Clearwater Analytics Operations Expansion
Edinburgh-based fintech Clearwater Analytics is significantly expanding its Operations team as part of the company’s recently-announced strategy to grow its business in Europe.
Clearwater’s Operations hub in Edinburgh has grown to more than 100 people in the last several years and has recently opened over 15 new roles. Clearwater is specifically looking to hire chartered accountants, subject matter experts (in areas such as insurance), and data specialists, along with recent university graduates, to join them in the next phase of growth.
Mark Gillespie, Head of European Operations at Clearwater, says: “There has never been a more exciting time to join Clearwater. Especially out of our Edinburgh center, we are doing larger and more complex client implementations and supporting a growing number of large multinational organizations. We are also continuing to drive innovation in our SaaS platform, incorporating the latest technology and analytics tools and adding product features for our clients.”
With over $5.5 trillion in client assets on the platform, Clearwater replaces multiple data management, accounting, and reporting solutions with one solution that delivers 100% reconciled data and daily reporting for investment professionals across 50 countries. Stat, GAAP, tax, risk, and regulatory reporting are all generated from this one source using customizable reporting and powerful analytics. More information about Clearwater is available on its website and career page.
Global partnership for fintech Paysend and Mastercard
Scottish fintech Paysend just announced a strategic partnership with Mastercard.
The partnership will increase Paysend’s global reach and bring better outcomes for both businesses’ customers.
2021 is shaping to be a very successful year for Paysend after announcing they had reached 3 million customers in January as well as having experienced hypergrowth from the beginning of the COVID19 pandemic, since their technology enable customers to manage their money in a safe, secure, fast and low-cost way.
Thanks to this partnership will boost the new Paysend Global Account, combining its Global Transfer together with account/product services. It will also offer a platform for strategic expansion in order to increase the capacity for inter-regional transactions.
Ronald Millar, Co-Founder & CEO of Paysend said
“Our partnership with Mastercard will bring even more freedom to Paysend customers who want to hold, spend and send their money on a global scale. We will be working with Mastercard on collaborations programmes to bring the benefits of our multi-currency service to more people around the world, so they can spend freely and flexibly on their travels”.
Jason Lane, Executive Vice President Market Development Europe at Mastercard added:
“We are thrilled to be able to partner with Paysend. This partnership is an important milestone in delivering choice of payments, in particular in a cross-border environment, and allowing people to pay how they want, anywhere, anytime.”
3 new clients for Scottish Fintech Exizent
Exizent is developing rapidly following the announcement that Countrywide Tax and Trust Corporation, Thursfields Solicitors and Thorntons are all digitising their probate with Exizent’s new platform.
After raising £3.6 million last year, the company continues on its mission to transform the way the legal and financial services industry deals with bereavement.
Nick Cousins, founder, and CEO of Exizent says
“We know from our own research that most law firms are frustrated with the amount of time it takes to process probate cases and wish the process could be more efficient, and in an era of digitised services, with more transparent and open access to information, there is no reason it shouldn’t be. Our platform brings together all the information and data needed to apply for probate in one place, making it quicker and easier for professionals to manage and less stressful for those who have lost a loved one.”
Ian Bond, Head of Wills & Estates at Thursfields, says:
“Due to the numerous parties implicated and the time required to manually gather all relevant information, probate can be very emotional and stressful for those involved. Exizent is the first piece of technology to connect data, services and the network of people involved when someone passes away, and therefore has the ability to completely transform the way professional services manage and executors experience probate.”
Murray Etherington, Head of Private Client at Thorntons, says:
“It’s vitally important for those dealing with estate administration that they do everything in their power to alleviate as much distress as possible for both families and executors. Every client requirement needs to be dealt with individually, but having an effective and efficient process in place helps enormously and this is where Exizent has the power to be a real game-changer.”
Clive Ponder founder and Director at Countrywide Tax and Trust Corporation, says:
“The loss of a loved one can be made all the more stressful by having to tend to complex and time-consuming documentation and admin work. This has never been clearer than in 2020, a year marked by extraordinary grief. Using the Exizent platform will enable our Specialist Probate Team to better support the bereaved, by eliminating uncertainty and ensuring a seamless and integrated experience for all involved.”
