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How Scotland’s Fintechs plays a role in saving people and planet

The most recent IPCC report has shown us how much we need to change to keep the warming of our planet below 1.5º. Climate change is no longer in the future – it is now. Heatwaves, droughts and floods are already exceeding plants’ and animals’ tolerance levels and with 80% of people in the UK being concerned about the warming climate, the appetite for making changes that positively impact our futures is there.

All eyes have been on Scotland since COP26 was held in Glasgow last year, and the coverage and the attention made it clear that Scotland must do more to become a climate and social leader. While there have been changes it is clear that they are too incremental, that a radical overhaul is not yet here. The will for change is there though ”“ especially amongst Scottish people.

Scotland has a reputation as being socially and environmentally progressive ”“ they are ahead of the rest of the UK in the legally binding target to hit net zero, co2 emissions are already half of what they were 30 years ago. At the start of 2020, Scotland was already creating enough renewable energy to account for 97% of total gross energy use in the country. Socially, also, Scotland is setting an example ”“ with free university education, fantastic baby boxes for every newborn and the new young carer’s grant.

Scottish Fintech has been a fast-growing industry since the beginning of the pandemic; there were 119 in March 2020, and there are now almost 200. With the analysis of our cluster as being positive and vibrant’ in the Kalifa review, along with the fantastic collaboration between small and large companies in the Fintech sectors in Scotland, it is no wonder that Scotland has become a hub and a leader in the industry. This brings with it the responsibility to build environmental and social governance (ESG) into our organisations ”“ this is much easier than trying to retrofit later on.

Some Scottish Fintech organisations that are working to be changemakers in society include Iceni Earth (The Experian of Nature) – which help landowners assess their land and give them a biodiversity score, along with clear instructions on how to improve this score. A lot of Scottish Fintech is also focused on social inclusion, with HI55 helping people get access to their pay more frequently and when required. Inbest is using data capture and analysis for good, helping people who are entitled to benefits receiving them. These are just a few examples of fintech organisations that are using their skills to bring benefit to people and the environment, as well as helping people feel empowered to impact the biodiversity of their land, or simply their personal finances.

Fintech has the opportunity to help customers take control of aspects of their lives, using data to see and control their finances and investments. This has been shown to be vital in keeping eco-anxiety (the chronic fear of environmental cataclysm) at bay. This is vital if we are to keep activated, moving forward and not frozen in fear. With all eyes on Scotland, the time to prove they are the social and climate leaders we know they can be is now.

However, there is still plenty of work to be done and the changes that have been made so far could be described as modest. While it is possible to hit net-zero targets, it has been recognised that this will take a radical change in every part of Scottish lives and businesses. But there is the drive to make that change ”“ Scotland has a socially responsible culture, environmentally thoughtful perhaps because of the strong connection to the fantastic landscape.

Gihan Hyde is the award-winning communication specialist and founder of CommUnique, an ESG communication start-up.

She has been implementing ESG campaigns in eight sectors, across six countries over the past 20 years.

Her campaigns have positively impacted over 150,000 employees and 200,000 customers and have closed over £300m in investment deals. Some of the clients she has advised include The World Health Organisation (WHO), HSBC, Barclays, M&S, SUEZ, Grundfos, Philip Morris, USAID, and the Saudi Government. 

Get in touch with Gihan through LinkedIn or Twitter @gehanam.

Interview with a fintech that pitched in the Den

Following her appearance on Dragons’ Den, Fintech Scotland member Sheila Hogan, founder and CEO of digital legacy vault, Biscuit Tin, shares her experience of her time in the Den and what it was like pitching to such a high profile and successful group of entrepreneurs

 

Sheila, well done for your appearance on Dragons’ Den. Can you tell us what drove you to apply for the show?

I had originally applied to take part in Dragons’ Den in 2020 and was approached about being in the show in 2021. The process for getting in front of the Dragons is a lengthy one, involving an application, video pitch and interviews with a researcher who then presents your case to the executive team. Just getting to be on the show felt like an enormous achievement.

