However, he is sceptical that he could have brought his idea to life as a younger man. He says, "I was a lot stiffer. I was too demanding and I wanted it my way…There's a lot of flexibility that comes over time."
He is dismissive of the notion that older entrepreneurs find it difficult to make the most of new industries and technologies to create successful business systems.
As a veteran of the electronic payments industry, he's found the network of contacts he has built through his previous jobs has proved invaluable.
"I see now it's the reputation I have in the industry because it's easy for me to get the meetings I want…I can get people involved in this…There's something about having a certain notoriety and experience and everything, just makes it tremendously easier to do this."
But ultimately, Mr Haddad believes the failure of many entrepreneurs is due to the absence of any self-check or scrutiny on their ideas. He says, "I notice the vast majority of people don't go through that…they'll launch stuff without going through: so what? who cares? why me?…and then after a few years they pull the plug."
His advice is: "If you're hard on yourself with those questions and you can find credible answers to them, you probably have something that's very valuable." All that's left is to "remove the barriers…and get out of the way so it can explode."