Scottish Fintech Snugg® raises £1.2m
Scottish Fintech start-up Snugg® has raised £1.2 million in their first seed fundraising round. The funding from private investors is being used to accelerate development of a unique, net-zero eco platform for UK homeowners and private landlords to make home energy efficiency improvements simpler and more affordable.
With some of the oldest housing stock in Europe and just over 20% of UK CO2 emissions coming from residential homes*, improving the energy efficiency of existing buildings is critical to the UK meeting its net-zero targets.
In partnership with banks, installer networks and data providers, the Snugg® platform will provide energy efficiency recommendations to homeowners based simply on their address. Developed by leading digital experts, Snugg® tackles the complex and fragmented home energy efficiency market by helping homeowners easily identify, finance and implement improvements to their homes. It will also link to smart meters to monitor reductions in carbon emissions.
Snugg® is part of the growing FinTech Scotland community and is based in the Bayes Centre at the University of Edinburgh, a data hub that is home to many data and digital start-ups. Edinburgh is also home to some of the UK’s largest banks and financial services institutions, making the city the perfect home for Snugg®.
Snugg® co-founder and CEO, Robin Peters, said: “We’re delighted to have raised the finance we need to accelerate the development of our new platform. We’re passionate about helping homeowners across the UK, and in international markets, tackle climate change by improving the energy efficiency of their homes. As part of the thriving Scottish Fintech community, we’re in the perfect place to forge the industry partnerships and access the skills we need to deliver a unique, market-leading digital proposition. I’d like to say a big thank you to our investors for their enthusiastic support for Snugg®.”
* Source: Energy Saving Trust: https://energysavingtrust.org.uk/net-zero-carbon-emissions-and-homes-whats-the-connection/
AutoRek wins ”˜Best CASS Solution’ Award
Scottish fintech company, AutoRek, just announced it won both the Best CASS Solution’ and Best Wealth Management Solution of the year at the City Financial Technology Awards 2022.
Lyn Canavan, Head of Marketing at AutoRek, commented,
“We are delighted to have won this prestigious award and to be recognised again as a provider of the Best CASS Solution’ by the Systems in the City Financial Technology Awards judging panel. We have developed our CASS solution with our clients over the years to fine tune it into the best CASS solution. The recognition is a reflection of the hard work and dedication of the AutoRek team behind the scenes.”
The Awards are organised by Goodacre and recognises service and system suppliers for their innovation. Based on an independent and factual annual accreditation process, the selection process is overseen by three independent judges.
The Awards provide an important point of reference for user firms assessing the suitability of their operational infrastructure.
Scottish fintech founder finalist at Great British Entrepreneur Awards 2022
Scottish fintech entrepreneur Craig Forsythe has just been named as a finalist in the Great British Entrepreneur Awards.
He founded his company,GiftRound, to allow people to group-collect money for gifts so that they can celebrate together and show that they care through the magic of group gifts.
Craig is one of the shortlisted business leaders from across the nation to have been selected out of over 5,300 entrants – the most the awards has ever had.
The Awards recognises entrepreneurs based on their journey and resilience. 12 awards will be handed out per region for categories including Disruptor of the Year, Entrepreneur for Good Award, and the Great British Entrepreneur of the Year. Notable winners from previous years include Social Chain founder Steven Bartlett, who went on to become the youngest ever investor on BBC’s Dragon’s Den.
Craig said:
“Being shortlisted came as a total surprise! It’s great to get some recognition for the GiftRound team for all the hard work that has gone into enabling GiftRound to help so many teams and people and celebrate together and show they care. “
The winners will be announced at a Grand Final, held at the Grosvenor Hotel in London on 21st November.
This year is the 10th anniversary of the Great British Entrepreneur Awards. The alumni has collectively generated over £30 billion in revenue and employed more than 450,000 people.
To mark the milestone year for the programme, entrants will have the chance to win over £30,000 worth of marketing support and a tree will be planted for every application submitted with the support of Ecologi.
