New Chief Product and Technology Officer for xDesign
Edinburgh-based xDesign has appointed Jeff Watkins as its first chief product and technology officer.
Jeff will lead and help to evolve the company’s technology and engineering capabilities, ensuring closer integration with the company’s products.
Jeff has got a background in financial services, healthcare and retail as a principal architect. Most recently, he was chief for technology at AND Digital.
Jeff’s appointment follows a record year of growth for the software engineering organisation which has also seen its team quadruple to over 200 since opening a new office in Leeds last July.
Euan Andrews, CEO of xDesign, said:
“Jeff’s appointment marks the next phase of xDesign’s evolution as we continue to scale at pace. Our people remain a key focus and we invest in the team’s learning, development and wellbeing as a priority. Jeff brings a wealth of experience that will provide valuable support to our product and engineering teams as we work to achieve ambitious growth plans. It’s clear that technology is in Jeff’s DNA and he will be applying his vast knowledge across our teams, but he also has the enviable capability to inspire people and to help achieve commercial growth. With these attributes, he will be a vital addition to our team.”
Jeff Watkins, chief product and technology officer at xDesign added:
“Joining xDesign was a no brainer – its people-focused approach was a huge draw, as well as its commitment to uniting product, design and technology. I am passionate about technology being a great leveller that benefits the human experience. We have seen how the pandemic has driven more people to use technology and apps, and it is the responsibility of organisations like xDesign to create a compelling and engaging experience for users. The potential for
xDesign to lead in this area is huge and being part of that journey is something I can’t wait to get my teeth into.”
xDesign works with clients including FanDuel, Heineken, NHS 24 and MoneySuperMarket. More information on the services xDesign provides to its clients is available here: https://www.xdesign.com/our-work/
DirectID grows commercial team
Scottish fintech, DirectID, just announced seven new hires. The fintech is already present in many markets and with those hires, they are looking to further this expansion. This announcement comes after the firm announced the completion of a $3M bridge funding round led by Hong Kong based venture capital firm QBN Capital.
Here are some of the new joiners:
Nicholas Tuttelberg – Director of Business Development.
Specialist of credit risk and customer decision management solutions in the Financial, Retail, and Telecommunications industry. Nicholas’ last role was at Experian and also worked at TransUnion, Reunert Group, Nedbank, and Standard Bank.
Based in Cape Town, South Africa, he will drive the business growth for Africa.
Damiano Cracolici – Director of Business Development.
Damiano is an expert in deploying and enhancing data-driven business processes and solutions across the credit and risk lifecycle. He previously held roles at TransUnion, FICO, and Experian. Cracolici is based in the UK and will take point on DirectID’s insurance sector clients.
Betting on future talents
DirectID also hired four sales graduates to their commercial outfit through the IT Technical Sales apprenticeship training programme at Pareto Law. Through Pareto, the team of Business Development Executives will continue to build upon their learning and development, while gaining invaluable hands-on experience in their employment at the rapidly growing fintech.
The graduate team will be led by Lee Sansom who also joins the business from Experian, bringing with him over 10 years of experience in business development with B2B SaaS providers.
Clare McCaffery, Chief Commercial Officer at DirectID, said:
I am delighted to be joined by such a prestigious group of colleagues. Having worked with both Nick and Damiano previously I know our growing client base will benefit from their vast experience and consultative approach. It is equally an honour to enable the talented BDE team as they start their careers after gaining exceptional academic qualifications. I am sure that under the guidance of Lee’s hands on leadership approach they will help us to expand DirectID across many markets over the next 12 months.
New partnerships to open finance for good
On the day it announces its new name, Smart Data Foundry, formerly the Global Open Finance Centre of Excellence, also shares the news it has joined forces with Equifax, Sage Group, Moneyhub and FreeAgent to support its mission to open finance for good.
The Smart Data Foundry was born our of a collaboration between the University of Edinburgh The Financial Data and Technology Association (FDATA) and FinTech Scotland.
