Welcome to FinTech Scotland’s podcast
FinTech Scotland’s CEO, Nicola Anderson, welcomes you to our new podcast and tell you about all the great things we’ll be discussing.
3 new clients for Scottish Fintech Exizent
Exizent is developing rapidly following the announcement that Countrywide Tax and Trust Corporation, Thursfields Solicitors and Thorntons are all digitising their probate with Exizent’s new platform.
After raising £3.6 million last year, the company continues on its mission to transform the way the legal and financial services industry deals with bereavement.
Nick Cousins, founder, and CEO of Exizent says
“We know from our own research that most law firms are frustrated with the amount of time it takes to process probate cases and wish the process could be more efficient, and in an era of digitised services, with more transparent and open access to information, there is no reason it shouldn’t be. Our platform brings together all the information and data needed to apply for probate in one place, making it quicker and easier for professionals to manage and less stressful for those who have lost a loved one.”
Ian Bond, Head of Wills & Estates at Thursfields, says:
“Due to the numerous parties implicated and the time required to manually gather all relevant information, probate can be very emotional and stressful for those involved. Exizent is the first piece of technology to connect data, services and the network of people involved when someone passes away, and therefore has the ability to completely transform the way professional services manage and executors experience probate.”
Murray Etherington, Head of Private Client at Thorntons, says:
“It’s vitally important for those dealing with estate administration that they do everything in their power to alleviate as much distress as possible for both families and executors. Every client requirement needs to be dealt with individually, but having an effective and efficient process in place helps enormously and this is where Exizent has the power to be a real game-changer.”
Clive Ponder founder and Director at Countrywide Tax and Trust Corporation, says:
“The loss of a loved one can be made all the more stressful by having to tend to complex and time-consuming documentation and admin work. This has never been clearer than in 2020, a year marked by extraordinary grief. Using the Exizent platform will enable our Specialist Probate Team to better support the bereaved, by eliminating uncertainty and ensuring a seamless and integrated experience for all involved.”
Unleashing Fintech as a Driving Force for Economic Recovery
An independent review of the fintech commissioned by HM Treasury has highlighted the important role fintech can play in driving economic recovery by creating jobs, developing global trade and enabling financial inclusion.
FinTech Scotland along with fintech bodies across the UK contributed to the Fintech Strategic Review (FSR) recommendations which sets out a five-point plan to leverage innovation through a positive regulatory environment, developing diverse skills, facilitating investment to scale enterprises and accelerating a targeted approach to inward investment.
The detailed data-driven analysis of fintech innovation across the UK gave recognition to the momentum of the FinTech Scotland cluster, which included growing expertise in open finance, payments, regulatory innovation (RegTech) and “Fintech for Good”.
The Fintech Scotland cluster model was noted as a driving force since formation in 2018, progress over three years which has included,
- Entrepreneurial Growth, increasing number of fintech SME firms from 26 to 155 today
- Innovation Excellence ”“ collaboration to establish Global Open Finance Centre of Excellence in 2020
- Strategic Engagement ”“ 27 strategic partners from private, public, academic sectors
- Practical Collaboration ”“ developing mutual opportunities with UK colleagues in the Fintech National Network
- Global Recognition ”“ European cluster centre of excellence accreditation in 2020
Stephen Ingledew, Executive Chair of Fintech Scotland and a member of the FSR working group commented,
“Fintech has the potential to revolutionise how we live whether it’s paying for our shopping or managing our money or setting up a business”
“Crucially, it can play a pivotal role in stopping the exacerbation of economic and social inequalities. Fintech innovation is fast growing right across the UK and offers great potential for Scotland through investment, innovation and jobs.”
