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.”
Got Capital selects directID To Digitise SME Funding Process
Scottish fintech and global credit risk platform DirectID, have just announced a partnership with SME capital provider Got Capital.
From now on, SMEs applying for financing will be able to use the power of Open Banking within the application journey, letting agents at Got Capital quickly categorise and determine businesses’ true revenue without the need for PDF or paper bank statements. This new solution will allow for a much faster and accurate process, de-risking the financing whilst providing a better experience for SMEs.
Nicola Dunn, Business Development Manager, DirectID said:
“Small businesses are the backbone of any economy, they are continuously struggling to get access to affordable financing. Traditional lenders find it difficult to ensure fast and safe underwriting processes for SMEs. Existing and traditional credit reports lack sufficient credit history information such as bank account information or bank statement data. On the other hand, SMEs often cannot provide any collateral to mitigate this information gap and ensure financing.
This information gap can be filled by open banking data which is highly in demand in the market. DirectID are delighted to be the chosen open banking partner of Got Capital and we are very much and looking forward to working with Got Capital on a variety of use cases in the future.”
Mr. Alex Afek, Managing Director, Got Capital Officer said:
“We are very excited to get on board the DirectID platform. Got Capital is funding businesses across the UK and we require a very good e-banking coverage. It simplifies the process for our applicants and customers and reduces the time to funding decisioning. Got Capital’s Royalties based investment is a timely instrument and”¯is used by many different types of businesses when they need cash at hand yesterday.”
Virtual Global Demo Day focuses on the future of Fintech marketing
Fintech B2B Marketing Virtual Global Demo Day is around the corner, and excitement is in the air. The community announced the return of its flagship event, which is set to take place virtually on 19 October 2022.
Global Demo Day has become a staple in the Fintech, Martech and B2B communities as it brings top-class marketers in front of some of the most innovative technology and solutions to drive future business growth. What’s more, marketers get a chance to network on one forum ”“ the ultimate opportunity to learn from and grow with like-minded individuals.
Payal Reina, founder of the Fintech B2B Marketing community hosting the event says:
“Marketing is ever-changing, and we need to keep up with the trends to ensure we take our businesses into the future. Without the passion to constantly learn and improve our marketing skills, we risk being left behind.”
What’s to expect
Leading marketing solution providers will be on call to introduce the greater community with the latest, best-in-class technology to help solve your everyday marketing challenges.
“The sad truth is that many people still don’t know the true value of marketing, with many companies admitting to cutting marketing budget in light of trying financial times. As such, it’s always beneficial to not only know what tools and resources are available to improve your job, but also understand how it can contribute to your greater marketing strategies. The more you know, the better your chances of encouraging leaders to understand the importance of your marketing efforts,” adds Reina.
Some of the highlights expected at the event include discussions around innovative ways to drive new customer acquisition and retention, great operational efficiency, accelerated marketing automation, and reducing marketing costs, among others.
“Our Demo Day is the perfect environment to showcase innovative marketing offerings to marketers who need to stay in the loop and on top of their game,” adds Reina. “What’s more, there is no need to attend an in-person event as the event will be fully virtual, allowing for a completely comfortable and safe experience wherever you are in the world.”
Brands will have the option of showcasing their offerings in whatever way they feel comfortable, whether in the form of pitches, case studies, thought leadership and more.
The who’s who of Fintech marketing
Some of the past speaking and attending companies include global banks, fintechs, tech organisations, so you know you will be in good company. Business members of Fintech B2B Marketing Community will automatically get the opportunity to demo a solution at this event, while prospective sponsors are invited to reach out via email at eventsponsorship@fintechb2bmarketing.com.
Please join the FinTech B2B Marketing Community at the Global Demo Day event on the 19 October at 9am BST / Register here.
New event connects global investors with Scottish scale-ups
A new business event aimed at helping scalable Scottish companies reach their full potential has been launched today. Invest2Scale, being staged on 2 November at Edinburgh’s Dovecot Studios, is aiming to address a gap in the market by supporting revenue-generating scalable Scottish companies by connecting them with VCs and other investors.
Invest2Scale will identify between 10-12 company founders who they will invite to participate in their new showcase event. The event programme will include networking sessions, industry discussions and other scale–up focused activities and involve an audience of senior figures from both the UK and global investment community.
Invest2Scale is being led by a group of leading business support organisations – law firm MBM Commercial, accountants Chiene + Tait, recruitment specialists Eden Scott, and Angel Capital Scotland (formerly Linc Scotland) – who are tapping into their networks to attract scale–up experts and other key figures from the investor community to the event.
Companies with a global focus and strong scale up potential are being invited to apply to be part of the Invest2Scale event. More details can be found at: www.invest2scale.com
Selected companies will be announced in October.