Founder of the Great British Entrepreneur Awards, Francesca James said:
“From the pandemic to the ongoing cost of living crisis, business owners haven’t had it easy over the past few years, but it’s a testament to the tenacity and perseverance of these entrepreneurs that they have continued on their path and refused to give in.
“This year’s finalists should be so proud of what they’ve already achieved both in business and in being shortlisted for an award – we’re looking forward to seeing everyone at the Finals and unveiling the winners!”
Anne Boden MBE, Founder of Starling Bank, headline partner of the Awards, said:
“Congratulations to all those businesses who have made the shortlist. It’s great to see the passion, resilience and amazing ingenuity from entrepreneurs across so many categories.”
To book your place at the Grand Final in London on 21st November, you can go to greatbritishentrepreneurawards.com
For the full list of finalists, visit greatbritishentrepreneurawards.com
Fintech driving Scotland’s inward investment success
By Kevin Reynolds, Inward Investment Specialist at Scottish Development International
It has been an excellent past month or so for inward investment in Scotland.
As Scottish Government Business Minister Ivan McKee announced at the World Forum for FDI in Edinburgh in May, Scottish Development International (SDI) statistics revealed that more than 7,500 planned real living wage jobs had been generated by inward investment in FY21/22.
The figures showed that 113 investment projects were supported by SDI, Scottish Enterprise and its partner agencies Highlands and Islands Enterprise, South of Scotland Enterprise and Skills Development Scotland in the past financial year, 39 of which were investors locating in Scotland for the first time.
These excellent results were reinforced by the publication of EY’s latest Annual Attractiveness Survey, which confirmed that Scotland was again the most attractive location for inward investment in the UK outside of London.
EY’s figures showed that Scotland secured 14% more Foreign Direct Investment (FDI) projects in 2021 compared with 2020. This helped ensure that Scotland’s investment destination attractiveness was now at record levels.
And earlier this week, a new Department for International Trade report showed a substantial increase in both the number of projects and jobs created in Scotland due to inward investment in FY21/22, compared to the previous financial year.
So, these reports showed Scotland’s continued ability to attract inward investment is clear, with the country’s software, IT and digital sectors central to this success.
SDI’s results showed that one of the most predominant sectors for inward investment was Software and IT, while EY’s figures revealed that Digital projects in Scotland rose by 73.6% in 2021 compared to 2020.
In the past financial year, SDI supported many fintech firms choose Scotland for global growth. For example, Hong Kong cyber security company PolyDigi Tech continued to expand its presence in Edinburgh. PolyDigi Tech has been involved in several programmes designed to support innovative start-ups, including EIE (Engage Invest Exploit), and was chosen as one of the Rising Stars 4.0 Scotland regional winners, an early-stage tech scaleup competition organised by Tech Nation.
And the good news keeps coming. In May, Embark announced plans to hire more than 50 people in Dundee over the next few months as it continues to develop its presence in the city.
Meanwhile, digital finance company ClearScore recently announced that it intends to create an Open Banking Centre of Excellence in Edinburgh, creating up to 100 jobs over the next few years. SDI has been pleased to engage with both companies regarding their plans for growth in Scotland.
Looking ahead, our dedicated specialists based here and in more than 30 locations around the world – alongside our prestigious international networks such as GlobalScot – will continue to promote Scotland as a perfect place for companies to locate.
Using the Scottish Government’s Inward Investment Plan as our North Star, we will focus our activities on delivering projects in opportunity areas where Scotland is a genuine world leader. One of these sectors is undoubtedly Digital Financial Services.
Scottish Enterprise has developed a national programme on the digital economy, demonstrating our own commitment to digital scale-up. Scottish Enterprise also provides investment to the wider tech sector. For example, Scottish Enterprise last year invested more than £30m into companies in the sector via our co-investment funds, investing alongside local, national and international investors from seed through to series A and beyond.
But we know this will be a partnership effort. Our Team Scotland’ approach, which sees public bodies, academia and industry working together to promote the very best Scotland has to offer, makes us stand out from the crowd. Businesses have told us that this joined-up approach is a key reason why they choose Scotland.
