New fintech collaboration to tackle cost of living crisis
In collaboration with Scottish fintech Inbest, NatWest Group has launched a benefits calculator for its customers. The tool allows people to see what benefits they could be entitled to and offers personalised signposting to local support points and organisations.
With the current cost-of-living crisis, ensuring that people access cash instead of debt is very important. In 2021, it is estimated that over 7 million people missed out on over £15bn of unclaimed benefits[1].
Manu Peleteiro, founder and CEO of Inbest explains that on average people using the tool have been able to access £5,000 unclaimed benefits which would go a long way in helping people to face inflation.
The initiative forms part of a much wider effort by NatWest to support its retail customers, including offering approximately 0.6m financial health checks, and proactively contacting 8m customers with support and information on the cost of living so far in 2022.
This collaboration was enabled by cluster management organisation, FinTech Scotland, which thrives to connect innovating fintech firms with established financial institutions.
The 3-month pilot of the calculator is being monitored closely before a wider roll-out to ensure customers are getting the best outcomes.
Peleteiro said:
“Benefits have powerful features to help people increase their income, reduce their expenses, and save for their future. Making sure that people are getting all the benefits they are eligible for is a great first step in a money management plan for the cost-of-living crisis. We’re looking forward to working with NatWest and helping their customers find and manage their benefits directly from the NatWest ecosystem.”
Kristen Bennie, Director of Innovation & Partnerships at NatWest Group, said:
“Making Inbest’s innovative benefits calculator available to our customers provides a critical avenue of support against the backdrop of increased cost of living pressures. Collaborating with Inbest on this pilot allows us to provide relevant, tailored and personalised insights, so we can provide support where and when our customers need it most.”
Nicola Anderson, CEO at fintech Scotland declared:
“The partnership between Inbest and NatWest is a powerful example of the purposeful impact that can be achieved through intentional collaboration between large organisations and fintech innovators. We’re proud to see this in action. NatWest has been deliberate in its focus to find new options and solutions for customers at a time of increased cost of living pressures. I know the capabilities at Inbest will make a positive difference for NatWest customers and look forward to the outcomes.”
[1] Charity Turn2Us
Scotcoin launches carbon offsetting service
The Scotcoin Project (CIC) just launched Scotcoin Carbon Offset which allows individuals and businesses to offset their carbon footprint and support the drive to net zero by providing a discount to those who pay with Scotcoin (SCOT), while also accepting payments in pounds sterling.
People can purchase a single tonne of carbon for £20 (10 tonnes would cover the average carbon consumption for a person each year). Businesses can get in touch with the Scotcoin Project to talk about their specific needs.
2022 saw the Scotcoin Project CIC achieved carbon neutral status by offsetting 100 tonnes of CO2 through investment in a project delivered by the United Nations Framework Convention on Climate Change (UNFCCC) Adaption Fund, which seeks to reduce the emissions of harmful greenhouse gases.
Scotcoin seeks to use crypto as a force for good, supporting a range of charitable and environmental projects that boost Scotland’s ambitions for a greener and fairer society.
Temple Melville, CEO of the Scotcoin Project CIC, said:
“We are using cryptocurrency in a unique way to help Scottish people and businesses make their contribution to the country achieving net zero. While offsetting is not the only answer, carbon emissions are an inevitable result of many of the things people do in day-to-day life and in the way businesses operate. It’s not possible to cut all of that out altogether, but it can at least be offset and we believe crypto can play an important role in making that happen.
“We have the flexibility to sell single tonne quantities, which means even individuals can offset what they produce in a year through activities like sending emails or drinking coffee if they want to proactively do more for the planet. The climate crisis remains the biggest challenge society faces and we hope that our carbon initiative, via Scotcoin Carbon Offset, will incentivise more people and businesses to do as much as they can to help us reach net zero.”
To find out more, please visit: www.scotcoincarbonoffset.com
Fintech docStribute secures listing as G-Cloud 13 supplier
Fintech docStribute, part of the FinTech Scotland community, just announced the signature of a Framework Agreement with the UK Government’s Crown Commercial Service (CCS) to be listed as a G-Cloud 13 supplier hence offering their services to public sector bodies later this autumn.
