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.”
Launch of the 2021 AG Elevate programme
For the fourth consecutive year, high-growth tech companies are invited to apply for the Addleshaw Goddard AG Elevate programme ”“ a unique fast-track legal mentoring scheme.
The programme has been created and is delivered by leading lawyers at Addleshaw Goddard. Chosen companies will benefit from 10 months of free dedicated support from legal professionals. They will also enjoy access to industry networks.
2121 will be slightly different as one third of spaces on the programme have been reserved for businesses with a sustainability focus.
David Anderson, Corporate Partner at Addleshaw Goddard, said:
“It’s now more important than ever to recognise the scale of opportunities tech companies in Scotland bring to the table. The coronavirus pandemic has accelerated the digital innovation within the majority of businesses, making the AG Elevate programme an exciting option for a mass of high growth companies. We expect to see an increase in entries this year as we open the scheme to tech businesses across the board in addition to Fintech businesses specifically, so we’re encouraging relevant firms to get their applications in as soon as possible.
“With our extensive experience in the sector, we are one of the only law firms to offer a dedicated programme of this nature and we’re really looking forward to getting the opportunity to work with more outstanding home-grown talent over the next year.”
Open Banking Reporting (OBR) ”“ a Scottish fintech which provides predictive data analytics to improve decision making benefited from the 2019 scheme.
Applications to the scheme will close in late January 2021 with successful applicants notified at a launch event in late February. For more information or to apply, visit: www.addleshawgoddard.com/elevate
AutoRek recognised in RegTech100 list
Scottish fintech AutoRek has been chosen as one of the world’s most innovative RegTech companies in the the annual RegTech100 list. The list is pulled together by RegTech Analyst, a pre-eminent provider of data, research and analysis on the global RegTech market.
A panel of analysts and industry experts looked at over 1,000 companies and the finalists were selected for their innovative use of technology to solve significant industry problems or generate efficiency improvements across the compliance function.
Despite a very different 2020, AutoRek has seen a huge demand increase for regulatory reporting solutions, with many firms already implementing AutoRek.
Kemal Sangrar, Head of Product, AutoRek, said:
“AutoRek is delighted to be listed in the RegTech100 for the third consecutive year. This award is recognition of our commitment in delivering regulatory reporting solutions to the financial services industry and testimony to innovative strategy underpinning our product. We anticipate another great year ahead and are looking forward to the launch of our next big release, AutoRek 6.0.”
Mariyan Dimitrov, Director of Research, RegTech Analyst, added:
“At RegTech Analyst, we take pride in consolidating the RegTech100 list each year. With the RegTech industry still expanding and evolving, we have found it important that Financial Institutions are kept up to date with the most innovative RegTech companies out there and having gone through the process the last three years, AutoRek is certainly one of them.”
A full list of the RegTech 100 is available at www.RegTech100.com<http://www.
FinTech Scotland, ScotlandIS and LawscotTech to build strong digital economy through collaborative clusters initiative
Three of Scotland’s leading technology cluster voices are to work more closely to stimulate Scotland’s digital economy and develop cross-sector collaboration that will lead to growth and a prosperous economy.
The collaborative cluster approach by FinTech Scotland, ScotlandIS and the Law Society of Scotland’s LawscotTech aims to bring leaders together from a diversity of disciplines and expertise. The aim is to share learning experiences and solutions to help speed up the rate of innovation and help businesses and individuals adapt to new working practices, following the outbreak of COVID-19.
Scotland has distinctive advantages in terms of its existing collaborative business culture, access to government and funding agencies, its raw talent and history in global sectors such as finance, health, data, advanced manufacturing, energy, engineering and legal and other professional services.
Karen Meechan, Chief Operating Officer of ScotlandIS, the membership and cluster management organisation for Scotland’s digital technologies industry, said:
“ScotlandIS, the Law Society Scotland and FinTech Scotland have a shared ethos and ambition to create a truly digital nation, one that recognises the value of the digital economy and uses its power to enable growth for all sectors. This natural step forward will allow member companies of the three organisations to collaborate and innovate, and to further drive the step change in business and the wider society. We’re looking forward to working closely together going forward and the opportunities that it will bring.”