Glasgow-based Commodities Marketplace Closes €125k Round
Tech start-up BLK Global, that undertakes to help SMEs slash their procurement costs by connecting them directly with raw material producers, successfully raised its pre-seed round shortly after delivering proof of concept and entering the post-revenue stage.
“Today we’re thrilled to announce BLK Global’s partnership with Enry’s Island Srl”
Gabriele Dadò, Founder and CEO of the UK’s first raw materials marketplace.
Enry’s Island Srl (EI) is one of the most prominent Italian accelerators. As part of the deal, EI will be providing an ad hoc acceleration programme for BLK Global, with a dedicated team across four key business units, together with Enry’s Model™ Organisational framework. This means no runway issues, best business practices derived by over 15 years of entrepreneurial experience and the ability to scale up very rapidly thanks to EI’s remote team.
BLK and EI entered into discussions late in November 2020, and the terms of the deal were finalised and agreed just before the year was out.
The raise was made possible by HUI, an ERP platform for start-ups and investors.
Gabriele Dado explained:
“We chose HUI because it guarantees extreme transparency for investors which was key for us. The platform also displays detailed, real-time KPIs that enable them to make informed investment decisions whilst reducing risk. It only took 3 weeks for Enry’s Island to find us on HUI and make an investment decision
“The partnership with Enry’s Island allows us to achieve the right corporate structure, review our medium and long-term strategy so as to position ourselves as true enablers, especially during a very challenging time for business in the UK and Scotland.”
According to the Scottish Annual Business Statistics, Scotland imports over £25 bn of goods yearly. If just 1% of these were to be sourced locally, not only would it add £250 m to the Scottish Economy, supporting over 1,300 jobs; it would also remove 500,000 tons of CO2 from the atmosphere, in a decisive step towards the net-zero objective pursued by the Scottish Government in the fight against climate change.
“Our vision is enabling small and large businesses alike to be seen, connect and compete.”
“Just like e-commerce has revolutionised retail, it will revolutionise the trading of raw materials. It’s not a question of if. It’s a question of when.”
Says Gabriele
“And together, the answer is now.”
UK Government picks AutoRek for US roadshow
Scottish fintech company, AutoRek has been selected by the UK Government’s Department for International Trade (DIT) to showcase the best in British innovation during a US roadshow.
The DIT’s RegTech Roadshow will take place virtually between the 22nd and the 26th February 2021 and provide ten innovative innovative firms the opportunity to meet industry stakeholders, regulators and potential partners. AutoRek was chosen after a very competitive selection process.
Commenting on the accolade, AutoRek CEO, Gordon McHarg, said,
“Joining the trade delegation, with other leading regulatory innovators is an exciting and invaluable opportunity for AutoRek to demonstrate our services. We have proven success in the UK and are accustomed to working with global financial services firms and are looking forward to helping revolutionise the way US companies manage risk, compliance and regulatory change.”
Kunal Khatri, Director for DIT North America, said,
“The UK has been at the heart of the global financial services innovation for decades, and in 2021 we will continue to lead the global FinTech and RegTech revolution. We’re excited to showcase the talent and expertise that UK companies have to offer. This roadshow is a great opportunity to deepen our bilateral engagement on financial services with the US and encourage private sector collaboration to make the world a safer, easier, and more equitable place to do business.”
AutoRek further strengthened its US offering by signing a partnership with iSoftware4Banks in November 2020. With AutoRek’s growing clientele – together with the nine other roadshow representatives, these companies combined service nearly every major top tier bank.
Fintech For All in Scotland
Today FinTech Scotland and Scottish fintech firms have signed the FinTech For All charter.
The charter is an industry led initiative to promote diversity and inclusion in fintech. It was established in 2020 and is a commitment to use diversity and inclusion as a force for innovation and growth. The work is led by InChorus and is supported by a steering committee of members from the Financial Conduct Authority, Innovate Finance, FinTech Alliance and Level 39.