52,000 public sector and third sector organisations will have access to docStribute via the G-Cloud 13 digital marketplace. This will enable them to use docStribute’s Distributed Ledger Technology to benefit from a secure and sustainable digital solution for distributing highly regulated documents.
Christopher Ansara, CEO & co-founder of docStribute, comments:
“We are thrilled to have been selected as a service on the Digital Marketplace by the Crown Commercial Service. This will enable more public sector organisations to access docStribute’s services and it will be simple for non-profit organisations and public sector bodies to have access to the best product on the market. docStribute has always had productivity and sustainability at heart, and we hope to see our solution help not only reduce the use of paper, but also help organisations become more sustainable, while increasing efficiency.”
Not only does the solution provides better security it also help organisations achieve their Net Zero targets. Indeed, with docStribute they can reduce paper usage by 95% and cut cost by as much as 70%. docStribute uses the Hedera Distributed Network which is significantly more energy-efficient than alternative public networks.
docStribute recently signed a partnership with Salesforce to make its Document Distribution and Digital Signature solutions available to its 150,000+ customers helping Salesforce address three of its six sustainability priorities (emissions reduction, regulation and policy, and innovation).
AccelerateHER Awards 2023 target ”˜force for good’ female Fintech founders
Female founders can once again raise their company’s profile and benefit from a significant business growth support package by entering this year’s AccelerateHER Awards.
The 2023 programme has now opened for applications from women behind companies focused on being a force for good’, with four new entry categories. The first of these, Technology, is open to women behind innovative fintech businesses. The other categories are Health; Environment; and Culture. There’s also a Rising Star’ award for the female founder with the best early-stage business idea.
Winners will be selected for each category at the awards final event being held at the new Barclays campus in Glasgow on 16th March.
The AccelerateHER Awards, now in their eighth year, provide a springboard to growth for participants by opening doors to new opportunities and market-building connections through the organisation’s global network. The awards are backed by the Scottish Government and open to women who are founders or co-founders of companies which are Scottish-based or actively trading in Scotland. Winners will benefit from a prize package that is potentially worth thousands of pounds and includes a six-month mentoring programme from Investing Women Angels, Scotland’s first all-female business angel group.
Former awards participants have also secured places on AccelerateHER trade missions to Europe, North America and the Middle East, to showcase their business to industry contacts and global investors. This includes three of last year’s winners who will attend next month’s mission to California, connecting with money-can’t-buy network-building opportunities and investors from a range of global industries. More than 5,500 female founders have joined the AccelerateHER community to date.
Last year’s Scotland-based AccelerateHER Award winners were Ishani Malhotra, founder and CEO of cancer treatment pioneers Carcinotech; Lynne Darcey Quigley, founder and CEO of fintech innovators Know-it Global; Xiaoyan Ma, CEO of Danu Robotics, a company focused on addressing the global waste challenge; and Danae Shell, CEO of Valla, a DIY law platform which helps resolve employment issues.
To apply for the 2023 AccelerateHER Awards, entrants will complete a short application form, which includes a description of how their business is a force for good, and submit a brief video pitch outlining their business, its ambitions, growth plans and international potential. More details can be found at: www.accelerateher.co.uk/awards2023
Deadline for entries is Friday, 9th December 2022. Shortlisted companies will be announced in early January 2023.
Launching this year’s awards programme, AccelerateHER CEO Elizabeth Pirrie said:
“Over the last seven years, the AccelerateHER Awards has helped inspire and support hundreds of female-led companies, including those behind
fintechs, from across Scotland and beyond. It provides an ideal platform that enables aspirational women to connect with our global network of angel investors, commercial advisers and other successful business people. The financial impact has also been significant, with the companies involved in the AccelerateHER programme securing more than £45 million in external investment.“I would encourage women behind growth-focused companies that aim to be a force for good to come forward and apply.
Deputy First Minister John Swinney MSP said:
“The AccelerateHER Awards are a fantastic way of recognising and celebrating the achievements and contributions of women in Scotland’s entrepreneurial landscape.
“The Scottish Government is working to identify and support additional ways to unlock the full potential of Scotland’s entrepreneurs and at the same time address the existing entrepreneurial gender gap. Gender equality in business is essential for Scotland to achieve its vision of becoming the most entrepreneurial and innovative society in the world.”