The freshly rebranded company just completed a project with NatWest Group, The bank de-identified data from over a million householders to study the impact of the pandemic on household finances. All of the data was de-identified and analysed by accredited researchers in the security of the Smart Data Foundry Safe Haven, operated by the Edinburgh Parallel Computing Centre (EPCC) at the University of Edinburgh, a controlled and secure service environment for undertaking data research.
Insights from the NatWest data were shared with the UK Government at the start of 2021 and continue to be updated.
The Smart Data Foundry will now focus on understanding the impact of the pandemic on SMEs. Working with Scottish fintech FreeAgent, Equifax and with Sage, they will research the causes and impact of late and slow payments to small and medium sized businesses. The insights will be shared and continually updated with the UK Government as financial behaviour adapts to the pandemic environment.
Commenting on the announcement, Smart Data Foundry’s Chair, Dame Julia said:
“We have started a movement within the financial services sector which is gaining momentum at pace. Driven by our purpose to improve people’s lives, our new name, Smart Data Foundry, better reflects the challenges we face.
“Today’s announcement charts the significant progress Smart Data Foundry has made to date in securing partnerships with these significant organisations which will enable us to unlock the power of financial data that, up until now, was not available for public purpose or common good.
“It is important not to underestimate the work that has gone into getting to this stage which includes data governance agreements to protect privacy. This headway, and the success of the NatWest Group partnership, paves the way for many other partnerships as we strive to improve the lives of ordinary people and support the resilience of the SME sector.”
Dame Julia concludes:
“The science community has shown how important health data was to manage the pandemic. Our aim is to do the same for the economy by providing financial data. However, our collaboration will reach beyond Open Finance as we look at other significant challenges such as climate data and the transition to net-zero, addressing the Poverty Premium and supporting the intersection of finance and health.”
Simon McNamara, Group Chief Administrative Officer at NatWest said:
“The pandemic continues to be challenging for many, and the impact is unique for each customer, household and business. By sharing data with Smart Data Foundry, organisations can collaborate to create better insights for the good of our communities so that we can better support their recovery. We have a crucial role, guided by our purpose, to support our customers and communities to get back on their feet and thrive”
Roan Lavery, CEO and founder of FreeAgent said:
“Sticking up for microbusinesses is really important to us and so we’re proud that the insights from the data will help to shape public policy to support SMEs, sole traders and contractors. SMEs account for 50% of the UK’s output. Part of the success of this project is down to the very supportive data community here in Edinburgh and in other parts of Scotland.”
NCC Group partners with FinTech Scotland to further enhance cyber resilience across the sector
Global cyber security and risk mitigation expert, NCC Group, has secured a new strategic partnership to offer its services to FinTech Scotland’s cluster of almost 200 fintech businesses with the aim of strengthening security postures and boosting resilience.
Cyber threats are a growing concern for enterprises and citizens alike. The partnership directly addresses this concern by enabling FinTech Scotland to provide more cyber security expertise and knowledge to the Scottish fintech community.
Under the partnership, companies involved in the FinTech Scotland cluster will have access to a broad range of cyber security services and expert advice, giving them the confidence to balance increased resilience and ongoing innovation to achieve a secure competitive advantage.
The partnership will also see NCC Group collaborate with FinTech Scotland on marketing, events and research to help inform businesses of the importance and benefits of cyber security across the fintech ecosystem.
Michael Upton, UK Sales Manager at NCC Group, said:
“We have a strong existing presence with financial organisations across the globe, including many of Fintech Scotland’s existing strategic partners. These partnerships, combined with our long-standing presence in Edinburgh, our insight in the fintech space throughout the UK and Europe, and our continued investment in research mean that this strategic relationship will add value for both NCC Group and Fintech Scotland.
With that in mind, we’re excited to help FinTech Scotland’s members to enable business growth on a safe and resilient footing, to clearly demonstrate how they will protect themselves and their customers from cyber threats and comply with global governance frameworks to support their growth.”
Nicola Anderson, CEO at FinTech Scotland, said:
“Strategic partnerships with global organisations that have a strong base here in Scotland are essential to offering our community a broad range of support options to achieve growth, so we are delighted to welcome NCC Group to the cluster. As an experienced cyber security partner with considerable heritage and insight, NCC Group can support fintech development and help us continue to nurture Scotland’s high growth FinTech assets.”