I applied for the show because I wanted to propel awareness of Biscuit Tin, it’s purpose and mission to a global audience, whilst hopefully securing investment from one of the Dragons’. I had my hopes pinned on Deborah Meaden. Given her own personal experience I knew Biscuit Tin would resonate, and she holds a strong belief in businesses with purpose and as a force for good. I knew getting on Dragons’ Den would be the chance of a lifetime and would help me to achieve my vision of establishing Biscuit Tin as a leading global household brand for end-of-life planning and digital legacy within the next five years.

Despite a great pitch, you didn’t manage to get a dragon on board. What do you feel was the main reason?

At the time of filming, I was a pre-revenue tech company with a business profile that simply did not align with the Dragons’ individual investment strategies.

Is pitching in the den very different from pitching anywhere else?

Knowing my pitch was going to be aired to potentially millions of people on prime-time TV, meant that my Dragons’ Den experience was always going to be quite unlike any other pitch or speaking engagement that I’d ever had to do over my forty-year career in IT, change and project management. And so, it proved to be. Stepping out of the lift and into the studio where the Dragons were sat was one of the most nerve-wracking, but exhilarating times of my life. In the Den, there was an intensity to my pitch that I’d not experienced before. Knowing the pitch could be edited in any way the producers chose, which I had no control over, meant that I was more nervous on the night the episode aired than I was before the pitch! The one thing it did have in common with pitching to others, is that with any set of potential investors the key thing is to make a meaningful connection with them. In the Den I knew I had to give the performance a lifetime and I did everything within my control to be ready and prepared for filming on the day.

What learnings do you take away from your appearance on the BBC show? Would you do it again?

I would absolutely do it again. I wouldn’t want to miss such a golden opportunity. On my journey to the Den, I learnt so much. All the preparation was invaluable and has stood me in good stead for pitches to other investors. Since filming I have secured £330,000 investment from Velocity Capital, Scottish Enterprise, and a private investor. In fact, some of the feedback I received from the Dragons’ made me even more determined to succeed!

Whilst no money came from the dragons, you recently announced a successful £330,000 raise. What did you investors see that the dragons didn’t?

The investors we pitched to were specialist tech investors, who understand the financial profiles of tech startups. They saw the potential of Biscuit Tin and were not phased by the losses we experienced in the first couple of years of the business, as this is standard for a tech start-up. Biscuit Tin was simply better aligned to their experience and strategies.

 

What will this fresh investment allow you to do?

This investment will allow the business to gain significant traction through key hires and product development. I am more than equipped and determined to take the business to the next level. We are moving ever closer to achieving my dream of making Biscuit Tin a global household brand, to live in a world where planning for end of life is the norm, and where we all have virtual’ biscuit tins containing digital legacies to hand down the generations.

 

What are the next big milestones for Biscuit Tin?

The next big milestones are to engage with as many users as possible, coupled with valuable partnerships, so we can empower as many people as possible to get organised. We will be working to develop Biscuit Tin further, to provide product features that reflect the needs of our customers.

I am delighted to have been selected as part of the cohort of Scotland’s top twenty up and coming tech companies travelling to Silicon Valley with StartUp Grind in April. Funded by the Scottish Tech Ecosystem Fund, the trip will bring together Scotland’s top startups and scale ups with more than 3,000 of the world’s best.

Combatting CEOs cyber security concerns

By Fraser Wilson, Head of Financial Services at PwC Scotland and Colin Slater, Cyber Security Partner and Scotland Risk Leader.

For businesses with digital adoption high on their agenda, the arrival of the pandemic was undoubtedly a catalyst moment. Customers moved online in their droves benefitting subscription services from Spotify to Peloton. Retailers moved rapidly to refocus their operations to the web, and customer service channels and face to face’ services via video consultations, from high street banks to doctors surgeries, suddenly became normalised.