Lightning Reach and Inbest partner with Fair4All Finance to deliver comprehensive access to financial support
Tech for Good start-up Lightning Reach and benefits platform Inbest have partnered with Fair4All Finance to broaden their coverage of support for individuals on both platforms.
Over 15m people in the UK are in financial hardship with the cost-of-living crisis plunging millions more into poverty. However, whilst there is a vast array of support available, the landscape is fragmented and confusing to navigate resulting in people not knowing what support is available or assuming they are not entitled to any support. This lack of awareness and the complexity of application processes means struggling households miss out on over £15 billion in benefits, discretionary payments and grants.
Lightning Reach and Inbest are excited to start a partnership where they will integrate their respective platforms, broadening their combined coverage of support. This integration will allow Lightning Reach to include benefits, grants and discounted tariffs covered by Inbest in its one-stop support portal, while Inbest will add discretionary schemes and grants available on the Lightning Reach portal to its benefits calculator.
The partnership is being supported by financial inclusion not-for-profit Fair4All Finance which is making the portal available to the community finance sector as part of its programs to expand the provision of affordable credit and the pilot for the No Interest Loan Scheme.
Senthan Balachandiran, Programme Manager at Fair4All Finance, said:
“One of the core initiatives in our cost of living response is to make available in as many customer journeys as possible a benefit and grant check because we know that awareness is one of the biggest barriers to claiming entitlement. In addition to the No Interest Loan Scheme pilot journey, we are working with credit reference agencies, price comparison websites, loan management systems, and community and mainstream finance to ensure these checks are provided to all their customers.
Ren Hooi, CEO of Lightning Reach, said:
“With over 8 million people estimated to be missing out on benefits, we are keen to help people seeking support through our portal access all the benefits they are entitled to. We’re also delighted to work with Inbest to enable multiple customer journey options for an embedded and seamless experience.”
Manu Peleteiro, CEO of Inbest, said:
“ The Lightning Reach portal is already one of the most popular features in our benefits calculator. Integrating Lightning’s grants engine into our benefits calculator will further increase our leading coverage of benefits and grants, and will also create a seamless signposting experience for customers.”
Scottish fintech Biscuit Tin partners with Age Partnership
Scottish fintech firm Biscuit Tin, is accelerating its growth with a new partnership with the UK’s leading equity release advisory firm, Age Partnership.
The start-up was launched by serial entrepreneur Sheila Hogan in 2020 with the mission to help people organise their life admin. This partnership means that Age Partnership will provide their customers with preferential access to the personalised secure digital vault.
With Biscuit Tin, Age Partnership’s customers will be able to securely store important information, such as account details, documents, wishes and memories all in one place. The solution will guide people on how to plan and what to record within the vault. Biscuit Tin also helps families and next of kins access the relevant information according to the wishes of the individual.
In the last 12 months Biscuit Tin has gone from strength to strength with partnerships and collaborations agreed with other organisations including Scottish Building Society. Biscuit Tin has won several awards and this year the business has been shortlisted for Rising Star, The Scottish Financial Technology Awards; Rising Star and Start-up Business of the Year, Business Women Scotland Awards; Business of the Year, Association of Scottish Businesswomen Awards, and Start-up Entrepreneur of the Year Award, the Great British Entrepreneur Awards.
In February 2022, Sheila appeared in BBC’s Dragon’s Den, significantly raising the profile of the business. Biscuit Tin has been recognised as one of the top twenty Scottish Tech Ecosystem potential growth businesses. Earlier in the year founder Sheila travelled to Silicon Valley with StartUp Grind, a trip that brought together Scotland’s top start-ups and scale ups with more than 3,000 of the world’s best.
Commenting on the new Age Partnership collaboration, Steve Auckland, CEO of Age Partnership said:
“From this month we are providing all our completed equity release customers with access to their own digital secure vault, where they can take control of the documents, memories and personal information that are shared with their loved ones after they pass away. Equity release as a product allows people to take control of their later life finances, it is about enriching people’s lives when they need it most; so, this partnership with Biscuit Tin has perfect synergy.”