“We have been fully involved in the Review to share our learnings from the last three years, in which we’ve managed to build an inclusive and vibrant cluster, a model which The Review recognises can help foster innovation and collaboration in boosting recovery of the UK economy”
“ We believe the Review recommendations will support further progress in developing a growing fintech ecosystem and build on successes of home grown and international fintech firms already rooted in Scotland”
Linda Hanna, interim Chief Executive of Scottish Enterprise said:
“This independent review supports Scotland’s growing worldwide reputation as a leading fintech location. Scottish Enterprise has been proud to partner with FinTech Scotland in developing a vibrant environment that continues to attract international fintech firms from around the world, providing economic opportunities for our communities and high-quality jobs for our skilled workforce.”
James Varga, founder of Direct ID and Loral Quinn, founder of Sustainably also contributed to the FSR and welcomed the recommendations on behalf of the fintech community.
James Varga said,
“We have known for some time that Fintech has been one of the fastest growing parts of the economy driving innovation across the country and the findings of this report illustrate why the future of fintech is very bright indeed and, with the right drivers, can continue as one of the UK’s biggest success stories.”
Loral Quinn said,
“The FSR is a boost for fintech entrepreneurs across the country and the package of recommendations will enable innovative small and medium enterprises to accelerate growth nationally and globally”
Deloitte co-led the FSR National Connectivity Chapter with Tech Nation, undertaking a comprehensive data- driven analysis of the sector across the UK. Kent Mackenzie, Head of Fintech in Scotland, said
“the detail and data contained in this review will underpin and support what we’ve understood for a long time ”“ that fintech across the UK is alive and kicking, and primed for next stage of scaling’”.
The full report is available here
Glasgow-based Commodities Marketplace Closes €125k Round
Tech start-up BLK Global, that undertakes to help SMEs slash their procurement costs by connecting them directly with raw material producers, successfully raised its pre-seed round shortly after delivering proof of concept and entering the post-revenue stage.
“Today we’re thrilled to announce BLK Global’s partnership with Enry’s Island Srl”
Gabriele Dadò, Founder and CEO of the UK’s first raw materials marketplace.
Enry’s Island Srl (EI) is one of the most prominent Italian accelerators. As part of the deal, EI will be providing an ad hoc acceleration programme for BLK Global, with a dedicated team across four key business units, together with Enry’s Model™ Organisational framework. This means no runway issues, best business practices derived by over 15 years of entrepreneurial experience and the ability to scale up very rapidly thanks to EI’s remote team.
BLK and EI entered into discussions late in November 2020, and the terms of the deal were finalised and agreed just before the year was out.
The raise was made possible by HUI, an ERP platform for start-ups and investors.
Gabriele Dado explained:
“We chose HUI because it guarantees extreme transparency for investors which was key for us. The platform also displays detailed, real-time KPIs that enable them to make informed investment decisions whilst reducing risk. It only took 3 weeks for Enry’s Island to find us on HUI and make an investment decision
“The partnership with Enry’s Island allows us to achieve the right corporate structure, review our medium and long-term strategy so as to position ourselves as true enablers, especially during a very challenging time for business in the UK and Scotland.”
According to the Scottish Annual Business Statistics, Scotland imports over £25 bn of goods yearly. If just 1% of these were to be sourced locally, not only would it add £250 m to the Scottish Economy, supporting over 1,300 jobs; it would also remove 500,000 tons of CO2 from the atmosphere, in a decisive step towards the net-zero objective pursued by the Scottish Government in the fight against climate change.
“Our vision is enabling small and large businesses alike to be seen, connect and compete.”
“Just like e-commerce has revolutionised retail, it will revolutionise the trading of raw materials. It’s not a question of if. It’s a question of when.”
Says Gabriele
“And together, the answer is now.”
UK Government picks AutoRek for US roadshow
Scottish fintech company, AutoRek has been selected by the UK Government’s Department for International Trade (DIT) to showcase the best in British innovation during a US roadshow.
The DIT’s RegTech Roadshow will take place virtually between the 22nd and the 26th February 2021 and provide ten innovative innovative firms the opportunity to meet industry stakeholders, regulators and potential partners. AutoRek was chosen after a very competitive selection process.