For example, both Scottish Enterprise and the Scottish Government have endorsed FinTech Scotland’s recently published ten-year Research & Innovation roadmap, which outlines a bold and ambitious commitment to fintech innovation in Scotland, playing on our key strengths in regulation, payments, climate finance, etc.
By bringing together start-ups, entrepreneurs, businesses and universities, we can create, co-develop and share knowledge, leading to more innovation that will help unlock Scotland’s economic potential.
Scotland’s financial services sector is rightly regarded as one of the leading finance centres in Europe. Our universities are world-renowned and the innovative technology scene in our towns and cities is second to none. When you combine these factors with our skilled workforce, Scotland is an irresistible proposition for fintech growth and development.
Scottish Enterprise is fully focused on transforming Scotland’s economy, as well as our journey towards a net zero future. Crucial to achieving this will be innovative sectors such as fintech. We look forward to continuing to work with partners across the public and private sectors, including FinTech Scotland, to ensure all our communities and regions benefit from the economic opportunities arising from fintech.
DirectID Announce Partnership With Payments firm Shieldpay
Scottish fintech and global credit and risk specialists DirectID just announced a partnership with Shieldpay, the secure digital payments market leader.
the partnership will see Shieldpay payments engine use DirectID’s open banking-powered bank account verification.
Customers will be able to transfer funds online with digital escrow and trust services benefiting from seamless identity verification during transfers, streamlining the Shieldpay customer experience without sacrificing any measure of security, bringing customers a frictionless payments journey at every step.
The professional services firms relying on Shieldpay to safely transfer millions of pounds in client fees and project finances, to the marketplaces bringing more security and digital escrow (fund holding) services to their buyers and sellers, can now benefit from DirectID’s 13,000+ bank connections.
James Stubbs, Financial Crime Systems, SPG, comments:
We’re excited and intrigued by the possibilities of what DirectID and Shieldpay can bring to the table for our customers. Blending frictionless account verification in a customers’ own banking environment with safer online payment solutions for marketplaces will only help us on our mission to facilitate a new era of trust online.
Clare McCaffery, Chief Commercial Officer, DirectID comments:
Verifying that the bank account details provided match those on file is one of the most proven and effective use-cases for Open Banking. I’m delighted Shieldpay have chosen DirectID to safely verify account ownership for digital escrow and trust services. We’re delighted to launch and look forward to working with Shieldpay on a variety of use cases in the future.
Autorek appoints new CTO
AutoRek has just announced the appointment of its new CTO, Andrew Elmore, former PagoFX and C24 Technologies.
Andrew has extensive financial services knowledge gained from previous roles including Head of Technical Architecture at PagoNxt, VP Engineering at Velo Payments and heading up development at SmartStream.
Elmore will look after all technology activities, from product definition and implementation, through to the 24×365 operation of the cloud reconciliation service.
He will also help the fintech to scale, ensuring high quality and reliability standards of services while increasing the delivery pace and capacity.
Gordon McHarg, AutoRek’s CEO, commented:
“AutoRek’s rapid growth over the past few years has been very exciting and with continued plans for recruitment and expansion, we are delighted to have Andrew Elmore join us with his past experience to help drive the company in the direction we have set out.”
Andrew Elmore, CTO at AutoRek commented:
“I am very excited to join AutoRek as part of the next stage of their exciting growth. AutoRek’s broad product functionality, market-leading matching engine, domain expertise and cloud platform are dramatically reducing the time and cost for clients to improve their Straight Through Processing (STP) and operational efficiency. Combined with a relentless focus on customer success, I believe AutoRek will continue to be the best choice for traditional and next-gen financial institutions alike.”
Over 13% of all Scottish jobs in digital sector
13.22% of jobs in Scotland are in the digital sector according to numbers by Adzuna analysed by Tech Nation for the UK’s Digital Economy Council.
Since January 2022, there have been over 20,000 tech roles advertised in Scotland, with average advertised salaries hitting £52,893 across the country.
