AutoRek wins best insurance system in bobsguide Awards
Scottish fintech AutoRek was awarded ‘Best Insurance System’ in bobsguide awards for the second time.
The awards recognise the strength of tech updates and their impact on the client experience. Autorek went through several rounds of assessment. The judges looked at user and market engagement, as well as specific criteria for each individual award.
Michael McCaw, editor at bobsguide, commented
“During an incredibly difficult year for the insurance industry, many market participants looked to their tech partners to contribute additional value and certainty across various processes and functions. The judges were particularly impressed with the standards set by AutoRek throughout 2020, in making sure their clients were well-informed and had access to leading data management and reconciliation technology.”
Lyn Canavan, Head of Marketing at AutoRek commented
“We are proud to have won Best Insurance System with bobsguide for the second time. We have focused our efforts on innovating our Insurance solution over the past couple of years and this award recognises the hard work and dedication of the whole AutoRek team. We are continuing to expand our global Insurance client base and are confident that these clients will reap the benefits of our end-to-end automation tool.”
University of Strathclyde students undertake fintech summer projects
University of Strathclyde students on the MScs Actuarial Sciences and Quantitative Finance undertake a summer project as part of their MSc. Some projects are co-supervised by industry partners and are based on their business interests.
We are currently seeking ideas from industry for projects taking place in summer 2021.
Companies can be based in the UK or overseas. Companies participating in the scheme in previous years benefited not only from the direct project outputs but also from accessing talented students. This can be a route to recruitment and developing a closer relationship with the university.
The Students benefit from the exposure to business. They see the problems that industry are interested in and get experience working with business. This improves their employability upon completing their MSc.
Project subject matter is flexible. It needs to be quantitative in nature and relevant to the financial sector. Projects last 12 weeks from late May to late August. In view of the COVID-19 pandemic, all projects and associated meetings are undertaken remotely ”“ this worked very well in summer 2020. Industry supervision can be light touch or more intense, to suit the project and supervisor. No fees to students or to the University are involved.
Companies submit project ideas to the University and students select and apply for them. Industry Supervisors (remotely) interview students and select the best match. Students are also assigned an academic supervisor. The student’s project plan, final report and oral presentation are judged by both the academic and industrial supervisors.
For summer 2021 projects, ideas are invited from industry by 12 February 2021 using a short pro-forma.
For further information, or if you have any questions, please contact Ian Dwyer by email at ian.dwyer@strath.ac.uk
Collaboration between Scottish fintechs FastP.A.Y.E and Inbest to support vulnerable employees
FastP.A.Y.E announced today that it has integrated Inbest benefits calculator to allow employees to make a benefits’ check within its flexible and ethical wage App.
This feature will allow employees in low-paid or insecure roles to learn about all the benefits and grants available to them before withdrawing income from their salaries. Employees will also be able to understand what they need to do to apply for their benefits and the organisations that can help them on their claims.
Ian Hogg, CEO of FastP.A.Y.E, said:
“As an ethical provider of salary advances, we recognise that a salary advance isn’t always the best option. Some may have outstanding benefits entitlement and in such circumstances we are delighted to be working with Inbest to guide employees to these benefits and avoid the need for an advance ”
Manu Peleteiro, CEO of Inbest, said:
“We believe that collaboration and specialisation are fundamental to reduce the amount of benefits unclaimed in the UK. We are delighted to work with FastPAYE to raise benefits’ awareness among employees on low-paid or insecure roles.”
Nicola Anderson, CEO at FinTech Scotland welcomed the initiative
“This collaboration between Inbest and FastP.A.Y.E continues to demonstrate the determination and focus from fintech innovators to find practical solutions that help support people facing financial vulnerability and address financial inclusion. Enabling easier ways for people to learn about potential benefit entitlements can offer an alternative to help maximise income and reduce longer term debt.”
FinTech Scotland confirms new Chief Executive as it reaches its third anniversary with continued growth of the fintech SME community
FinTech Scotland, the cluster leadership body, has confirmed the appointment of Nicola Anderson as the new chief executive officer
Nicola has been on secondment from the FCA for two years and most recently been the interim chief executive when Stephen Ingledew stepped into a new
position of Executive Chair in November 2020
Prior to joining FinTech Scotland on secondment in October 2018, Nicola was a senior regulator at the Financial Conduct Authority (FCA). Nicola also brings experience from working for small enterprises and larger institutions, with a focus on customer experience and operational change.
FinTech Scotland announcement comes as it reaches its third anniversary and the continued growth of the fintech SME community over the last twelve months by 31 firms to a total of 150 firms
Over the three years since FinTech Scotland was formed in January 2018, the innovative fintech SME community had grown from 26 firms to 150 firms today.
The growing strength and breadth of the fintech community and cluster has been accelerated over the past twelve months with additional milestone achievements for the FinTech Scotland cluster, including;
- Continued investment funding in Scottish fintech SME’s and on a par with 2019 levels
- Being the first UK fintech body to be recognised for cluster management excellence recognition by the European Cluster Accreditation Body.