Commenting on the accolade, AutoRek CEO, Gordon McHarg, said,
“Joining the trade delegation, with other leading regulatory innovators is an exciting and invaluable opportunity for AutoRek to demonstrate our services. We have proven success in the UK and are accustomed to working with global financial services firms and are looking forward to helping revolutionise the way US companies manage risk, compliance and regulatory change.”
Kunal Khatri, Director for DIT North America, said,
“The UK has been at the heart of the global financial services innovation for decades, and in 2021 we will continue to lead the global FinTech and RegTech revolution. We’re excited to showcase the talent and expertise that UK companies have to offer. This roadshow is a great opportunity to deepen our bilateral engagement on financial services with the US and encourage private sector collaboration to make the world a safer, easier, and more equitable place to do business.”
AutoRek further strengthened its US offering by signing a partnership with iSoftware4Banks in November 2020. With AutoRek’s growing clientele – together with the nine other roadshow representatives, these companies combined service nearly every major top tier bank.
Fintech For All in Scotland
Today FinTech Scotland and Scottish fintech firms have signed the FinTech For All charter.
The charter is an industry led initiative to promote diversity and inclusion in fintech. It was established in 2020 and is a commitment to use diversity and inclusion as a force for innovation and growth. The work is led by InChorus and is supported by a steering committee of members from the Financial Conduct Authority, Innovate Finance, FinTech Alliance and Level 39.
Signing the pledge reinforces the culture of inclusion across Scotland’s FinTech Cluster. Alongside the cluster management organisation, 23 fintech firms based in Scotland have also signed the pledge and commit to making fintech a sector where diversity is encouraged and businesses continue to build inclusive cultures.
By signing the pledge, the Scottish fintech community became the biggest contingent of signatories since the pledge was launched, reaffirming that fintech is a force for good.
Amongst other things the charter aims to:
- Support FinTech’s in promoting diversity and building inclusive environments
- Ensure the at least one member of the senior team is accountable for Diversity & Inclusion
- Develop employee awareness around what constitutes inclusive practices
The signatories include Scotcoin, DirectID, Gcex, Polydigi, Nude, Float, Exception, Pour, Bellrock, Level-E, Amiqus, LendingCrowd, Zumo, FastPAYE, Caseblocks, Broker Insights, WomensCoins, Hubb Insure, Blockchain Technology Partners, Gobbill, Modulr, Lightbox Rewards
Nicola Anderson, CEO at FinTech Scotland said:
“FinTech Scotland was established in 2018 around the values of innovation, collaboration and inclusion. The FinTech for All charter aligns to those values and demonstrates the ongoing commitment for diversity and inclusion. The FinTech Scotland cluster creates an environment of connection and belonging, welcoming a wide range of diverse participants and we’re stronger for it. Scotland has a strong reputation for FinTech for good and we’re looking forward to seeing this continue to grow. “
James Varga, CEO at Scottish fintech DirectID said:
“The FinTech community is crucial to the success of tech within the UK, and we must show leadership in every area we can ”“ including in our workplace culture”.
“As a company DirectID has taken steps to ensure that all employees have an equal voice, and an environment where colleagues are free to speak up. We encourage breadth of contribution and inclusion is vital to our future success. The culture within the company is very important to us, and one we have taken years to foster.”
Phyl Meyer Head of Business Development at Inclusion Scotland said:
“There is widespread recognition that we need to do a lot more to ensure people from all parts of society aren’t excluded from employment. We know from experience that it’s real action that counts, which is why we welcome ambitious efforts to make meaningful progress such as those being taken by Fintech Scotland, recent hosts of one of our Inclusion Scotland internships.”
You can join the movement by visiting the InChorus’ website
Boosting FinTech innovation Across the UK
Proposals to grow fintech innovation opportunities and deliver positive economic outcomes throughout the UK
FinTech Scotland and FinTech Wales have released a report proposing increased Research and Innovation (R&I) to drive acceleration in fintech development across the UK, nationally and regionally to support growth and new jobs.
