Bongani Sithole and Wayne Zwiers. Picture: SUPPLIED
Bongani Sithole and Wayne Zwiers. Picture: SUPPLIED

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In this edition of Business Day Spotlight, the focus is on startup Black Beard, which recently rebranded to Basalt.

Host Mudiwa Gavaza is joined on the line by Wayne Zwiers, Basalt CEO and founder.

Founded in 2017, Basalt has added a number of corporate clients to its roster: Standard Bank, Discovery, Westbrooke Alternative Asset Management, Investec Property, OUTsurance, Capricorn Fund Managers, NewzroomAfrik, Neopak and Buyisa Private Equity Fund.

In this discussion, Zwiers takes us through Basalt’s history and foundation, the rationale behind the rebranding, as well as current projects and plans for the future.

He explains how Bizank, a robo-advisory platform backed by Anchor Capital, was first created. Bizank uses Anchor Capital’s active asset manager to manage its investments. Robo-advisers are automated — typically web or app based — and are associated with lower costs.

Startup businesses can take a long time before reaching profitability. Zwiers says Basalt has been profitable since its first year and gives some tips on how entrepreneurs can structure their businesses in ways that help them to be efficient, while remaining focused on creating and delivering the best possible product or service.

Currently employing about 30 people, the company has operations in Johannesburg, Pretoria and Cape Town, with plans to establish a presence in Ukraine, the UK and Australia.

Listen to hear thoughts about these and other issues.

Business Day Spotlight is a MultimediaLIVE Production.