McKinnon presided over technology overhauls at both the Commonwealth Bank of Australia and Westpac and adds to the board's strength with existing members, banking executive Alicia Aitken and insurance industry professional Daniel Johnson.

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

During his executive career of more than 40 years, McKinnon has held a series of group executive, senior executive and board roles in finance, technology and general management across the financial services and property industries. These include group executive, technology and CIO of both Westpac Group and Commonwealth Bank of Australia, joint managing director and CFO of Multiplex Group, chief general manager and CFO of MLC Group, and CFO of Lendlease Corporation. Bob was also the independent non-executive chair of the NPP, a national payments infrastructure that provides innovative real-time payments solutions such as PayID and PayTo, retiring from that role earlier this year when NPP merged with BPay and EFTPOS.

McKinnon also serves currently as a non-executive director and Chair (audit and risk committee) at AMP Capital Funds Management and a non-executive director and chair (board audit committee) at Sydney Metro. He is the co-founder and director of Mirin Digital, a boutique technology advisory firm he started almost 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 critical to our nation’s prosperity, but for too long their working capital needs have been under-serviced by the banking industry. Cloudfloat understands this gap in the market and has developed an innovative business model and customer focussed servicing 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 to medium enterprises (SMEs) easy access to hassle-free cash flow when paying for any business transaction. The Cloudfloat platform allows its customers to pay for goods and services on time, every time, instead of delaying the payment. The customer can then make fortnightly repayments with up to 90-day terms. Suppliers can offer their business customers flexible payment terms without risk, solving cash flow challenges and allowing businesses to grow.

Cloudfloat founder and CEO Aleem Habibullah has 20 years of experience in banking and finance, specialising in business lending and transactions, and says, “Bob’s experience in banking technology is unrivalled. He’s one of the most respected leaders in financial services, known for being a straight-talker and executing major technology restructures. He’s a huge coup for our team and we’re excited to dig into that depth of knowledge.”

Pictured: Bob McKinnon (front), Aleem Habibullah (rear)