The report, entitled “Research and Innovation for UK FinTech” jointly authored by Gavin Powell and Johnny Mayo of FinTech Wales along with Nicola Anderson and Stephen Ingledew of FinTech Scotland sets out a number of key actions to build a longer-term Research & Innovation across the UK, including:
- Challenge led innovation programmes identified through collaborative national and regional exercises to develop ground-breaking propositions through a funded research pilot programme
- Mapping the longer term needs for FinTech R&I in partnership with established researchers to develop support through a long-term funding portfolio.
- The development of a FinTech Innovation Institute by collaboration of UK fintech regions to lead the steering and operation of a long-term funded portfolio.
- Regional fintech contributions that leverage the local strengths and connected networks to help drive economic growth and build greater resilience across the UK.
The proposed actions have been supported by contributions from experts across industry, regulators, research experts and academic organisations across the UK.
FinTech Scotland CEO Nicola Anderson said:
“We know from experience that fintech across the UK offers real potential for economic growth, future employment and greater financial inclusion.
“This paper proposes a suite of purposeful and collaborative actions that can achieve success through commitment and regional contributions. The paper is just the start and we’re looking forward to continuing this work with fellow fintech leadership colleagues and teams across the UK.”
Sarah Williams-Gardener FinTech Wales CEO said:
“This paper recommends a clear plan to secure a more prosperous future for FinTech through innovation and we need to act now to ensure that we can continue to grow in FinTech and not fall behind our international competitors.
“We must create an environment where opportunities to innovate ”“ and break through the crowd ”“ can be achieved. The importance to build back better post Covid19 is even more pressing. If we don’t commit to providing the right conditions now for our FinTech innovators, we will almost certainly lose out to our international competitors.”
Ian Campbell, then CEO of Innovate UK said:
“This paper demonstrates the imperative to act and to ensure the UK, as a whole, embraces Fintech innovation across the financial services sector and the broader economy; leveraging regional skills and expertise to execute a unified strategy and unleash the full potential of all nations and regions within the UK.”
Ron Kalifa OBE, and former CEO of Worldpay, who is leading the Governments fintech review said:
“We are delighted to see FinTech Scotland and FinTech Wales combining forces to propose a UK wide joined up approach to Fintech innovation. We all have a common goal to make UK Fintech resilient and prosperous on the global stage.”
Gerard Grech, founding chief executive of Tech Nation said:
“Fintech is a competitive strength for the UK and it’s terrific to see the regions looking to explore how a focus on innovation, and nationwide collaboration, can further increase UK fintech’s potential. This is exactly the kind of theme that the national connectivity stream I’m leading as part of the independent FinTech Strategic Review commissioned by the Treasury is seeking to build upon.”
“Undertaking this work has allowed us to create an independent perspective of innovation requirements and strategy. This is a much-needed tool for UK FinTech and action needs to be taken if we are to protect our position against growing competition from across the globe.“The need is ever more pressing as the world looks to innovate heavily in areas like FinTech to boost economic recover post Covid. This is about creating the right environment in the UK to generate plentiful opportunities and enable prosperity.”
In the summer of 2020, the complementary FinTech Strategic Review was launched and is expected to report its findings and recommendations to HM Treasury in Q1 of 2021.
You can download the long and summary versions below
AutoRek wins best insurance system in bobsguide Awards
Scottish fintech AutoRek was awarded ‘Best Insurance System’ in bobsguide awards for the second time.
The awards recognise the strength of tech updates and their impact on the client experience. Autorek went through several rounds of assessment. The judges looked at user and market engagement, as well as specific criteria for each individual award.
Michael McCaw, editor at bobsguide, commented
“During an incredibly difficult year for the insurance industry, many market participants looked to their tech partners to contribute additional value and certainty across various processes and functions. The judges were particularly impressed with the standards set by AutoRek throughout 2020, in making sure their clients were well-informed and had access to leading data management and reconciliation technology.”
Lyn Canavan, Head of Marketing at AutoRek commented
“We are proud to have won Best Insurance System with bobsguide for the second time. We have focused our efforts on innovating our Insurance solution over the past couple of years and this award recognises the hard work and dedication of the whole AutoRek team. We are continuing to expand our global Insurance client base and are confident that these clients will reap the benefits of our end-to-end automation tool.”