Signing the pledge reinforces the culture of inclusion across Scotland’s FinTech Cluster. Alongside the cluster management organisation, 23 fintech firms based in Scotland have also signed the pledge and commit to making fintech a sector where diversity is encouraged and businesses continue to build inclusive cultures.
By signing the pledge, the Scottish fintech community became the biggest contingent of signatories since the pledge was launched, reaffirming that fintech is a force for good.
Amongst other things the charter aims to:
- Support FinTech’s in promoting diversity and building inclusive environments
- Ensure the at least one member of the senior team is accountable for Diversity & Inclusion
- Develop employee awareness around what constitutes inclusive practices
The signatories include Scotcoin, DirectID, Gcex, Polydigi, Nude, Float, Exception, Pour, Bellrock, Level-E, Amiqus, LendingCrowd, Zumo, FastPAYE, Caseblocks, Broker Insights, WomensCoins, Hubb Insure, Blockchain Technology Partners, Gobbill, Modulr, Lightbox Rewards
Nicola Anderson, CEO at FinTech Scotland said:
“FinTech Scotland was established in 2018 around the values of innovation, collaboration and inclusion. The FinTech for All charter aligns to those values and demonstrates the ongoing commitment for diversity and inclusion. The FinTech Scotland cluster creates an environment of connection and belonging, welcoming a wide range of diverse participants and we’re stronger for it. Scotland has a strong reputation for FinTech for good and we’re looking forward to seeing this continue to grow. “
James Varga, CEO at Scottish fintech DirectID said:
“The FinTech community is crucial to the success of tech within the UK, and we must show leadership in every area we can ”“ including in our workplace culture”.
“As a company DirectID has taken steps to ensure that all employees have an equal voice, and an environment where colleagues are free to speak up. We encourage breadth of contribution and inclusion is vital to our future success. The culture within the company is very important to us, and one we have taken years to foster.”
Phyl Meyer Head of Business Development at Inclusion Scotland said:
“There is widespread recognition that we need to do a lot more to ensure people from all parts of society aren’t excluded from employment. We know from experience that it’s real action that counts, which is why we welcome ambitious efforts to make meaningful progress such as those being taken by Fintech Scotland, recent hosts of one of our Inclusion Scotland internships.”
You can join the movement by visiting the InChorus’ website
Sustainably’s Subscription-Based Service for Good.
Scottish Fintech Sustainably has developed a subscription-based service which enables the opportunity for customers to automatically donate whenever they shop.
How does it work?
The fintech has created a method of philanthropy accessible for the everyday person with a busy life. Branded as ‘smart-giving’, the launch has two notable features.
- Round Ups, which uses open banking to micro-donate spare change.
- Monthly Happiness, which allows the user to donate monthly and see the immediate of said donation.
Individual users face no charge for utilising the service. Charities are offered a no donation, no fee service in exchange for a new income stream and anonymised supporter shopping trend data.
“We started with the idea of creating a product where doing good was effortless. We examined urban lifestyles. Every aspect of the app has been created to enable people to give in seamless ways, and see their impact.” Loral Quinn, Sustainably co-founder.
You choose a charity and connect your card in the app. Then you get impact points and levels to show the difference you’re making. Impact points will become a currency in the future for loyalty rewards from your employer and the retailers you shop at. Sustainably reward doing good so you get that do good, feel-good feeling.
How has it Evolved?
Sustainably is the brainchild of Loral Quinn and Eishel Quinn. They teamed up with Mark McLauchlan who was formerly head of technology architecture at RBS/NatWest. E-commerce has experienced accelerated growth during Covid19, with Sustainably reporting a 60% rise in organic growth in the past six months.
Our innovative giving tech is designed to make it easy to give, and track your impact without sharing your personal details so you can give on your own terms. Research shows that gen Z and millennials are the largest giving segment. “86% of Gen Z and millennials (the UK’s biggest givers) want to donate via mobile and see their impact. And while 50%+ of donations are still made in cash, we live in an increasingly cashless society. People want to give with privacy, transparency and control.” says Eishel Quinn, the other co-founder of Sustainably.’