FinTech Scotland is the leadership body developing an integrated financial innovation cluster working with innovative entrepreneurs, large global enterprises, skills bodies, public sector, investors and citizen groups.
Stephen Ingledew, Executive Chair and founder of FinTech Scotland, said:
“Bringing together our collective strengths across the clusters will enable us to be best placed to address the economic and social challenges faced by many communities and businesses. This is reinforced by our shared values of inclusivity and collaboration being at the heart of all innovation developments. I am excited by the opportunities to bring together participants and development the collaboration with colleagues at Scotland IS and the Law Society of Scotland”
Amanda Millar, President of the Law Society of Scotland and founding member of the LawscotTech Advisory Board, said:
“At the heart of LawscotTech is collaboration and bringing the right people from the legal and technology worlds together to collectively stimulate legal technology innovation and build a stronger future for the profession and the clients we serve. I am really pleased that we have been able to reach out and expand that to work with Fintech Scotland and ScotlandIS who have been making great progress. Together we can harness our collective energy and create the right conditions for our tech eco-systems to thrive and play a pivotal role in the Scotland’s economy.”
The first article in a series of collaborative content from ScotlandIS Cyber and Data Clusters, FinTech Scotland and LawscotTech considers how working from home can impact on employees’ attitudes towards diligence and how companies can encourage a compliance-driven culture in a remote setting. It is available to read on the Law Society of Scotland website.
New Chief Financial Officer for fintech Autorek
Kenny Bain will join Scottish fintech AutoRek, a leading software provider to global financial services, as Chief Financial Officer. He will play a key role in evolving and scaling the company.
Bain was previously Chief Executive Officer of Rant and Rave and is very experienced in financial leadership and operational management with a proven track record of delivering substantial growth in the software and technology sector, in the UK and internationally. Prior to this, Mr. Bain worked for 14-year at Graham Technology, as Chief Financial Officer, Chief Operating Officer and EMEA Managing Director, as the business expanded across the US, Europe and Asia.
“We are delighted to welcome Kenny onboard. He brings a wealth of invaluable experience from the software technology sector, which will no doubt make an enormous contribution as we continue to build on the success of AutoRek within the UK financial services sector and internationally.”
Gordon McHarg, CEO, AutoRek
“I am delighted to join AutoRek at this exciting time and look forward to working with Gordon and the team to deliver further growth. The business has a fantastic culture, a highly engaged team, a market leading product and is passionate about customer success – all positioning AutoRek perfectly to capture the significant opportunities that lie ahead.”
Kenny Bain, Chief Financial Officer, AutoRek, added,
Check Point Software Announces Strategic Partnership with FinTech Scotland
Check Point® Software Technologies Ltd. (NASDAQ: CHKP), a leading provider of cyber-security solutions globally, has today announced that it has become a strategic partner of FinTech Scotland, an independent not-for-profit body jointly established by the private sector and the Scottish Government. Check Point solutions bring a practical boost to cyber-security awareness and engagement with Scottish fintech firms.
The partnership will see Check Point deliver cyber-security education and training initiatives to organizations operating in FinTech Scotland’s cluster. It will also work with the fintech SMEs to enable cyber-security from the outset with focused solutions to help protect their businesses against cyber threats targeting networks, cloud deployments and mobile devices.
FinTech Scotland is supported by a broad range of global financial services, technology, and professional services firms, as well as University of Edinburgh and University of Strathclyde, the Financial Conduct Authority, Scottish Government and Scottish Enterprise. Check Point brings its expertise and global experience on cyber security, which will help further develop Scotland’s position as a global fintech cluster.
“Scotland is home to a phenomenal pool of fintech talent. However, as with many sectors, these firms face complex challenges right now, as they navigate the changes to their networks due to the rapid digital transformation and remote working practices forced upon us all. By partnering with FinTech Scotland, we aim to equip these firms with the tools and support they need to ensure cybersecurity is deeply embedded within their business in these challenging times and beyond.”
Roddy MacCallum, Head of Scotland at Check Point Software Technologies.
“We’re delighted to welcome Check Point as a strategic partner. They join a group of global organisations that have decided to support the development and growth of the Scottish fintech cluster. Cyber threats are one of the biggest concerns for fintech entrepreneurs. Involving a global expert in cyber security will help address those concerns and support fintech SME’s to confidently develop safe and secure innovation.”