Scotland has a world leading FinTech ecosystem which has a key role in driving the innovations that allow businesses to transform customer experiences and adapt to a changing environment. However, the rapid pace of change has left many businesses feeling exposed to new risks.

Nearly two thirds (64%) of respondents to PwC’s 25th Annual CEO Survey said that they have significant concerns about cyber threats. In the UK, this outranked health risks, macroeconomic volatility and climate change as the threat to their business that CEOs are most concerned about, further cementing its elevation in business conscience.

And CEOs are right to worry. It’s an accepted fact that it’s not if but when a cyber attack will occur. CEOs’ main concern is around a catastrophic incident stunting business growth. As shown by the myriad of Ransomware cases, a successful cyber attack delivers more complex existential problems to solve. Associated issues we see, like not being able to pay salaries, deal with supply chains, place orders or give regulators the information they need; suddenly become pressing if you are in the midst of recovering your whole business.

Risk is a fundamental part of business. Companies are well practised at both mitigating risks and using them to take calculated business steps. Fintechs, in particular, have a role in both the defensive as well as proactive use of risk management. Being a good cyber citizen can be a huge market differentiator and demonstrating a good cyber posture and structure can also be hugely beneficial in any investment or deal situation. Being cyber aware and building a secure business are the foundational aspects for any fintech and will ultimately protect the valuable IP assets they are creating. While CEOs are right to be concerned, having an organisational approach to think cyber’ across all strategic and tactical decisions is key to success. Putting the right structures in place now ultimately will pay dividends in the market later.

Our recent announcement that we’re strengthening our financial services team in Scotland is part of our commitment to helping businesses embrace technology and improve resilience and agility. With our cyber security hub in Scotland we are expanding and delivering services around the world as well as on our doorstep. Our Managed Operations Centre of Excellence is located in Edinburgh, alongside our Threat Intelligence team, so our local footprint is something we are rightly proud of. We’re determined to help CEOs tackle their cyber concerns head on and drive the Fintech agenda in Scotland.

Transforming the Everyday Life of People and Business Through Pioneering FinTech Innovation in Banking

Fintech Scotland announces new strategic partnership with NCR Corporation

FinTech Scotland, the cluster management body, has announced a new strategic partnership with NCR Corporation, a leading enterprise technology provider to further advance innovation for financial institutions.

The partnership builds on NCR’s strong innovation track record as a software and services provider with a long-established heritage of applying new technology developed through its Dundee Discovery Centre.

The announcement follows the recent release of FinTech Scotland’s ground-breaking Research and Innovation (R&I) Roadmap which, developed in conjunction with key players in the financial industry, includes a key focus on the future of payments and transactions and financial regulation.

Spanning more than 130 years, NCR has a rich history of delivering innovative solutions for consumers and businesses. With expertise in payments, transactions, digital banking and strategic advisory services, NCR will join FinTech Scotland and its other thirty strategic partners, including fourteen of the largest financial services firms, to drive forward a customer- and digital-led financial innovation transforming how people, communities and businesses engage with money and finance.

FinTech Scotland, the cluster management body for strategic partnerships within the country, will work closely with NCR, a major employer in Dundee, and its 600-strong financial experts in the region to develop innovation opportunities with fintech firms and financial institutions, plus the wider cluster stakeholders such as universities and innovation centres.

Nicola Anderson, Chief Executive, FinTech Scotland, said,

“We are hugely excited to about the strategic partnership with NCR and their dynamics and pioneering approach to developing technology will further accelerate innovation with fintech SMEs and large financial firms in the cluster. Our industry-driven, action-orientated R&I Roadmap will provide the ideal framework to advance new financial services innovations with NCR and we look forward to the collaboration with the NCR team in Dundee as well as the USA and across the globe”.

