Crypto Wallet and Zumo Launches B2B Offering

Zumo, the crypto wallet and payments Fintech, has announced its Zumokit; crypto as a service platform.

This new B2B product targets Fintechs and other financial institutions that aim to compliantly offer cryptocurrencies to meet the demand of customers to access digital assets.

ZumoKit is a blockchain agnostic, thus enabling companies to connect to any blockchain by adopting any cryptocurrency or using their own stablecoin. This provides businesses to integrate a digital currency, allowing their customers to buy and sell digital currencies as an investment.

Commercial Director at Zumo, Eddie Robb, states that this gives businesses the tools necessary to build cryptocurrency solutions into their platforms, saving them thousands of hours of work.

“We’re working with a number of savings, remittance, and share trading apps to allow them to offer crypto to their customers. ZumoKit is a ready-to-roll solution for fintech companies and other financial institutions that want to bring the benefits of crypto to their customers. It’s a plug and play product that makes it easy to get going with crypto in a safe, secure and compliant way.”

Robb added that such a solution can be beneficial to companies, as it allows them to provide customers with the ability to trade crytocurrencies whilst also shielding the wider business from the ups and downs of the markets.

Founded in Edinburgh in 2018 by Nick Jones and Paul Roach, Zumo is available for download on both iOS and Android app stores.

Tindeco: One of the top 100 WealthTechs

For the second year in a row, Tindeco has been announced as one of the world’s 100 most innovative WealthTech companies. Tindeco VISION enables investment managers to efficiently provide customised investment solutions through the execution of highly scalable operating models.

Their featured article teaches you how they can help when it comes to implementing your investment process, as well as providing you with customised solutions just for your clients.

Fintech Innovation Roadmap to drive a digital enabled net zero economic recovery

FinTech Scotland is developing a ten-year business-led research and innovation roadmap which will support the growth of Scotland’s digital economy and development of fintech innovation across the UK.

This implements one of the recommendations highlighted in the recent Kalifa FinTech Sector Review which referenced Scotland as the second largest fintech cluster in the UK and the opportunity to build on this position through strategic research and innovation.

The roadmap will advance the FinTech Scotland Cluster in a number of ways, including

Develop priority innovation themes such as financial inclusion, net zero and well-being
Align research strengths and capabilities with innovation priorities and drive efficiencies
Enhance Scotland’s national and global reputation for fintech innovation
Shape innovation challenges and influence future Government Innovation strategies

The roadmap is being developed in collaboration with the Global Open Finance Centre of Excellence (GOFCoE) and together they have appointed Whitecap Consulting to progress the initiative. The work builds on the FinTech Scotland “Research and Innovation for UK FinTech” report published in January 2021 as well as the academic-led research and innovation roadmap recently developed by the Edinburgh Futures Institute at the University of Edinburgh in collaboration with regional Universities.

Nicola Anderson chief executive of FinTech Scotland said

“The roadmap will further advance and grow Scotland’s fintech Cluster and it will bring insight and specific focus to accelerate fintech Innovation. Working with Whitecap consulting and across the Cluster we will identify a suite of progressive actions that will enable positive economic outcomes”.

Kevin Collins, chief executive of the Global Open Finance Centre of Excellence said

“We’re delighted to be working with FinTech Scotland and Whitecap Consulting on this roadmap and is essential to ensuring we prioritise the needs of financial and fintech businesses, including key skills gaps as well as provide an opportunity to align businesses and academics effectively.”

Richard Coates, Managing Director of Whitecap Consulting, says:

“We are thrilled to have the opportunity to work alongside FinTech Scotland and the GOFCoE team on this interesting project. The development of FinTech Scotland’s Research & Innovation roadmap calls for us to utilise a combination of our core strength in strategy and planning, our extensive work across the UK’s regional FinTech ecosystems, and our experience working with and connecting key stakeholders across public, private and higher education organisations.”

MBN Launches Data Science Podcast, AI Right?

MBN Solutions has today launched a new data science podcast. AI Right? is a monthly podcast exploring industry news and how this impacts data scientists.

Kris McFadyen, MBN’s Associate Director, Andy McMahon and Megan Stamper, data science experts, will be hosting the podcast with the ambition to make data science more accessible.

“With AI Right? we hope to create a show that’s easily accessible to anyone that wants to join the data science industry, while still informing industry veterans,” says McFadyen. “The industry expertise of Andy and Megan brings an extra layer to the show ”“ they’re on the frontlines and know the impacts and benefits of the topics we discuss.”