Sheila Hogan, founder and CEO of Biscuit Tin said:
“I am delighted to be working with Age Partnership to provide their valued customers with a special opportunity to get organised and plan in advance with Biscuit Tin. Creating a structured digital legacy of our lives means we can feel safe in the knowledge that we are making a difference by taking much of the administrative stress and stain away from our loved ones in the future. Biscuit Tin enables everyone to securely organise all of their life information and create a digital biography of their life to leave as a legacy to hand down the generations.
“I’m delighted with the progress we’re making as a business to achieve our vision of making Biscuit Tin a global household brand in digital legacy within the next five years, in world where planning for end of life is the norm, and where we all have virtual biscuit tins containing our digital legacies to hand down the generations and we make a difference by making life easier at every stage.”
Glasgow based fintech AccessFintech secures $60 million in Series C funding
AccessFintech, the leading Glasgow and London based fintech evolving the capital markets operating model through data and workflow collaboration, recently announced the successful completion of its $60 million Series C funding round.
The funding comes at the heels of rapid growth for the firm. Synergy, AccessFintech’s data collaboration network for global financial institutions, has grown to include over 100 participants and expanded its asset class coverage to include derivatives and syndicated loans. It has also added to its securities offering by extending its lifecycle management through its new claims network and the launch of a ground-breaking predictive fails service.
AccessFintech has a growing presence in Scotland, employing 25 people since February 2020. The funding will help secure further growth in the office over the next period.
The Glasgow office is headed by Pardeep “Par” Cassells, Head of Securities and Claims Products. Par is responsible for opening and growing AccessFintech’s office in Glasgow, where she has purposefully built a diverse team which includes 50% women (compared to an industry average of 12-14%) and 17% people with BAME background. Recruitment encourages both new graduates and women returning to their careers after a prolonged absence.
Par serves as a board member of Fintech Scotland. She leads the organization’s next-generation outreach and has given numerous talks to schools and universities, participated in panels, and worked to promote fintech in Scotland.
On the funding news, Par said, “Our funding is fantastic for AccessFintech and its growth trajectory in Scotland. The funding round will fuel our next stage of growth. Our vision is that data is the catalyst for innovation and growth, and we believe AccessFintech plays a critical role as an essential provider of trusted data governance infrastructure.”
Zumo joins World Economic Forum Crypto Sustainability Coalition
Scottish fintech Zumo, has become the latest member of the World Economic Forum’s Crypto Sustainability Coalition.
This coalition will explore how blockchain solutions can be use to contribute to meaningful progress toward positive climate action. Zumo’s contribution will be around developing the guiding principles and toolkits for companies, regulators and start-ups to leverage the potential of blockchain to reach energy goals.
Particular areas of focus include:
- assessment of crypto sector energy usage
- examination of the potential of web3 technology to facilitate positive climate action
- investigation of the usage of blockchain-based carbon credits.
Nick Jones, Zumo CEO, commented:
“It’s extremely encouraging to see the level of coordinated activity that has emerged in this area since we started our own crypto decarbonisation journey.”
“As we all know, there’s a lot left to do and a long way to go; what we’re seeing, however, is the strands of this work in the crypto ESG space really coming together ”“ and, perhaps, the beginnings of a shift in the narrative and the ability to see this technology not just as a problem, but as a potential force multiplier for good.”
“Making sure crypto and blockchain more generally develops in a way that caters to the needs of people and the planet is critical to Zumo and what we’re doing. We’re delighted to be invited to participate in this worthy World Economic Forum initiative, and to continue to build and collaborate with our fellow actors in the space.”
Find out more about the Crypto Sustainability Coalition at weforum.org
Learn more about Zumo’s own industry-leading work to date at zumo.tech
Made in the UK, Sold to the World’ – Government’s campaign to get encourage export
DIT (the Department for International Trade) is focusing on Scottish SME’s in the next phase of its nationwide export campaign.
DirectID, Emergency One and AAC Clyde Space are some of the companies that will feature in adverts on local radio, in print, and on billboards in train stations across the UK until the end of November.
The purpose behind this campaign is to encourage more businesses to export by promoting the free expert advice that SMEs can access through UK Government.