Nicola Anderson, interim CEO at FinTech Scotland.
The partnership with FinTech Scotland further demonstrates Check Point’s ongoing commitment to providing essential education and training in Scotland. To mark the launch of the partnership, Check Point and FinTech Scotland are hosting an online event on 26 November to discuss the latest cyber-security threats in the sector. To register for interest, please visit: https://www.eventbrite.co.uk/e/fintech-scotland-zero-touch-security-tickets-127138640095
Follow Check Point via:
Twitter: http://www.twitter.com/checkpointsw
Facebook: https://www.facebook.com/checkpointsoftware
Blog: http://blog.checkpoint.com
YouTube: http://www.youtube.com/user/CPGlobal
LinkedIn: https://www.linkedin.com/company/check-point-software-technologies
About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading provider of cyber security solutions to governments and corporate enterprises globally. Its solutions protect customers from 5th generation cyber-attacks with an industry leading catch rate of malware, ransomware and other types of attacks. Check Point offers its multilevel security architecture, Infinity Total Protection with Gen V advanced threat prevention, which defends enterprises’ cloud, network and mobile device held information. Check Point provides the most comprehensive and intuitive one point of control security management system. Check Point protects over 100,000 organizations of all sizes.
£9m investment for Scottish fintech Modulr
Edinburgh based fintech, Modulr, just announced a £9 million investment from PayPal Ventures. This fresh investment will help the company develop new products, recruit and reach new clients.
Modulr let companies easily implement new payment products and services within their customer journey. The fintech provides a full stack Payments as a Service API, whilst taking care of the complexities and regulatory overhead. Modulr has a direct access to the
Modulr works with platforms that serve small and medium-sized businesses. This year has been rich in news for the company with the onboarding of new customers despite problems caused by COVID-19. Modulr connected to the Back scheme, the Faster Payments scheme, Visa and Mastercard.
“This investment marks an important milestone for Modulr’s modern payments infrastructure. Modulr lowers the barriers to bringing payments into a platform, creating endless new possibilities for our customers while allowing them to focus on their core competencies. The investment from PayPal Ventures enhances our ability to execute on that vision.”
Myles Stephenson, CEO of Modulr
“More digital businesses are looking to incorporate payments into their existing user experience but either don’t have the expertise or the resources. Modulr is well-positioned to be an enabler of this trend and will undoubtably expand end-users’ access to fast, reliable and secure financial services. We look forward to working with Modulr as it helps to powers the next generation of digital businesses.”
Anil Hansjee, partner at PayPal Ventures
In total, Modulr has raised £63.3 million including investment from PayPal Ventures, Highland Europe, Frog Capital, Blenheim Chalcot and a £10m grant from the Capability and Innovation Fund.
FinTech Scotland welcomes Google Cloud to the fintech cluster
Google Cloud is joining forces with cluster management organisation, FinTech Scotland, to support the growth of the fintech small and medium enterprise community in Scotland.
With most fintech firms using cloud solutions to integrate more easily with their clients cost-effectively, the addition of Google Cloud to FinTech Scotland’s cluster will further enable new innovation at speed as well as benefiting from Google’s cloud knowledge and expertise.
This will especially be valuable to the growing number of fintech enterprises focused on data-driven innovation to improve financial services and products.
Google Cloud will join a broad range of large financial services enterprises and global technology and professional services providers in supporting the growth and development of the innovative fintech SME community .
Since its launch in January 2018, FinTech Scotland has been growing the number of global organisations involved in the cluster to bring innovation and collaboration opportunities to the fintech SME community.
Google Cloud’s strengths in data capabilities plus the innovative and entrepreneurial nature of Scotland’s fintech community will help further develop Scotland’s position as a major global fintech cluster.
Scotland’s fintech cluster is continuing to grow, evidenced by the growing number of fintech SME firms, innovation and research initiatives with universities, plus the collaborative support from government and global organisations.
“We very much welcome Google Cloud expert engagement with the fintech community and cluster as it acts as a further boost to driving impactful innovation. Google Cloud data capabilities and know-how will certainly be of great value to the innovative SME community in Scotland.”
Stephen Ingledew, FinTech Scotland’s executive chair