With its first episode premiering in April, the show’s roundtable format aims to be the first of its kind within the UK by bringing together both recruitment and industry expertise to aid data scientists (and anyone with interest in careers within the space) with engaging more easily within the field.

“We have an opportunity here to bring data science insight and expertise not just to industry veterans but to Scotland as a whole,” says Stamper, who has a PhD in oceanographic fluid mechanics and works as Principal Data Scientist on recommendation engines and conversational AI in media.

“Data science is thriving in Scotland,” Stamper continues, “and it has an opportunity to become a leading industry that helps put Scotland on the map as a technology and science driven nation.”

Co-host Andy McMahon, a machine learning engineer with a PhD in condensed matter physics, states that the trio wants to make the podcast as accessible as possible, to as many people as possible despite the nature and complexity of data science.

“The three of us know how complicated data science can be and with AI Right? we really focus on giving people information and commentary that’s relevant and easy to understand. We’re confident that the podcast will be as useful for chief data scientists as it will be for students and hobbyists, because the information is relevant to the whole industry, but given in a way that makes it accessible.”

Agreeing with Andy, McFadyen adds that he hopes that AI Right? will act as an encouragement for more people to join the field.

“At MBN we’re closer to the market than perhaps anyone else and what we see is a huge data science skills shortage. The industry is full of incredible people doing some extraordinary work but unless we can help and encourage more talent into the industry, Scotland is going to struggle. MBN’s MSc Placement Programme, in partnership with the Data Lab, and AI Right? are just two parts of making the industry more accessible.”

The first episode of AI Right? is available now on Spotify, Apple Podcasts, Google Podcasts and all other major podcast platforms. You can also watch episodes of AI Right? on the MBN Solutions website.

Soar integrates Inbest to help loan applicants access their benefits

Today Soar announced a new feature to alert loan applicants of potential benefits and help them to track their entitlements.

In the UK in 2018/19, almost 8m low-income households were missing £16bn in means-tested benefits. The DWP estimates that 44% of those eligible for means-tested Job Seekers Allowance, 16% of those eligible for means-tested Employment and Support Allowance, and 23% of those eligible for Housing Benefit did not claim them.

Soar has integrated Inbest benefits calculator into its banking platform to compare the actual benefits that customers receive with the benefits they are entitled to due to their specific circumstances and financial situation. The service notifies customers about any unclaimed benefit and guides them on their benefits applications. This new feature will help loan applicants to top-up their salaries with their benefits entitlement, reduce their bills, repay their loans more comfortably, and build savings in the future.

Soar is offering this new feature on its Automated Lending solution to notify clients about their potential benefits entitlement when they make a loan application. Soar is also embedding the benefits calculator on its Banking Apps to help customers manage their benefits and ensure they are always claiming the right amount.

Andrew Duncan, CEO of Soar, said: “Soar’s platform reaches a wide range of consumers and we see Inbest as providing a fantastic opportunity for our clients to offer additional support to those not making the most of their benefits entitlement. We are helping our clients, often credit unions, provide additional ways to improve their customers’ financial well-being and there’s no doubt that this is one of them.”

Manu Peleteiro, CEO of Inbest, said: “We believe that partnering with companies that offer complimentary financial services is the most efficient way to reach people that are missing out on their benefits. We are delighted to partner with Soar to enable easier ways for people to learn about their benefits entitlements and access affordable loans”.

About Soar

Soar makes credit unions and community banks accessible and convenient for consumers with our white-labelled mobile banking platform that automates the handling of loan applications and makes access to affordable credit easy for everyone.

It’s a modern cloud banking platform for the fair finance market which reduces the cost of operations and includes mobile, web and cloud apps. It is connected to an ecosystem of other fintechs giving users access to secure digital messaging, payments, credit checks and open banking.

About Inbest

Inbest is a software platform that helps unemployed individuals or those in low paid or insecure roles to access their benefits entitlement. Inbest offers the widest benefits coverage in the UK and partners with FS institutions and welfare advisers to embed benefits advice into personalised customer journeys.

New Advisory Appointments at Ionburst

Retired Royal Navy Rear Admiral Steve Brunton CBE and Steve Wilkinson, a global data privacy leader, have joined Edinburgh-based advanced cybersecurity startup, Ionburst, as UK advisors.