With links to 17 banks, you can choose a cause and connect your bank account to the Sustainably app. You start making a difference as soon as you shop on your card/connected device. The app allows you to track your impact as well as pausing/modifying donations and setting donation limits. The minimum donation is £5 and supporters get instant impact updates showing the difference they’ve made when they donate.
“With Sustainably and our giving tech, we’ve set out to enable people to contribute towards something important everyday and see their impact, with their spare change. The majority of Sustainably users are 18-35 year olds and they want to buy from and work for companies who do good.” Notes Eishel Quinn who spearheaded the product development.
Sustainably currently support over forty good causes, ranging from removing plastic from oceans to teaching young girls how to code. And for 2021, any UK registered charity is able to sign up to Sustainably’s services.
How is it Changing Everyday Philanthropy?
The current landscape for giving is large but very fragmented. This ranges from sponsoring your friends, choosing causes for retailers to support or making regular donations to many different causes.
“We’re creating one place for all your giving, which manages your tax and tracks your impact.” says Quinn.
In addition, Sustainably never shares any of your personal data. You’re able to donate with the confidence that you won’t be contacted by any additional third-parties looking for further donations. In addition, with Covid19 cancelling so many fundraising events, Sustainably has been able to not only provide a new daily income stream from cashless transactions but has enabled charities to connect and engage with a younger demographic.
Sustainably is crowdfunding to get more users and charities and launch its B2B platform this year to enable brands to give to causes their customer and employees care about in a simple, connected way.
New Appointment for Growing Tax Specialists in Scotland
Access2Funding R&D Tax Specialists have announced the appointment of their new Regional Manager for the whole of Scotland, Suzy Carter. Suzy will be leading the team as they look to continue their impressive growth, with Research and Development technical claim writers and Business Development team in all four corners of the country.
2020 saw the launch of Access2Funding in Scotland, and since March last year Suzy, along with Taylor Franchetti and team, have achieved a return of over £3million for Scottish businesses, proving to be a lifeline for many through this trying financial time.
Heading into 2021, Suzy, whose finance background spans 25 years, is set to recover more hidden funds through the R&D tax credits scheme in a variety of sectors with her team, with plans to grow further in 2021.
Currently, the R&D specialists are recruiting for 14 vacancies throughout the company, along with announcing their appointment of Jemma Taylor as head of Alternative Products.
Access2Funding are looking to further support businesses through appropriate services and products and by garnering a valuable relationship with their clients.
Director and COO of the business Dawn Coker stated:
“We’re really proud to be supporting businesses across Scotland, and we are excited that Suzy has accepted the Regional Manager role. Together with her financial background, knowledge of R&D Tax Relief and her networks across the country, we are in the best position possible to assist even more growth in Scotland.”
As we navigate through another lockdown, Access2Funding are looking to help even more clients throughout the uncertainty. If your business has had to adapt as a result of the pandemic, or carry out development in products or processes, then a chat with one of their BDE’s is worthwhile.
Here is what Suzy’s client, Director Sandy Anderson of Edinburgh-based business Block 9 Architects, had to say:
“What a fantastic service! The Access2Funding team were outstanding, and we are due to receive way more than expected on our Research & Development claim. This is a huge help to the business in these times!”
This news comes alongside the announcement that Access2Funding returned over £23m to SMEs across the UK last year, and have more than doubled their national team since the start of 2020.
If you want to discuss R&D tax credits, Access2Funding are organising an event on the 4th of February at 5pm. You can register here.
0333 990 0125
Fintech Zumo appoints Chief Technology Officer
Tim Sabanov has been appointed as Zumo’s first chief technology officer to pilot its plans for new product launches in the coming year. Zumo, the digital wallet and payment platform, now looks to discover new ways of democratising financial services, such as a debit card that converts cryptocurrencies to traditional currencies.
Nick Jones, co-founder and CEO of Zumo, said:
“Tim is a leader in blockchain technologies of truly global stature, and his experience will take our products to the next level.”
“We are so excited for him to take up the role and can’t wait to bring his plans to market.”
Tim is one of the brightest minds in Fintech, with his experience not exclusive solely to financial technology, but also creative design agency and stint as Creative Director at Kontrast Marketing. Since joining the organisation in January 2020, he’s pioneered the development of Zumo App, ZumoKit Enterprise Solutions platform, and most recently, the Zumo Smartfolio.