Stuart Hendry, Senior Partner at MBM Commercial said:
“Invest2Scale addresses a gap in the market by targeting revenue-generating companies with significant scalability. It does this in person as there is major value in bringing company founders and investors together in the same venue as opposed to attempting this interaction through online facility. This event is designed to enable strong businesses to progress to a higher level and to lay the foundations in creating the next Scottish unicorn.
“We are passionate about supporting scale–up businesses to help them make the most of global investment opportunities so they can reach their full potential.”
Alan Donald of Angel Capital Scotland said:
“Our partnership of highly regarded and well-connected corporate organisations, where we can access key figures within the global investment community through our networks, brings immense value to this event. Collectively we will also leverage our experience and close relationships within Scotland’s business community to help identify many of the companies that could maximise the impact of additional growth investment.
“In addition to the contribution of the founding partners, through Invest2Scale we will put ambitious high growth Scottish companies with scale–up funding aspirations in front of an invited audience of investors.”
Update from the Phoenix Innovation Forum
Article written by James Carroll, Digital Sustainability Manager for Phoenix Group
Last month, we announced the kick off of Phoenix Group’s first ever Innovation Forum was launched”“ created to deliver innovative solutions for the challenges 
faced by our customers, business and industry. This Forum is focusing on exploring solutions to two key pillars of our Customer Sustainability programme ”“ digital literacy and financial inclusion.
Since kick-off, Subject Matter Experts (SMEs) from across Phoenix Group have reviewed some fantastic submissions from FinTech innovators around the world. From a diverse range of solutions, the team narrowed the applications down to seven FinTechs who were invited to pitch their ideas.
Shortlist and pitch Session
On Wednesday 27 July, we welcomed the seven shortlisted innovators to pitch their ideas in the Innovation Lab at Standard Life House. The pitches gave a deeper insight into how these solutions could help our customers to secure a life of possibilities. Our SMEs scored each application against five key areas: target audience, the concept and our ambitions, timeline, resource need and scalability. They left the session with a real buzz after hearing how these solutions can benefit our customers and wider society – and with the difficult task of putting only three forward to the final.
Announcing the three finalists
We are delighted to announce that the finalists going forward to the last round of the inaugural Phoenix Group Innovation Forum are:
The solutions put forward by these finalists clearly align to the challenges we set with the teams providing a proof of concept that our panel of SMEs from across Phoenix Group believe have the potential to deliver the best outcomes for our customers.
The finalists have now been matched with two mentors from Leadership Teams within Phoenix whose role over the next five weeks is to support them in refining their concepts. The mentors will do a deep dive to establish the validity of the solution, which includes completing an assumption plotting exercise and evaluating the solutions scalability within the life stages of our customers. Mentors will also analyse feedback from the initial pitches and assess the commercial viability of the solutions.
We can’t wait for AirFunders, Behavioural Finance and Moroku to join us in the Innovation Lab again on the 22nd of September for the final pitches. We’ll also be joined by a panel of senior Phoenix leaders who will be considering which is the best fit to build a formal partnership with Phoenix Group. The winner will be announced on Thursday 29 September and we’ll work with the winning team to bring their exciting concept to life.
Photo by RODNAE Productions: https://www.pexels.com/photo/woman-in-black-blazer-standing-beside-white-board-7414008/
Big Boost for UK FinTech as FinTech Scotland Achieves Top Cluster Excellence Accreditation
FinTech Scotland Recognised as Leading Fintech Cluster Management Organisation in Europe
UK FinTech innovation has been given a significant boost with the announcement that FinTech Scotland has achieved a new level of Cluster Excellence accreditation.
The accreditation, which is the highest level achieved by a fintech body in UK and Europe, comes at a time when economic clusters are increasingly being highlighted by Government as an enabler in driving innovation. For example, the UK Government Innovation Strategy and Scottish Government Economic Transformation Strategy.
The globally recognised European Secretariat for Cluster Accreditation (ESCA) confirmed the excellence award for FinTech Scotland following an in-depth audit of the organisation’s progress and delivery record since the bronze level award was achieved in January 2020.
In confirming the silver cluster excellence award, ESCA highlighted several significant improvements by FinTech Scotland including,
- Supporting the growth in the number of Fintech SMEs by 22% year on year
- Leadership of increased cluster collaboration between fintech SMEs, large enterprises, universities, public sector bodies throughout the UK
- Producing UK’s first industry led 10-year Fintech Research & Innovation Roadmap
Sir Ron Kalifa OBE, author of the HM Treasury Fintech Sector Review in 2021, said
“Congratulations to FinTech Scotland who are a bellwether example of leveraging the outputs of fintech innovation and accelerating the regional fintech development and growth, the importance of which was highlighted in my FinTech Sector Review.”
