Creating fairer financial futures: A focus on the fintechs
Innovation starts with people. That’s our belief at the Financial Regulation Innovation Lab (FRIL), and that’s why we bring together pioneering fintech entrepreneurs with industry and academia to address challenges facing financial services – both now and for the future.
At FRIL’s latest Innovation Call, fintech entrepreneurs took on one of the most significant regulatory shifts in the sector, pitching ideas that could change how millions of people access financial support and move us closer to fairer financial futures.
But what really drives these fintech founders, and what happens behind the scenes for them at an Innovation Call?
We spoke to two of the founders who took to the stage to find out more.
First of all, let’s meet Crawford Taylor, a co-founder of Afternoon, a data and AI operating model for financial advisors
Crawford, you’ve just come off the stage, but before we hear about that, please tell us, what exactly is a ‘data and AI operating model for financial advisors’?
“Sure, it means that we collect the data financial advisers need to support their clients, enrich it, and then use AI to automate their workflows. That significantly reduces the time it takes for advisers to deliver advice, so they can focus more on their clients.”
And why does this area matter to you?
“Before this, I worked as a consultant advising trustees and companies on defined benefit pension schemes, helping secure the future for people who already had a pension so they’d receive what they were due at retirement. This feels like a natural extension of that, helping more people manage their money better and be financially better off.”
You’ve just pitched at our Innovation Call, how did that go?
“I think it went well. With 19 other companies pitching to a panel of around 10 large corporates, including organisations like M&G, NatWest, and Sopra Steria, it’s a great opportunity to explore potential partnerships.”
As a fintech founder, what is your big ambition?
“There’s around £18 billion spent on financial services technology every year, and it’s only going to grow, yet there’s still a huge advice gap, where many people can’t access or afford support. So much time is lost joining the dots, from opening accounts to moving money. Our ambition is to automate that entire process, so advisers have everything at their fingertips and clients can go from advice to action – opening accounts and transferring funds – in seconds.”
Thanks Crawford, and final question, what has being involved in the Innovation Call meant for you?
“It’s been energising. The Innovation Call was exceptionally well designed; it respected how stretched early-stage teams are, while still pushing to sharpen our thinking and ambition. The combination of regulator insight, industry partners, expertise from Growth Builders and practical support created real momentum for us. Huge thanks to Fintech Scotland and everyone involved.”
And now let’s hear from another fintech founder, please meet… Dia Banerji, founder of Cherpa.ai, an AI money coach that delivers hyper-personalised financial education.
Dia, you’ve just done your pitch – how did it go?
“I was first up, which always adds a bit of pressure, but it felt good. The presentation went well. Most importantly, I was able to clearly tell the story of why Cherpa.ai exists.“
And on that note, Dia, why does Cherpa.ai exist?
“It is very close to my heart. So many people feel a real sense of shame when they don’t understand money, and that keeps them from asking questions. I recently ran a survey about money confidence, one person told us their biggest wish was simply to feel less ashamed about talking about money – and that really stayed with me. Cherpa is here to change that and help people connect with their money and navigate life with confidence. Because every life moment is a money moment.”
Why does this call matter to you?
“This call matters a lot to Cherpa & me personally. More than 90% of people in the UK can’t access financial advice, and there’s a big step before advice that’s really about awareness and education. People often see ‘investment’ as something for someone else, and financial education is still very low, which leaves people disconnected from their money. That’s why this call feels important, not just for the UK but for the world.”
And are there any particular aspects that have struck you over the last few weeks?
“I’ve been really happy to be part of this cohort. The run-up has been amazing, with sponsors coming in, sharing their problem statements, and giving us time to learn from them and from the other fintechs. It’s been great to feel part of a real community and to play a small part in helping Scotland thrive.”
What are your hopes for the result?
“I’m really excited to be part of this cohort and would love to work more closely with some of the sponsors. Beyond that, it’s about being part of a wider fintech community, learning from others, and helping Scotland, and ultimately people everywhere, build more confidence and connection with their money.”
So what next for the fintechs who took part?
With the winners now announced, the successful teams will receive grants of up to £50,000 to develop, scale and implement their ideas over the coming months.
But the journey doesn’t end there. Beyond the winners, many of these ideas are likely to spark further interest, partnerships and pilots in the months ahead.
If you’d like to find out more about the work of FRIL, please contact us at FRIL@fintechscotland.com.
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