Colin Payne, corporate vice president, NCR Professional Services said

“In my experience the value of regional fintech powerhouses is undeniable, bringing raw talent and passion into the space and guiding the development of next-generation financial businesses. In Scotland, this is particularly true given the rich engineering heritage, innovative mindset and history of outstanding customer-focused financial services ”“ this unique combination brings us a new generation of powerful fintechs. We are delighted to partner with Fintech Scotland to support the scaling of these amazing new solutions.“

Rise, created by Barclays, launches new Insights report, ”˜Making data count with AI’

Rise Insights report lead, Grace Batchelor, Rise London FinTech Platform Manager shares highlights on one focus area in the report ”“ ethics in AI.

The latest edition of the Rise Insights report, Making data count with AI’, surveys the data revolution that’s taking place, the role of AI and the opportunities it presents to financial services, including fintechs. In this article, we summarise the drivers of the revolution, and focus on the practicalities of what might sound like a theoretical subject ”“ ethics in AI.

As Ben George, Distinguished Engineer for Data in Barclays Chief Technology Office writes in the report’s foreword:

“Raw data is rocket fuel, highly powerful but also highly dangerous.”

For individuals, the loss of direct control can be alarming when every click or swipe sees their personal data scattered into a huge number of anonymous corporate data silos around the globe. They must rely on trust alone ”“ trust in those corporations to store, process and share the data properly ”“ when they have only a tenuous relationship with the companies.

Could there be a more transparent protocol of data sharing? At Rise, created by Barclays, we like to think so. Imagine people being able to choose their own data policies from an app, setting time limits on data availability and even fixing a price to sell their data. Several things will bring about this data revolution:

  • A combination of technologies, including AI, that underpin the data-sharing vision on a global scale
  • Savvy fintechs with innovative solutions in the data space
  • Large financial services and technology organisations committed to the new vision
  • Modern regulation designed for this new world

Importantly, all parties will also need an appreciation of the importance of ethics in AI, and they’ll need to actively adopt it. Read more about these subjects in the report.

 

Do no harm: The role of ethics

From customers’ perspective, trust will remain critical. But how do companies do the right thing’ with data to establish trust (and adhere to regulations)? It’s a question that’s in sharp focus given the commercialisation potential of data and new AI technologies.

Katryna Dow is Founder and CEO of Meeco, and contributes an article to the report with practical advice on getting started in the data revolution. She’s confident that “a more citizen-centric approach based on a more equitable and ethical considerations to data is entirely possible given today’s technology.”

In a Q&A section of the report on the ethics of AI, David Bholat, Barclays UK Chief Data Scientist, tells me why we should be rational about AI: “Cancer diagnosis is a high-stakes situation. Although less critical, credit allocation can be scary too. It’s understandable that these make us fear taking the wrong decision. But I think we should distinguish between the scariness intrinsic to those situations, and the application of AI in them. Credit decisions and cancer diagnoses need to be made. We should be pragmatic, and use the best tools at our disposal to make them.” When several studies show that computer vision techniques outperform clinical experts in tumour detection and machine learning can outperform simpler statistical models in underwriting, an objective approach to AI is a sound starting point.

Also in the report, Michael Payne, Barclays UK Data & Analytics MD, shares the five tenets that banks will be held to:

  1. Transparency: A willingness to explain clearly what they’re doing with their customers’ data
  2. Control: Giving customers clear rights and easy ways to govern how their data is used
  3. Beneficiaries: Line of sight on who is benefiting from data usage and what consumers get from this
  4. Accountability: Checks are in place to ensure AI systems are performing reliably and safely
  5. C-level focus: Fostering company board discussions on ethics, especially around edge use cases

The Q&A section also covers other ethical topics including some important aspects of data cleansing, how a type of deep learning, Generative Adversarial Networks, can alleviate privacy concerns and why AI and data commercialisation is shaping new data products and services.