TranSwap receives EMI authorisation in the UK
TranSwap, a Singaporean fintech with a growing presence in Scotland just announced it had received authorisation from the FCA to conduct payment activities as an Electronic Money Institution (EMI) in the UK.
This will allow the fintech firm to offer its comprehensive suite of services, including global payments and collections, borderless digital wallets, cards & spend management, platform-as-a-Service (PaaS).
The company had recently opened its Global R&D Center in Edinburgh and is now well positioned to provide cutting edge fintech services for its customers globally.
TranSwap can facilitate borderless trade and investment activities through technology allowing companies from Asia, UK and Europe to expand in those markets the same way local firms would.
Scottish Government Trade Minister Ivan McKee said:
“This is a significant development for TranSwap and a further indication of the strength and level of innovation in Scotland’s globally competitive fintech sector.
“By receiving EMI authorisation, TranSwap will be in a position to support Scottish companies active in south east Asia and those looking to expand into this important market.”
Commenting on the significant milestone, Benjamin Wong, Chief Executive Officer of TranSwap said,
“We are excited to receive the EMI authorisation in the UK to scale our international business banking services for our existing customers and partners in Asia and potential customers in the UK. We very much looking forward to becoming the global business banking partner for businesses that are currently trading between Asia, UK and Europe.”
Appreciating TranSwap’s agile practices since its inception, Nicola Anderson, Chief Executive Officer of Fintech Scotland said,
“The fintech sector is adept at modifying business models and adapting in order to achieve better products and services. TranSwap brings new experiences to the FinTech Scotland community and consistently demonstrates its abilities across different international markets. We’re delighted to work with them and look forward to their successes.”
£100m raised by LendingCrowd to support SMEs
Scottish fintech, LendingCrowd, just announced a funding deal with Barclays Bank, and a large global investment firm to support SMEs across Britain as they recover from the COVID19 pandemic and return to growth.
LendingCrowd was recently accredited as a lender by the British Business Bank to deliver the Recovery Loan Scheme (RLS). The £100m funding will be delivered via RLS and also through LendingCrowd’s popular term lending product.
The RLS was launched to support UK firms as they recover and grow. Funds can be used for any legitimate business purpose, including managing cashflow, growth and investment. It is designed to appeal to businesses that can afford to take out additional finance for these purposes.
lendingCrowd will provide RLS loans up to £500,000 over a three, four or five-year term. This is the biggest capital markets deal in LendingCrowd’s eight-year history, with operations expanding and headcount growing by a third to manage the provision of this funding to the SMEs that need it most.
Stuart Lunn, founder and CEO of LendingCrowd, said:
“It is hard to imagine a more difficult business environment than the past 18-24 months, which has seen many small and medium-sized businesses severely limited in how much they can trade, and trying to operate under rapidly changing restrictions, through no fault of their own.
“Many of these SMEs are good, solid businesses that desperately need some extra support. However, there remains a significant unmet demand for business lending, particularly in the £250,000 to £500,000 space. It is crucial for businesses, and for our wider economic recovery, that this demand is properly served.
“We have invested in our tech-enabled lending platform and, together with our funding partners, we will offer businesses automated checks, faster decisions and competitive rates for small business loans. This saves time and hassle for customers, accountants and intermediaries who support these SME borrowers.
“The next few years will require a real collective effort to get our economy back on track ”“ at LendingCrowd we are determined to play our part.”
Those who wish to apply for a business loan, including RLS, through LendingCrowd can do so here: https://www.lendingcrowd.com/recovery-loan-scheme
Scottish Edge round 19, just over 1 week to apply
Applications are open for Scottish EDGE Round 19 and firms have another week to get involved with the deadline at 2pm on Tuesday 15th February 2022. Firms will compete to win awards, some of which could go up to £100,000.
Interested firms can apply via www.scottishedge.com and will need to complete the online application form which includes a 3-minute video pitch presentation.