“This excellent recognition is a testament to the FinTech Scotland model that Stephen and Nicola have led, and I know they are continuing to use their expertise to further advance national connectivity and provide support to UK regions through the FinTech National Network as well as the new Centre for Finance, Innovation and Technology”
Commenting, Stephen Ingledew, FinTech Scotland Executive Chair and founder said,
“I am very proud of the team in achieving this significant milestone and my sincere thanks to all the committed cluster participants. The award further recognises our leadership and collaboration across UK reinforcing the pivotal interdependence with each other in fostering progressive innovation within all regions, so the tide rises for everyone”
Highlighting the opportunity for further cluster development, Nicola Anderson, Chief Executive of Fintech Scotland said,
“The accreditation is a terrific platform to advance our strategy and execute the ground-breaking industry driven Research and Innovation Roadmap. Bringing together leaders from industry, entrepreneurial firms, academia, public sector, we will use our cluster expertise to drive innovation locally in Scotland and in collaboration throughout the UK”
“We are particularly excited about the innovation opportunities in open finance, regulation, payments, and climate finance. Through a collaborative and inclusive approach, these can contribute to addressing the challenging economic headwinds across the UK”
Catherine Martin, Vice Principal of University of Edinburgh, one of four organisations who led the formation of Fintech Scotland in 2018 commented:
“As a founding partner of Fintech Scotland, the University of Edinburgh is delighted to see this accreditation. It is a very gratifying achievement, and we look forward to building on our work with Fintech Scotland and its ever-growing number of partners.”
Jane Martin, Managing Director of Innovation and Investment at Scottish Enterprise said:
“Strong, effective and purposeful collaboration between industry, academia and the public sector is key to delivering much needed innovation and growth for Scotland. FinTech Scotland is a brilliant example of this in action.”
Morgan Stanley creates career opportunities for over 200 young people
Technology roles feature prominently in Morgan Stanley’s biggest ever recruitment programme for University Graduates, Graduate Apprentices and University Summer Interns in Glasgow. Over the next few months, the bank will recruit 75 University Graduates, 25 Graduate Apprentices and 104 University Summer Interns.
The 75 University Graduates will be recruited primarily from universities across Scotland for various roles and responsibilities across Technology, Operations, Finance, Legal & Compliance and Fund Services.
The 25 Graduate Apprenticeships will provide opportunities for Scottish High School leavers from S5 and S6. Graduate Apprentices will earn while they learn, working in the Technology, Finance and Operations teams at Morgan Stanley in Glasgow. They will also be able to pursue a degree qualification at the same time.
The 104 University Summer Internships are aimed primarily at penultimate year university undergraduates, typically those in the third year of degree courses at Scottish universities. Commencing in early June 2023, the internships run for 13 weeks, providing an excellent introduction and insight to the range of career opportunities at Morgan Stanley.
Vida Rudkin, Head of Morgan Stanley Glasgow said,
“Throughout the past two and a half years of the pandemic, Morgan Stanley has remained committed to providing opportunities for young people. The firm has been an Investor in Young People at Gold level since 2015 and an early signatory for the Scottish Government’s Young Persons Pledge, so it is especially pleasing that this year we are recruiting the highest ever number of graduates, Graduate Apprentices and Interns to the Glasgow office. Our new joiners are supported by our early careers training programmes and our Young Professionals Network.”
Rudkin continued,
“Our investment and commitment to young people in Scotland has been more than rewarded through the sheer depth of diverse talent we have been able to meet and recruit from across the country and we very much value the strong relationships we have forged with schools, universities and a whole host of partner organisations dedicated to nurturing and developing future generations.”
Applications for both University Graduates and University Summer Interns opportunities open in September with a closing deadline at the end of November, while applications for Graduate Apprenticeships will open in September and close in early March 2023. Full details, including how to apply, can be found on the Morgan Stanley website atCareers for Students and Graduates | Morgan Stanley
Graduate Apprentices joining Morgan Stanley’s Technology team will have the opportunity to complete a BSc in Software Development in partnership with the University of Strathclyde or a BSc in Software Engineering, in partnership with the University of Glasgow.
Morgan Stanley opened its first Glasgow office in 2000, employing six people. Having grown to occupy two city centre office buildings, the bank moved in 2018 to a new 155,000 sq ft purpose built HQ building on Waterloo Street in Glasgow’s International Financial Services District.
Photo by Buro Millennial: https://www.pexels.com/photo/three-persons-sitting-on-the-stairs-talking-with-each-other-1438072/