 

Fintechs featured in the report

In realising new commercial opportunities, banks and other financial services institutions can follow the lead of agile and innovative fintechs and smaller tech ventures. The report includes contributions from the following:

  • AlphaStream: End-to-end hyper-personalised user experiences for financial services
  • EntropikTech: The world’s leading Emotion AI platform that reads human emotions and helps brands redefine their offerings and experiences
  • Flybits: Empowering banks to engage an audience of one, at scale
  • GV (formerly Google Ventures): Backing founders who transform industries and create new ones
  • Maven Securities: Building new trading technology to ensure fast, efficient and transparent market access
  • Harbr: Delivering refined customer experiences, high-value products and new revenue streams
  • HolisticAI: Software solutions for AI risk management and auditing
  • Illuminate Financial: A thesis-driven venture capital firm dedicated to enterprise fintech and B2B software companies
  • Level E Research: Edinburgh-based startup creating autonomous machine learning investment solutions scaled for the platform economy
  • Meeco: The infrastructure for trusted personal data ecosystems
  • PolyAI: Building enterprise voice assistants that carry on natural conversations with customers to solve their problems
  • ProGrad: Credit risk assessment platform connecting financial institutions with third-level students
  • Quantexa: Creating a new generation of decision intelligence built on context
  • vPhrase: Lets enterprises create highly personalized language-based reports at scale, at machine speed

Get involved

We’re all central to the debate on how individuals harness the value of their own data.

“Think about ethics now and AI can empower rather than oppress us.[1]” ”“ Sir Nigel Shadbolt, Principal of Jesus College, Oxford and Professor of Computing Science, Department of Computer Science

  • Download the Rise Insights report to learn more about how AI adds value to data
  • Register for an Ethics in AI event that Rise is running in conjunction with our colleagues at Barclays Eagle Labs
  • Contact the Rise team in London or New York to meet any of the companies featured in the report or in the Rise ecosystem of over 100 FinTech startups

[1] University of Oxford

Fintech Encompass Corporation raises £25m

Scotland-based Encompass Corporation, the provider of intelligently automated KYC solutions, just announced a capital raise of £25M.

The investment comes from a group of investors led by Perennial Partners who were joined by Serendipity Capital, Seven Seat Capital, and Microequities Asset Management as well as existing shareholders including Alan McIntyre, former Global Head of Banking Services at Accenture, and Tim Frost, ex-Chairman of IHS Markit, as well as experienced technology investor Ray Scott.

This new funding round will help accelerate Encompass’ global growth as well as facilitating ongoing product innovation and development in at their Glasgow office as well as other locations. Glasgow. This follows a significant growth in revenue recorded in the last year.

Roger Carson, co-founder at Encompass commented:

“Today’s funding will help fuel Encompass’ rapid global expansion, especially as we make inroads in North America, with operations driven from New York, and continue to expand our presence in Europe.

“Expanding to new markets will add greater value to our business in a way that better serves existing customers and attracts additional global banks as new customers. We are excited to have new and existing investors support Encompass’ acceleration, expansion and vision to continue to be recognised globally as the leading provider of automation to the corporate KYC due diligence market.”

Sean Harpur, co-founder at Serendipity Capital

“Encompass’ successful funding represents the increasing value of solutions that digitise and automate regulatory screening and due diligence for the corporate KYC market.”

“Designed to help banks simultaneously create a better customer experience and mitigate compliance risk at scale, we believe Encompass is exceptionally well-positioned to deliver in these areas for global banks, becoming the recognised global standard across RegTech, AML and KYC.”

Today’s news follows a round of funding in 2020, as well as Encompass’ expansion into North America in late 2021.

Forex Expo 2022

The flagship event of this spring Forex Expo 2022 is supported by the best companies of the industry. MetaQuotes, the leading developer of trading platforms for brokerages, banks and exchanges has become a Grand Sponsor whilst NAGA, a social investment platform with over 950 tradable assets booked a Gold Sponsor spot. Interestingly, Forex Expo draws the leading forces to meet under one roof on March 31, 2022 in Limassol’s Parklane Hotel. Here, the larger part of the European B2B community of the FX industry will be joined by companies from other parts of the world to meet top experts, network, learn and grow.