Collaboration between Scottish fintechs FastP.A.Y.E and Inbest to support vulnerable employees
FastP.A.Y.E announced today that it has integrated Inbest benefits calculator to allow employees to make a benefits’ check within its flexible and ethical wage App.
This feature will allow employees in low-paid or insecure roles to learn about all the benefits and grants available to them before withdrawing income from their salaries. Employees will also be able to understand what they need to do to apply for their benefits and the organisations that can help them on their claims.
Ian Hogg, CEO of FastP.A.Y.E, said:
“As an ethical provider of salary advances, we recognise that a salary advance isn’t always the best option. Some may have outstanding benefits entitlement and in such circumstances we are delighted to be working with Inbest to guide employees to these benefits and avoid the need for an advance ”
Manu Peleteiro, CEO of Inbest, said:
“We believe that collaboration and specialisation are fundamental to reduce the amount of benefits unclaimed in the UK. We are delighted to work with FastPAYE to raise benefits’ awareness among employees on low-paid or insecure roles.”
Nicola Anderson, CEO at FinTech Scotland welcomed the initiative
“This collaboration between Inbest and FastP.A.Y.E continues to demonstrate the determination and focus from fintech innovators to find practical solutions that help support people facing financial vulnerability and address financial inclusion. Enabling easier ways for people to learn about potential benefit entitlements can offer an alternative to help maximise income and reduce longer term debt.”
FinTech Scotland confirms new Chief Executive as it reaches its third anniversary with continued growth of the fintech SME community
FinTech Scotland, the cluster leadership body, has confirmed the appointment of Nicola Anderson as the new chief executive officer
Nicola has been on secondment from the FCA for two years and most recently been the interim chief executive when Stephen Ingledew stepped into a new
position of Executive Chair in November 2020
Prior to joining FinTech Scotland on secondment in October 2018, Nicola was a senior regulator at the Financial Conduct Authority (FCA). Nicola also brings experience from working for small enterprises and larger institutions, with a focus on customer experience and operational change.
FinTech Scotland announcement comes as it reaches its third anniversary and the continued growth of the fintech SME community over the last twelve months by 31 firms to a total of 150 firms
Over the three years since FinTech Scotland was formed in January 2018, the innovative fintech SME community had grown from 26 firms to 150 firms today.
The growing strength and breadth of the fintech community and cluster has been accelerated over the past twelve months with additional milestone achievements for the FinTech Scotland cluster, including;
- Continued investment funding in Scottish fintech SME’s and on a par with 2019 levels
- Being the first UK fintech body to be recognised for cluster management excellence recognition by the European Cluster Accreditation Body.
- In collaboration with the University of Edinburgh, securing Innovate UK multi-million funding for the Global Open Finance Centre of Excellence, to enable research and innovation through financial data, another first for the UK
- Founding member of a Europe wide fintech hubs collaboration group involving sixteen fintech centres across the continent to support international inward investment and exports
These milestones and the growing number of fintech SME’s along with the breath of global strategic partners supporting FinTech Scotland, continue to demonstrate the innovative, collaborative and inclusive impact of the fintech cluster.
Executive Chair of FinTech Scotland, Stephen Ingledew said:
“I’m delighted Nicola has accepted the role of chief executive and is deserved recognition of her valuable contribution since joining the team. I would like to thank the FCA for their ongoing collaboration through over the last two years. I am looking forward to supporting Nicola take Fintech Scotland on to the new stage of its exciting journey”
Commenting on her appointment Nicola Anderson said:
“I’m absolutely delighted to be appointed into this role and for the opportunity to further the great work already achieved by FinTech Scotland. Joining the team has reinforced my passion for entrepreneurial innovation and how it can benefit citizens and the economy. I’m very much looking forward to championing the fintech community and cluster through innovation, collaboration and inclusiveness.”