Digital Secretary Nadine Dorries said:
“The UK is enjoying a golden age in tech. Not only are we one of the best places in the world to start digital businesses, but there are countless opportunities for people to enter the sector and flourish in their career.
“We’re working hard to open doors for people from all walks of life so that they can gain the skills and knowledge needed to make the most of our booming tech industry.”
The need for upskilling
A survey by Tech Nation and YouGov showed that having tech skills was essential for job security and pay increase . During the COVID pandemic an increased number of people have chosen to learn coding, cloud technologies or data visualisation skills.
Companies are also focussing on on-the-job training for future tech talents and tech companies like Amazon and Google have also launched digital skills programmes to train employees across the UK.
Software developers and cyber professionals in high demand
Software development are the most sought after roles in the UK and this is for both tech and non tech businesses.
Other in-demand jobs include business analysts (+650% compared to 2019), data analysts (+520%) and product managers (+710%). Business analysts are now the second most in-demand tech role in the UK, having overtaken engineers.
Top 10 available UK tech jobs
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Software developer
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Business analyst
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Java developer
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DevOps engineer
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Project manager
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Engineer
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Data analyst
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Product manager
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Consultant
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IT system architect
The prevalence of data
Data is now the number one desired skill in UK tech with a 1006% increase in demand for data skills since 2019.
Dr George Windsor, Data and Research Director at Tech Nation, said:
“The UK is continuing to be the leading light for tech in Europe and the scale of exciting job opportunities across the country is a reflection of that. It’s interesting to see how companies are responding to changing challenges, such as the rise in the demand for data skills and an increase in security skills across the board. It’s not just technical skills that can make a difference – but communication and management experience are increasingly important too. For anyone looking to enter this fast-paced and innovative industry, there is a role for you if you want it.”
Paul Lewis, chief customer officer at Adzuna, said:
“UK tech has consistently been one of the fastest-growing industries for job opportunities over the past few years as companies compete for skilled staff to enable them to grow in a competitive environment. Though we are starting to see the impact of the wider slowdown begin to affect the wider tech landscape, the rapid rise in digital tools and services since 2020 means that roles for software developers remain the most in-demand by companies across the board. Security specialists are also in hot demand as companies adapt to changing business challenges like increased cyber threats.”
Euan Blair, CEO and founder of Multiverse, said: “
The shortage of tech skills is a huge challenge to companies everywhere, but it also means incredible opportunities are being opened up to well-paid, long-term careers. As a tech industry we’ve a duty to make sure these jobs are accessible to talented people regardless of background or financial circumstances. We’ve built an outstanding alternative to university to deliver on exactly this goal. Ultimately whether it’s a start-up or a large corporate, the companies that get their skills pipelines right will have an enormous competitive advantage.”
New appointments at Fintech Encompass to drive growth
Scotland-based Encompass Corporation, the leading Know Your Customer (KYC) automation platform, just announced the appointment of a new global sales leadership team to power its growth
To accompany the company’s very impressive growth, Bob DeLaney is joining as Head of Sales, UK and Ireland. Prior to this new role he occupied senior positions at Pega, Alacra and LexisNexis, among others.
Phillip Sertel will focus on the European market, bringing with him over 25 years of experience in the industry acquired at Oracle and FICO, where he was Vice President & Managing Director for Continental Europe, North Africa and the Middle East.
Some internal changes were also announced with Ed Lloyd becoming VP of Enterprise Sales, David Williams will continue to lead regional business, while Howard Dilworth heads up the North America sales arm, which has quickly expanded since Encompass entered the US market in late 2021.
Steve Hadaway, Chief Revenue Officer, Encompass, said:
“I am delighted to appoint two highly experienced and respected figures in Bob and Phillip to crucial roles, further strengthening an already impressive regional leadership team.
“We have built a platform that truly makes a difference, helping banks fight financial crime, ensure compliance and deliver enhanced customer experience, and, with these seasoned professionals driving our teams forward, I know we will continue to go from strength to strength.
“This is undoubtedly a pivotal time in our journey, and we look forward to working to develop and further our offering for customers in the months ahead.”