Key Support for Round 19:
- R19 Workshop ”“ an Online Workshop providing important information for businesses planning on applying is available on replay – https://youtu.be/skeiGHkgA1k
- Impact Section Workshop ”“ a virtual workshop that focuses on the Impact section of the application process. It will take place on Wednesday 9th February, 3pm-4.30pm, register here.
- R19 Support ”“ There is also lots of support available on the Scottish EDGE website including the Competition Brochure, a Blank Application Template and a 3-Minute Pitch Videos example.
Scottish fintech Biscuit Tin on Dragons’ Den
Fintech entrepreneur Sheila Hogan, founder of Biscuit Tin, a digital legacy vault, will pitch in front of the dragons on the BBC at 8pm on Thursday 10 February.
Sheila’s will be pitching for early-stage investment to take her new business, launched in 2020, to the next level and increase growth exponentially.
The idea of Biscuit Tin sprang out of Sheila’s personal experience of closing-down the lives of her parents. Her solution aims at empowering and enabling people to organise their death and make the whole process easier for those left behind.
Biscuit Tin enables the secure online storage and encryption of valuable, vital information, all in one place, which is released to those nominated when the time comes. This includes information such as account details, important documents, post-life wishes and memories.
Sheila commented:
“Appearing on Dragons’ Den is a phenomenal experience; preparing and pitching to such a high-profile and massively successful group of businesspeople is daunting yet exhilarating. It has been a fantastic opportunity and enormous privilege for me and Biscuit Tin to be chosen for the show. Through my journey to the Den, I have grown in ways I never imagined. I have learnt so much due to the Dragon’s Den experience and I am more ready than ever to take Biscuit Tin to the next level.”
Flock selects Scottish fintech AutoRek
Scottish fintech AutoRek, just announced that Flock had joined their now extensive list of clients.
Flock is an innovative firm all about reinventing business models around insurance. They are looking to build a global, fully digital insurance company for connected commercial vehicles to mitigates risk, rather than just paying claims.
AutoRek was chosen by Flock because of its flexibility.
Flock will be using AutoRek to:
- Automate bordereau, bank and payment reconciliation requirements
- Calculate broker payments to generate statements to brokers and paid bordereau
- Take various external data sources from other insurance organisations, as well as from the general ledger
- Underpin Flock’s Insurance Broker Accounting (IBA) operations
Gordon McHarg, CEO at AutoRek, added,
“It is excellent to have Flock come on board as a new client. We are delighted to be seen as a flexible and adaptable tool to help fast-growing companies like Flock scale their business. We look forward to continuing this partnership over the coming years.”
Piers Williams, Insurance Lead at AutoRek, added,
“We are excited to work with Flock, they are disrupting the insurance industry with innovative new products. Behind their exciting business is a foundation of leading software solutions that are enabling the business to achieve its objectives. Flock will be deploying AutoRek’s bordereau reconciliation and financial control solution to deliver end-to-end automation.”
Fintech DirectID Raises $3m in Bridge Round
Scottish fintech DirectID just completed a $3 million (£2.2m) bridge round led by Hong Kong based venture capital firm QBN Capital. The firm grew its team and revenue by over 100% in the last year and this investment will help them pursue their ambitious growth plans and expand internationally.
DirectID has developed a market leading credit & risk platform that powers some of the world’s largest brands through the use of Open Banking data.
DirectID provides unique insights into customers’ financial situation, enabling financial institutions to have a more realistic view of credit risk and to make faster, more accurate and personalised decisions.
Based in the UK, DirectID is connected to over 13,000+ bank which represents 1.5bn users in over 45 countries.
James Varga, founder, and CEO of DirectID, said:
“We are very excited to have QBN being our lead investor. This funding step will help us grow into more markets and sectors as open banking adoption grows across the world. We are addressing a global pain with our product, redefining credit risk for consumers and businesses alike.”
Philea Chim at QBN Capital said:
“We look forward to helping DirectID expand their business to Asia. Their credit risk platform will make SME financing fairer and more accessible. We see synergies between DirectID and a number of our portfolio companies and QBN’s own initiatives, for example, in supply chain trade finance.”