We sat down with Vyro’s CEO, Will Wise to learn more about his groundbreaking new business and the experience with the Basiq platform ??

What spurred the idea to create Vyro?

Australia’s adoption of electric vehicles is well and truly behind the rest of the world. The upfront cost of an electric vehicle is a real barrier for most Aussies. Lining up the sale of your old car is a nightmare. Financing the whole thing is like walking into a snake pit. Vyro’s mission is to put electric vehicles in reach of every Australian. In doing so, we’ll transform Australia’s transport emissions and bring ourselves that much closer to net zero.

What spurred the idea to create Vyro?

Australia’s adoption of electric vehicles is well and truly behind the rest of the world. The upfront cost of an electric vehicle is a real barrier for most Aussies. Lining up the sale of your old car is a nightmare. Financing the whole thing is like walking into a snake pit. Vyro’s mission is to put electric vehicles in reach of every Australian. In doing so, we’ll transform Australia’s transport emissions and bring ourselves that much closer to net zero.

Tell us more about your product!

We’ve built Australia’s first virtual dealership. Customers can come to the Vyro site to trade in their old car and get a guaranteed price on the spot. They can then credit this to a new electric car and finance the whole thing on an interest free Drive Now, Pay Later payment plan. We’ll pre-approve you in minutes & switch your cars on the same day.

What differentiates you?

Our approval times are a big way that we differentiate. We can pre-approve a customer for a payment plan in less than ten minutes. Without the open banking services that Basiq provides this simply wouldn’t be possible.

What exciting trends are you seeing in the EV industry?

Electrifying our transport sector is a no brainer when you consider all of the supporting factors for renewable energy in Australia. We have a huge potential and every day I can feel the tidal wave of EV adoption in Australia growing. We’re not there yet though… The upfront cost is still way too high and we need to find ways to lower it.

What exciting things are on the horizon for Vyro?

We’re just a few months away from launching our Drive Now, Pay Later product where a customer can pick an electric vehicle on an interest free payment plan. We’ll be kicking this off in early 2022 to a limited number of people. Customers can join the waitlist today by visiting our website.

Why did you choose Basiq?

I’m a visual person and Basiq’s self-service approach allowed me to build trust in their product by trying it out first. Within maybe 30 minutes I was able to do the essential parts of what we needed to do and that was without a doubt the driving decision.

The team are lovely too. Once I had confidence that the product did what I wanted it to, the people at Basiq walked me through all the other steps and were more than willing to work around our timeline. I don’t feel like I’m dealing with a big business at all.

How are you intending to use Basiq?

We want to be confident that our customers are in a good financial position to service their payment plan. We use Basiq to connect to each customer’s bank account, we then extract the customer’s transaction data and funnel this through our own proprietary algorithms to determine whether or not to lend to the customer.

We also pre-fill our customer profile data using the information we pull from Basiq. As soon as a customer has connected their bank account, we pull information such as the user’s first name and start to personalise the UI. This is really easy to do and it makes the experience so much more enjoyable.

We hope you enjoyed our Q&A with a Founder who joined Basiq via our Startup Launchpad! If you’d like to learn more about the launchpad, check out the link below.

Basiq Startup Launchpad Offer