Minister for Exports Marcus Fysh said:
“Exporters create jobs, pay higher wages and help grow our economy, which is why we want the UK to be an export-led economy and reach a trillion pounds of exports a year by 2030.
“This campaign highlights some fantastic businesses punching above their weight, selling their brilliant products and services made here in the UK to the world. I hope they serve as inspiration to others looking to get onto the exporting ladder. As the campaign says: if you make it in the UK, why not sell it to the world?”
In 2019, there were around 12,400 Scottish companies exporting goods or services, and in 2021 Scotland accounted for 9% of all UK goods exports at £27.0 billion.
UK Government Minister for Scotland Malcolm Offord said:
“From fintech to fire engines to our world-famous food and drink sector, Scotland’s businesses have huge exporting potential.
“This campaign will highlight some fantastic Scottish companies that are already benefitting from selling their products around the globe. I hope it will inspire more businesses to follow suit, boosting the economy in Scotland and across the UK and supporting jobs.”
Minister for Trade, Scott Mann said:
“People around the world are lining up to buy British food, and this government is making sure that they can get it. From our fantastic seafood and meat to our world class produce, British food and drink is renowned for its high-quality and exceptional standards.
“This campaign ensures that all businesses making wonderful products have the tools they need to sell them around the world, bringing even more jobs and growth to a flourishing sector of our economy.”
Winner of Phoenix Group’s first Innovation Forum for customer engagement and financial well-being announced
Phoenix Group announces that Behavioural Finance is the inaugural winner of its first Innovation Forum.
In collaboration with FinTech Scotland and TCS’s Co-Creation and Innovation Network (COIN), the Phoenix Innovation Forum invited FinTech enterprises to develop innovative new tools that improve financial wellbeing, engagement and make a genuine positive impact on customers’ lives.
The Innovation Forum launched in May 2022 and seven companies were shortlisted to provide an initial pitch of their idea to an expert judging panel. In June, three companies were selected as finalists and assigned mentors from among Phoenix Group’s senior leadership team to develop their concepts further.
A final pitch took place on September 22nd before Behavioural Finance was confirmed as the winner. The judging panel said Behavioural Finance’s WealthPersonality concept stood out for its ingenuity, creativity and ability to engage customers. It uses psychometric testing so users can see how their personality will affect their relationship with money.
The runners-up were Airfunders and Moroku.
Edinburgh-based Behavioural Finance will now work with industry experts from Phoenix Group to further develop their concept.
Colin Williams, Managing Director of Pensions and Savings at Standard Life, part of Phoenix Group, said: “Phoenix Group is always looking to fuel creativity and come up with new solutions that really support our customers and build greater engagement and financial inclusion, which is so central to our social purpose and part of our long term sustainability strategy.
“Our first Innovation Forum has not just met these objectives but exceeded them, and I want to share my congratulations with Behavioural Finance for their winning concept, which will help better engage and support customers.
“Across all the phases of the Innovation Forum, the competition was extremely strong and all deserve thanks for their superb contributions.
“We now look forward to seeing Behavioural Finance’s WealthPersonality tool develop further, and to more great ideas being uncovered at Phoenix Group’s future Innovation Forums.”
Chris Tweed, co-founder and CEO of Behavioural Finance, said: “We are delighted to have been chosen as the winner of the inaugural Phoenix Group Innovation Forum, which has been a valuable and rewarding experience for us.
“Improving financial outcomes is the corner stone of our WealthPersonality tool, and we look forward to working in partnership with Phoenix Group to build a new concept that will really support their customers now and into the future.”
Vivekanand Ramgopal, Global Head ”“ TCS BFSI Products and Platforms, commented: “TCS is committed to driving technology advancement that improves our communities and the lives of all people.
“We are honoured to be part of the Phoenix Group Innovation Forum, and join our valued client, Phoenix Group, and our fellow collaborators in congratulating the 2022 winners.”
Nicola Anderson, Chief Executive of FinTech Scotland, commented: “I am delighted to congratulate both Behavioural Finance and Phoenix Group for their success in this programme.
“Behavioural Finance is a truly innovative business and worthy winners from a field of very strong applications. It is inspiring to see the range of FinTech entrepreneurial talent across Scotland and the UK. This talent and aptitude instil confidence for the future of finance.”