Forex Expo is a true hub for a purposeful matter – industry network and development where every member can both uplevel his own skills, improve his business flow and help the industry to make a new step towards the future. Networking spaces, expo zone, conference hall and workshop rooms create an opportunity for visitors to both learn and connect.

Traditionally topics for keynote speeches and workshop presentations include regulatory details, new trends and developments, law, regulations and licensing, new trends in IT and software for brokers whilst the panel discussions will cover topic of Cyprus as a friendly environment for financial markets, question of the future of payments ecosystem, matter of crypto integration in the Forex and financial markets and even affiliates, IBs, HR and marketing in the FX industry.

The conference part will include speeches from two leading experts of MetaQuotes: Head of Global Business, Christoforos Theodoulou and Head of Operations, Tony Spyrou. They will discuss regulatory issues, new trends and developments, legislation and licensing, customer profit preservation, as well as promising areas in IT and broker software. Furthermore, Christoforos and Tony will talk about other developments, including the upcoming integration with Payment Service Providers and web services and a lot more.

Gold Sponsor NAGA has also prepared some exciting content as its Founder and CEO Benjamin Bilski has prepared a workshop presentation to share how NAGA has raised more than $100M in funding from star investors, transacted more than $250 billion in volume and saw a successful launch of its mobile payments and investing app and is also ready to join the conference chat about social media influence and how to finally take it over.

Seamless networking environment formed by the exhibition floor filled with booths from leading companies and dedicated networking spaces for meetings accessible by Business and VIP ticket holders is complemented by an infamous night party with unforgettable shows and an informal atmosphere of fun and success.

Not to mention that the Forex Expo organizing committee follows all the necessary preventive COVID measures to make the experience for attendees as safe as possible. Visitors are invited to safely attend the best workshops and panel discussions, network and discover the industry from a different perspective.

You can explore the opportunities to participate in this amazing upcoming event at https://forexexpo.com/ Tickets are already available on the website with an early bird discount until the end of February and include standard, business and VIP packages.

Clearwater to Drive Growth for Athora Holding Ltd.

Scottish fintech Clearwater Analytics just announced that Athora Holding Ltd., a leading insurance and reinsurance group, had selected them to support their growth strategy, streamline the operating model and provide a consolidated view of accounting, regulatory, and operational reporting across all entities.

 

Shamira Mohammed, Group Chief Accounting Officer, Athora said:

“Athora is a fast growing, acquisitive insurer and reinsurer. We wanted a solution that could help us on-board acquisitions and portfolios quickly, manage increasing regulatory requirements, and enable a quick view of our investment portfolio across multiple markets. Clearwater’s SaaS solution met our needs perfectly. Clearwater brings industry best practices through their single instance platform and an impressive operations team that understand the needs of the insurance market. Clearwater has the technology, processes, and innovative thinking to support our vision for the future.”

Gayatri Raman, President, Europe and Asia, Clearwater Analytics said:

“We are seeing significant consolidation across the insurance and investment management industries. With that comes the need to be able to quickly aggregate data from multiple sources and then turn that data into information that can be used to drive decision making. Clearwater brings best-in-class technology and managed services to Athora so they can fully focus their efforts on growth. We are delighted to partner with Athora.”

Increasing industry use of encrypted email to combat cybercrime

Recognition amongst financial services businesses of the need to safeguard emails is increasing in the face of financial cybercrime and they are taking action. Origo’s Unipass Mailock recently marked its one millionth email sent though the encrypted system.

Industry providers such as Aegon and Royal London are using military-grade encryption email services to protect their email exchanges with financial advice firms, and other providers are also realising email protection is now essential.

Cyber criminals hack vulnerable email systems and employ sniffer programs which identify valuable emails and take copies of them, which the criminals can then exploit. For example, in just one email in which a client sends their personal and asset details to their financial adviser, there would be enough detail to help criminals commit fraud.