Making Scotcoin available on the global market ”“ a significant milestone for Scotland
In the growing world of blockchains and cryptocurrencies, Scotcoin is taking a big step forward with the announcement of our partnership with ProBit Global, which will see us publicly list SCOT on its exchange later this year.
With a presence on the ProBit platform, holders of Scotcoin across the world will be able to exchange existing tokens and new users will be able to buy Scotcoin for fiat currency (such as British pounds, US dollars or euros) or other types of cryptocurrencies.
ProBit has an excellent reputation and a substantial international presence that will allow us to spread the word about Scotcoin to more people than ever before. The platform currently operates in more than 200 countries, supports over 45 different languages, and trades in more than 700 different cryptocurrencies.
ProBit will also play an essential part in marketing up to and after the listing by sending information about Scotcoin to its two million customers.
Scotland has around 10 million members of its diaspora worldwide, and many people are sending and receiving money regularly. Importantly, through Scotcoin’s own scotscan.io system, transactions happen instantaneously and without payment of gas fees. This could be a massive benefit for anyone wishing to add Scotcoin to their range of revenue acceptance mechanisms.
Listing the cryptocurrency ties directly into the broader mission of using Scotcoin as a force for good through the Scotcoin Project CIC, which is about people and helping deliver sustainable and improved quality of life for those in need.
This significant milestone will allow further development of the Scotcoin Project CIC ”“ including appointing a professional full-time management team to deliver our business plan ”“ which is focussed on working with preferred partners to deliver a variety of initiatives relating to clothing, food, accommodation, and the environment. We continue to seek suitable preferred partners.
Amid ongoing economic uncertainty, now is the time for Scotland to embrace the idea of a supplementary form of money to strengthen its businesses, charities, and communities, helping to sustain our recovery.
We look forward to welcoming more users to the Scotcoin network, supporting our wider ambition and ultimately playing their part in supporting good causes.
Read more and be part of this exciting journey here: https://scotcoinproject.com
Please go to scotscan.io and sign up for an @scot address
Scottish fintech Zumo gets funding to decarbonise crypto
Scottish Fintech Zumo, just completed its Zero Hero pilot project, a live trial to buy Renewable Energy Certificates to compensate the electricity usage of bitcoin bought via the Zumo app.
During this trial, a total of 850 megawatt-hours of electricity was compensated, the equivalent of an electric vehicle for over three million miles.
This is very important with 84% of customers feeling that the issue of environmental sustainability in crypto paramount and that they are more likely to use a crypto wallet that participate in reducing crypto’s environmental impact.
The results of this trial are available at ”“ Decarbonising Crypto: Towards Practical Solutions’
Innovate UK just awarded Zumo and Zero Labs a grant to further fund research into the decarbonisation of crypto. This RenewableCrypto project starts this month with a clear objective of finding practical ways in which wallets and platforms can scale the use of renewable energy.
Doug Miller, Co-Founder, Zero Labs, said:
“Zumo is demonstrating leadership in the Crypto Climate Accord (CCA) community in two ways: leading dialogues about how to estimate the energy use of BTC holdings and procuring clean energy to power Zumo platform customers’ holdings in a verifiable way. Zero Labs is thrilled to support Zumo with scaling a solution across its growing customer base to increase demand for clean energy around the globe and convert the wider crypto industry into a newfound source of demand for clean energy in voluntary markets.”
Kirsteen Harrison, Environmental and Sustainability Adviser, Zumo, said:
“The results of our Zero Hero pilot project are hugely encouraging, showing both what is possible and a significant appetite from customers for clean energy solutions. But this is just the beginning, and the story can only continue through the collaboration of all market participants ”“ miners, platforms and end users ”“ within the crypto sector. We hope that our new report will help continue to shift the dial from talk towards action.”
“Along with our partners at Zero Labs, we’re aiming to lead this charge and explore new, digital-led solutions that remove practical barriers to voluntary renewables procurement and verifying green credentials. With electricity being the most significant part of crypto’s carbon footprint, we have a unique opportunity as a sector to rapidly decarbonise.”