbersome process. 

"Setting up a bank account in each country would take about three or four days with all the paperwork," Andy notes, highlighting the significant time savings. "And without the capability to effortlessly accept international payments, we would have lost clients like our first UK customer." 

Additionally, the integration with Airwallex streamlined ongoing financial operations. 

"Our bookkeeper works just three to four hours a month thanks to this setup. Without Airwallex, managing multiple international bank accounts would likely triple this time, because of the complexities of currency exchanges and reconciliations. For a small team, savings on administrative tasks represent a substantial cost benefit, equivalent to half an additional full-time employee.”

Looking ahead, Andy emphasises the scalability Airwallex brings as ditno increases its presence internationally. "When we expand to the UK and Europe, being able to offer local payment options in a variety of countries will be critical. It's the removal of barriers for growth that's the biggest thing for us," Andy concludes.

Advice for Aussie startups and scaleups

Andy Walker

CEO, ditno

“Australian companies have shown they’re willing to innovate and give new ideas and ways of doing things a go. They’re some of the fastest adopters of cloud, for example, and that’s of real benefit to us and other tech startups.”

As Andy points out, the Australian market is extremely open to trying out new ideas, which has led to startups rising to meet market demands.

He believes the culture of mateship and support in co-working spaces, startup hubs and government programs is an added boost to the community, and shares some valuable insights for startups and scaleups based on ditno's journey:

Focus on initial customers: "We made it a point to over-service our initial customers and immerse ourselves in their businesses. We became obsessed with understanding their operations and identifying problems our product could solve," Andy says. “This involved fostering strong one-on-one relationships and continuously asking, What else can we offer you?"

Be persistent (but patient): Andy emphasises that persistence should be balanced with patience. "People are busy, so don't be disheartened if they can't talk to you for three months. It's not personal," he remarks. Understanding that customers may temporarily lack bandwidth is crucial. "Maintaining a presence without being pushy, is key to long-term success."

Keep tabs on growth: In the current economic climate, Andy advises against rapid expansion. "Make sure you're not overspending or growing too quickly," he warns. Even before COVID, ditno kept a lean team. "We decided not to expand until we achieved a certain level of profitability. This cautious approach is essential now more than ever, with funding being tricky to secure.” he explains. 

Take care of your team: Lastly, Andy underscores the importance of having the right people on board at the right time. "We've been fortunate to retain half our team since the beginning, but we've also made strategic changes as needed," he shares. “Ensuring your team fits the current phase of your business journey helps manage burn rates and sustain growth.”

Ditno’s journey with Airwallex's financial solutions has been one of innovation, adaptability, and collaboration. We’re excited to be working together as ditno expands on the global stage.

Looking to explore a new financial services partner? Sign up for an Airwallex account now.

Disclaimer: The information contained herein is factual information only and is not intended to imply any recommendation or opinion about a financial product.