Putting in place a secure, military-grade encrypted email system, one which protects emails in transit, and ensures that only the intended recipient can access the email, as well as providing an audit trail for compliance purposes, now needs to be thought of as base-level security for product providers and financial advice firms, and without a doubt where confidential and transactional data is being sent.

It is also another way for providers and firms to demonstrate value to their respective customers in the precautions they are taking to safeguard their data.

Origo’s Unipass Mailock system has now surpassed one million emails through the system.   Looking at industry benefits, not only has this protected over a million communications between providers, advisers and their clients, but we calculate that this equates to £1.9m saved in print, packaging and postage costs, as well as climate related savings of 459 tonnes of CO2 and 154,000 tonnes of water.

The risk to businesses is not just potentially having to compensate clients for losses, and meeting fines imposed by the Information Commissioner’s Office (ICO), but the effect on client trust and the reputation of the business.

As we move to a more digital advice experience, we expect to see companies of all sizes look to protect this potential point of vulnerability and employ encrypted email as a matter of course.

Standard security protocols advice firms can follow

Some general basic actions businesses can take to help protect their businesses against cybercrime, include:

  • Having in place standard items of internet hygiene including firewalls, anti-virus software and a virtual private network (VPN) for off-site working.
  • Identifying where the risks to the business lie ”“ are they with providers or are they in unsecured communications with the end client?
  • Implementing formal processes and procedures, and staff training, to raise awareness of the potential dangers, and how to protect the business against them.
  • Having formal cybercrime processes written into a firm’s policy documents, including written instructions for staff to follow where, for example, fraud is detected.
  • Having in place appropriate controls for inward and outward communications ”“ such as encrypted email.
  • Letting your customers know the potential dangers and what you are doing to protect them.

Photo by Markus Spiske from Pexels

Lloyds Banking Group and FinTech Scotland Announce New Innovation Programme

Lloyds Banking Group has announced 3 new strategic innovation challenges as it opens its cohort 2 of its Launch Innovation Programme. Working in collaboration with FinTech Scotland the group is inviting fintech’s from all around the world to take part.

This follows the success of the first Programme that saw 12 fintech firms selected, from Scotland and Europe. This year the group is hoping for many more continuing to show the continued commitment of Lloyds Banking Group to partner with fintech businesses.

The bank is seeking fintech partners to help them achieve their sustainability goals, improve customers’ financial lives and support their colleagues in a post-Covid pandemic world.

Successful fintech applicants will have 10 weeks to refine and test their innovative solutions, working in collaboration with colleagues across the bank. This will include direct access to challenge sponsors and mentors in the bank, as well as business development support, clinics and external business masterclasses.

The Launch Innovation Programme is an initiative that aims to create collaboration opportunities between the banking group and fintech SMEs to enable faster innovation and deliver for customers.

Interested firms can learn more and apply by visiting fintech.union-dev2.net/launch before the 1st of April. Lloyds Banking Group are committed to enabling greater diversity and will actively target, welcome and support applications from women and businesses founded by people of Black, Asian and Minority Ethnic heritage

Commenting on the launch, Nicola Anderson, CEO at FinTech Scotland said:

“Lloyds Banking Group Launch Innovation Programme is a perfect example of how collaboration can deliver innovation and better outcomes for all. Amongst other things I was delighted to see three innovation themes this year which demonstrate how fintech can help with financial matters, well-being and sustainability. I’m looking forward to reading the applications.”

David McLeay, Innovation Product Owner for Insurance & Wealth Transformation at Lloyds Banking Group added:

“We are super excited to open our Launch 2022 programme as it’s a key part of our strategy to improve collaboration with fintechs and harness the power of Innovation. The 12 companies from the initial 2021 cohort delivered amazing ideas and experiments for our colleagues and customers. This year we are looking to build on that with additional investment and scale to identify up to 24 partner companies across a broader range of business challenges.”