Ben Brabyn is ready. Ready for everything the unpredictable world of technology has to throw at him. Which is good news given that he is a month into the top job at Europe’s largest fintech accelerator. This is the man charged with taking Level39, arguably the jewel in London’s tech crown, global. It is a huge remit, but if anyone is up to delivering the goods in a complicated, changeable and fast-paced environment, it is Brabyn. Not least because he has been inadvertently preparing for this role over the course of his entire career.
The former Royal Marine – a tactical unit commander in UK commando forces to be exact – is well aware that the world in which he is now operating is the epitome of erratic. But anything less might be a little pedestrian.
“I spent the first part of my career in the armed forces learning how to understand uncertainty and work in risky places,” he says, overlooking Canary Wharf and the London skyline from Level39’s club lounge. “And so I have always assumed the environments in which I operate will be quite turbulent and full of surprises.”
The 43-year-old speaks with authority peppered with just the right amount of passion. It is engaging but not emotional, ambitious but not unrealistic. Then there is his CV: analyst at JP Morgan, mentor at Microsoft Ventures and, most recently, chief operating officer of UK Trade and Investment’s venture capital unit and innovation gateways, where he was charged with introducing international investors to opportunities in the UK, including in the tech sector.
On paper Brabyn is the dream candidate to elevate a thriving fintech hub to new heights in the UK and around the world. But just 30 days in to the role he still has a lot to prove. In his first interview, he reveals how he plans to deliver the goods and explains why strong customer partnerships rather than sky-high valuations and $1bn unicorns will protect the sector from a possible tech bubble.
Familiar territory
Brabyn, who took over as head of Level39 from the organisation’s founder Eric Van Der Kleij last month, is the first to admit that his job at the three-year-old accelerator is different to anything he has done before. But while this might be his first official foray into the fintech world, it is not entirely unfamiliar territory.
“I spent two years at UKTI where I was inviting overseas investors to look at things including the types of technology being developed here at Level39,” he says. “So although I was pointing to it from a great distance, I was familiar with the sector and with this accelerator.”
Against the backdrop of a major physical expansion across the 15m sq ft Canary Wharf estate – Level39 has already taken space on the 42nd and 24th floors, and there are plans to add a further 4.9m sq ft to the wider estate by 2023, including 3,200 new homes and nearly 2m sq ft of commercial space – Brabyn must grow the business itself.
That means mirroring Canary Wharf’s estate and diversifying Level39’s tenant base as well as raising the hub’s profile overseas – two complicated and interwoven jobs with equally significant challenges.
Tenant base
First there is the development of the occupiers. “At our heart we are a host,” says Brabyn. “A safe environment for people to business and develop world-leading technologies.”
But when it comes to diversifying those tenants, he says that Level39 will do less, not more, as part of the selection process.
“I am keen to ensure the decision is not just our opinion,” he says. “You can go out into the world and try to hand pick by saying ‘I think this will be the next big thing. I think this is where growth will happen,’ but any one person will have a view on that. Instead we will take on more tenants, work on a variety of different hypotheses, test them and then support the success stories. That means testing stuff that doesn’t work, and being agile and market-led. We will be doing what any other successful organisation does: testing against market demand.”
As for how Brabyn plans to build up Level39’s reputation worldwide, he has hosted more than 20 overseas delegations at the accelerator in the past 30 days. And while he is reluctant to single out any investors over others, he does say that there is strong interest from Asia. And Singapore in particular. Though he will not be drawn on further detail at this stage.
In terms of what it is that is attracting interest, Brabyn says the physical infrastructure of Level39 does no harm. “We provide a very attractive environment here. The view gets people excited and a lot of people will take selfies by the window. I suppose that is the immediate, tourism appeal,” he says.
“But what strikes delegations when we sit down and talk is the access to customers we can offer. Companies – whether they are UK-based looking to expand overseas or those looking to enter the UK market – can build a relationship with another tenant here at Canary Wharf, a global financial services institution, for example. And they might well find that the right partnership will take them around the world. It is that access to customers which is so attractive. And these are not just any customers. This is a place where you can walk a short distance to meet decision-makers for 30% of the world’s top financial services IT spend. If you strip everything else away, that’s it really, isn’t it? What people want.”
Brabyn is quick to point out that for all the great views, quirky artwork and free cookies every afternoon, business is the order of the day. “I don’t just want to generate a general warm feeling here,” he says. “I want to reach people from all around the world who have genuine business to do and let them know that our doors are open wide.”
Tech bubble
Brabyn certainly talks the talk, but has he given any thought to the wider challenges emerging in the tech space? Such as the possibility of a tech bubble?
“I share those concerns,” he concedes. “But there is a way of protecting against it, and that is through sales to customers rather than being preoccupied with inflated valuations. I think the term ‘unicorn’ is used much less favourably this year than it was last year. But investors are here because they can see companies engaging with customers. It is that traction which offers the protection from a bubble bursting.”
And he adds that this applies to the impact of a wider property dip – something by which Level39 has yet to be stress-tested. “We are a hedge,” he says. “While there is no room for complacency, the essence of what we do is bet on a number of hypotheses before picking the winners and success stories based on the market at the time. We are the definition of an organisation designed to thrive in challenging environments.”
Determination
There is no doubt that Brabyn is a smart talker. Plus, given the meetings and delegations he has crammed into the past 30 days, he obviously means business. And for anyone still in any doubt, he is quick to point out that it is not in his nature to give up. “Everyone leaves the armed forces with two particular characteristics: adaptability and determination,” he says. “And by that I mean the ability to continue to pursue the outcome you are seeking regardless of all the noise and distraction around you. Which is exactly what I will do.”