Rear Admiral Steven Brunton and Steve Wilkinson have just been announced by Ionburst as two high-profile advisor appointments. Rear Admiral, now operating as an Independent Advisor to a number of government and industry organisations, joins Wilkinson, the Data Protection Subject Matter Expert at the UK Cabinet Office Government Digital Service (GDS).

Both join Ionburst whilst it experiences a significant growth period, as it builds theUK and overseas business.

Commenting on the appointments, Ionburst Founder, Dr David Lanc said: “The Cloud needs a new philosophy for protecting the privacy of mission critical information and workloads. We have developed a best-in-class data protection solution to empower this, and its relevance is supported by these powerful industry leaders strengthening our advisory team.”

Rear Admiral Steve Brunton CBE said: “I’m excited to join the Ionburst journey. I believe Ionburst has the ability to help protect us and our way of life in the digital world. I look forward to working with the Ionburst team to help engage with Government and the Defence sector, and to help navigate the next phase of the company’s growth.”

Steve Wilkinson commented: “Ionburst is at the forefront of data security, privacy and sovereignty. In my experience, it’s unique in solving the well-known issues of data privacy compliance and protection from unwanted surveillance in one solution. This is vital to preserve the privacy of sensitive information, which has been made more critical with the EU Court of Justice recently invalidating the EU-US data privacy shield and Brexit.”

Lanc added: “We have big ambitions to help industry and government protect citizen and sensitive data in a world that also demands carbon efficiency. Welcoming Steve and Steve as distinguished advisors demonstrates our aspirations.”

Ionburst has developed a paradigm shift in data protection, through its innovations in privacy by default and data defence in depth.

Omnio selects AutoRek’s reconciliation solution

AutoRek, the Scottish fintech and leading software provider to global financial services firms, has announced Omnio as the latest addition to its ever-expanding list of digital banking/payment clients.

Omnio, a high-growth financial services infrastructure provider, provides a singular platform that combines the best of banking capabilities and customer engagement/loyalty. With operations in the UK and Europe, and headquartered in London, it supports many of the leading corporates and financial institutions in providing innovative and effective banking, payment and loyalty solutions.

AutoRek will provide the core reconciliation solution, including internal and external reconciliations between Omnio’s payment processors, bank accounts and ledger system. AutoRek’s solution seeks to replace its existing manual Excel process by providing end-to-end automation and will facilitate increased efficiency and control, as well as provide automated reporting and real-time Management Information to ensure the team’s business users and management are provided with quality MI through a variety of dashboards to fulfil their daily activities at the optimal level.

Laurence Sproston, Head of Reconciliations and Settlements at Omnio, commented, “We approached AutoRek to provide us with a solution to help automate our reconciliation processes. Our main goal in pursuing this partnership is to save time, costs and ensure operational resilience as we move forward to a new way of working. The AutoRek team adopts a collaborative approach for implementation and have provided us with an automated solution ensuring our regulatory, data integrity, workflow and management information needs are met.”

Gordon McHarg, CEO at AutoRek, added, “We are pleased to welcome Omnio to our increasingly growing client portfolio. The payments industry is evolving rapidly and we are proud that AutoRek’s capabilities meet the challenges facing the industry including volume of data. We are looking forward to establishing a good relationship with Omnio and building upon it over the years.”

Nick Botha, Banking and Payments Lead at AutoRek, who led the deal commented, “We are delighted to be working with the Omnio team. Following the turbulent year defined by COVID-19 and with the constant changes taking place in the digital banking and payments world, we are extremely proud that Omnio has selected the AutoRek solution to be the glue between their internal and external systems.”

Ionburst Cloud Continues Expansion into UK

The advanced data protection startup, Ionburst Cloud, has launched its ultra-secure object storage platform this week in the Amazon Web Services (AWS) London region. Based in Edinburgh, the startup has created the solution of addressing the data protection gap that exists in the Cloud shared responsibility model.

Stating that data privacy is ‘a human right’, the founders of Ionburst Cloud bakes security into the Cloud so that the high bar for protecting data on entry is removed for British businesses of all sizes.

With a very promising initial traction in both the Technology and Fintech sectors, Ionburst Cloud met stringent data privacy regulations like GDPR and the invalidation of the EU-US Data Privacy Shield.

“We are proud to announce that we are expanding the Ionburst Cloud platform into the UK. Going live in the UK is another exciting step forward in our journey of providing data privacy compliance and protection as part of the Cloud. We believe making this part of the Cloud means that customers will never unexpectedly share data again.