Tim said:
“Zumo is leading the field in providing technologies that democratise access to financial services. What makes Zumo different, however, is the non-custodial approach it takes in its platforms, meaning that whether you are a business operating on the ZumoPay payments platform, or a consumer on the Zumo App, you are truly in charge of your own finances.
“We are just beginning to realise the potential use cases of blockchain technology which is why I am delighted to take up this post and help further Zumo’s mission to bring the benefits of smart money to everyone.”
Boosting FinTech innovation Across the UK
Proposals to grow fintech innovation opportunities and deliver positive economic outcomes throughout the UK
FinTech Scotland and FinTech Wales have released a report proposing increased Research and Innovation (R&I) to drive acceleration in fintech development across the UK, nationally and regionally to support growth and new jobs.
The report, entitled “Research and Innovation for UK FinTech” jointly authored by Gavin Powell and Johnny Mayo of FinTech Wales along with Nicola Anderson and Stephen Ingledew of FinTech Scotland sets out a number of key actions to build a longer-term Research & Innovation across the UK, including:
- Challenge led innovation programmes identified through collaborative national and regional exercises to develop ground-breaking propositions through a funded research pilot programme
- Mapping the longer term needs for FinTech R&I in partnership with established researchers to develop support through a long-term funding portfolio.
- The development of a FinTech Innovation Institute by collaboration of UK fintech regions to lead the steering and operation of a long-term funded portfolio.
- Regional fintech contributions that leverage the local strengths and connected networks to help drive economic growth and build greater resilience across the UK.
The proposed actions have been supported by contributions from experts across industry, regulators, research experts and academic organisations across the UK.
FinTech Scotland CEO Nicola Anderson said:
“We know from experience that fintech across the UK offers real potential for economic growth, future employment and greater financial inclusion.
“This paper proposes a suite of purposeful and collaborative actions that can achieve success through commitment and regional contributions. The paper is just the start and we’re looking forward to continuing this work with fellow fintech leadership colleagues and teams across the UK.”
Sarah Williams-Gardener FinTech Wales CEO said:
“This paper recommends a clear plan to secure a more prosperous future for FinTech through innovation and we need to act now to ensure that we can continue to grow in FinTech and not fall behind our international competitors.
“We must create an environment where opportunities to innovate ”“ and break through the crowd ”“ can be achieved. The importance to build back better post Covid19 is even more pressing. If we don’t commit to providing the right conditions now for our FinTech innovators, we will almost certainly lose out to our international competitors.”
Ian Campbell, then CEO of Innovate UK said:
“This paper demonstrates the imperative to act and to ensure the UK, as a whole, embraces Fintech innovation across the financial services sector and the broader economy; leveraging regional skills and expertise to execute a unified strategy and unleash the full potential of all nations and regions within the UK.”
Ron Kalifa OBE, and former CEO of Worldpay, who is leading the Governments fintech review said:
“We are delighted to see FinTech Scotland and FinTech Wales combining forces to propose a UK wide joined up approach to Fintech innovation. We all have a common goal to make UK Fintech resilient and prosperous on the global stage.”
Gerard Grech, founding chief executive of Tech Nation said:
“Fintech is a competitive strength for the UK and it’s terrific to see the regions looking to explore how a focus on innovation, and nationwide collaboration, can further increase UK fintech’s potential. This is exactly the kind of theme that the national connectivity stream I’m leading as part of the independent FinTech Strategic Review commissioned by the Treasury is seeking to build upon.”
“Undertaking this work has allowed us to create an independent perspective of innovation requirements and strategy. This is a much-needed tool for UK FinTech and action needs to be taken if we are to protect our position against growing competition from across the globe.“The need is ever more pressing as the world looks to innovate heavily in areas like FinTech to boost economic recover post Covid. This is about creating the right environment in the UK to generate plentiful opportunities and enable prosperity.”
In the summer of 2020, the complementary FinTech Strategic Review was launched and is expected to report its findings and recommendations to HM Treasury in Q1 of 2021.
You can download the long and summary versions below