We are delighted to be able to offer this service to UK businesses from this week.” – says Anne Lanc, former International Treasury Director of BlackRock.

As a celebration to mark its UK launch, Ionburst Cloud is helping startups and developers by launching a 5GB free tier.

“The sheer scale of the data leaks we’re continuing to see in the Cloud shows there’s a fundamental security gap. This issue isn’t just a concern for smaller businesses, or those without cloud security expertise. Larger, more technical organisations have also been on the receiving end of Cloud data exposure and storage misconfiguration.

We’ve built Ionburst Cloud to fill the missing data security need for organisations storing information in the Cloud, and to always keep it safe and protected.” Josh Fraser ”“ Chief Cybersecurity Engineer.

Ionburst Cloud’s approach has been used by customers in the EU and proven at Cloud scale.

“It is now available to try on the AWS Marketplace from the UK today, and is the first step toward establishing the Cloud we deserve.” says Ms Lanc, CEO (US) and CFO at Ionburst.

Inbest free white-labelled benefits calculator

Welfare advisers, affordable lenders and money charities have been at the forefront helping people to deal with the economic crisis caused by the COVID-19 pandemic. However, in many cases, their capacity to support people is restricted by their limited resources to build or purchase data & digital solutions to identify, reach and serve financially vulnerable customers.

At Inbest we are passionate about financial inclusion and we develop data & digital money management solutions that meet the specific needs of financially vulnerable people. For example, helping them to access their benefits, understand the level of support that disabled people need, or find the best debt solutions according to their personal circumstances and financial situation.

We believe that collaboration between companies with complementary skills is the only way to drive financial inclusion and ensure an inclusive recovery from the COVID-19 pandemic. That is why we are excited to offer our white-labelled benefits calculator free of charge to support welfare advisers, affordable lenders and money charities in their data & digital journeys.

Our offer

Welfare advisers, affordable lenders and money charities will be able to use our free benefits calculator to:

Help customers: They can embed our benefits calculator across their digital assets (e.g. webpage, mobile apps, social media, blog posts) to help customers to access the support available to them with a simple, quick and user-friendly user journey.
Understands customers: They will be able to use our data analytics application to unlock the full power of customers’ data to better understand their needs and behaviours.

Our free white-labelled benefits calculator also includes the following features and services:

Widest benefits coverage of national, regional and local benefits in the UK – you can see here the benefits and grants we currently calculate.
Data analytics application where you will be able to monitor the application usage and visualise the personal circumstances, financial situation and benefits entitlement of your customers.
We will customise the benefits calculator according to your branding and will co-create content to help your customers to understand how they can make the most of their benefits.

You can check how Advice Direct Scotland and Capital Credit Union are already using our free white-labelled benefits calculator.

Email us at info@inbest.ai to explore this offer in more detail and discuss how we can help you to deliver data & digital solutions to drive financial inclusion.

About Inbest

Level E Research closes seed funding round.

Level E Research, a leader in artificial intelligence (AI) investment solutions, has raised £1.2m from a group of private investors all through a seed funding round.

Founded in 2018 by Dr Sonia Schulenburg, the business combines data science, machine learning and behavioural economics to facilitate institutional investors in developing, testing and implementing smart investment strategies at the highest levels of automation. Their selling point? They offer it at a significantly lower cost than traditional investment management business models.

CEO Schulenburg stated,

“This very successful fundraising backed by well-known industry leaders is a huge vote of confidence in our technology and business model, enabling us to scale up our business development efforts as well as continue to invest in cutting edge research and attract the most talented people. Our hedge fund clients have been quick to realise the benefits that our unique machine learning platform can provide, and we are in discussions with asset managers who are keen to integrate our AI into their investment process or seeking to launch the next generation of AI-driven funds. Our modular SaaS platform readily integrates into existing infrastructure making it easy to adopt.”

Nicola Anderson (CEO of FinTech Scotland)

“I am delighted to hear that Level E Research has secured a significant amount of seed funding. This is a testament to the strength of its innovation and capability and will lead to the creation of more highly skilled jobs in Scotland. The fact that it is mainly Scottish backers who are investing in Sonia’s vision and leadership, supporting a woman fintech founder, also demonstrates the strength of Scotland’s commitment to fintech, diversity and inclusion.”

For further information, please contact Philip Rothfield: phil@levele.ai