- In collaboration with the University of Edinburgh, securing Innovate UK multi-million funding for the Global Open Finance Centre of Excellence, to enable research and innovation through financial data, another first for the UK
- Founding member of a Europe wide fintech hubs collaboration group involving sixteen fintech centres across the continent to support international inward investment and exports
These milestones and the growing number of fintech SME’s along with the breath of global strategic partners supporting FinTech Scotland, continue to demonstrate the innovative, collaborative and inclusive impact of the fintech cluster.
Executive Chair of FinTech Scotland, Stephen Ingledew said:
“I’m delighted Nicola has accepted the role of chief executive and is deserved recognition of her valuable contribution since joining the team. I would like to thank the FCA for their ongoing collaboration through over the last two years. I am looking forward to supporting Nicola take Fintech Scotland on to the new stage of its exciting journey”
Commenting on her appointment Nicola Anderson said:
“I’m absolutely delighted to be appointed into this role and for the opportunity to further the great work already achieved by FinTech Scotland. Joining the team has reinforced my passion for entrepreneurial innovation and how it can benefit citizens and the economy. I’m very much looking forward to championing the fintech community and cluster through innovation, collaboration and inclusiveness.”
Virgin Money selected Waracle as technology partner for business banking market.
Virgin Money have selected Waracle as their technology partner for Virgin’s first foray into the business banking market.
The partnership will see Virgin Money leverage Waracle’s deep expertise in mobile application design and development, with a particular emphasis on feature rich apps focusing on financial wellbeing.
Waracle are one of three technology partners selected for the project, with Virgin Money citing the app development agency’s financial services and software development expertise as key criteria in the decision.
Gavin Opperman, the Group Business Director at Virgin Money, said:
“The skills and capabilities which Waracle provide are very much in demand and are vital in helping us develop our innovative business banking proposition, both in terms of what we deliver and how we deliver it. We’re confident the cutting edge approach to technology the team will deploy will deliver great experiences for our customers.
“Waracle is a strong Scottish-based company and we’ve partnered with them previously on the creation of our augmented reality Currency Converter, which was a great success. The team’s collaborative approach and work ethic fits perfectly with our combined team, including an ecosystem of capability partners. I look forward to seeing the results of our latest collaboration.”
Waracle’s co-founder and Chief Technology Officer Mike Wharton cited the difficult economic environment in 2020 as a perfect time for financial services organisations to step forward to support businesses, adding
“the innovative banking proposition Virgin Money is bringing to the market will help the business community thrive”.
The launch of Virgin Money Business will be vital to the bank as it develops it’s Working Capital Health proposition which aims to transform the bank’s existing business current account offering into a financial wellness tracker for SMEs.
Waracle are part of the Fintech Scotland community, who support the growth of the Scottish fintech cluster.
Launch of the 2021 AG Elevate programme
For the fourth consecutive year, high-growth tech companies are invited to apply for the Addleshaw Goddard AG Elevate programme ”“ a unique fast-track legal mentoring scheme.
The programme has been created and is delivered by leading lawyers at Addleshaw Goddard. Chosen companies will benefit from 10 months of free dedicated support from legal professionals. They will also enjoy access to industry networks.
2121 will be slightly different as one third of spaces on the programme have been reserved for businesses with a sustainability focus.
David Anderson, Corporate Partner at Addleshaw Goddard, said:
“It’s now more important than ever to recognise the scale of opportunities tech companies in Scotland bring to the table. The coronavirus pandemic has accelerated the digital innovation within the majority of businesses, making the AG Elevate programme an exciting option for a mass of high growth companies. We expect to see an increase in entries this year as we open the scheme to tech businesses across the board in addition to Fintech businesses specifically, so we’re encouraging relevant firms to get their applications in as soon as possible.
“With our extensive experience in the sector, we are one of the only law firms to offer a dedicated programme of this nature and we’re really looking forward to getting the opportunity to work with more outstanding home-grown talent over the next year.”
Open Banking Reporting (OBR) ”“ a Scottish fintech which provides predictive data analytics to improve decision making benefited from the 2019 scheme.
Applications to the scheme will close in late January 2021 with successful applicants notified at a launch event in late February. For more information or to apply, visit: www.addleshawgoddard.com/elevate
New non-exec Chairman for Exizent as they take next step in evolution to make bereavement experience better for everyone
Start-up tech firm Exizent, whose innovative platform is transforming bereavement by connecting legal services firms with banks and the wider financial services community,, has further strengthened its team with the appointment of Mitchel Lenson as Non-Executive Chairman.
Mitchel was a long-serving Non-Executive Director at Nationwide Building Society before stepping down in 2019 and brings extensive financial services and technology innovation experience to the Board, gained through both his executive and non-executive careers.
His career spans over 30 years, with roles at Deutsche Bank, UBS Warburg, Credit Suisse First Boston and J.P. Morgan. He currently sits on the board of Currency Cloud, which allows the next generation of fintechs to quickly and easily build cross-border payments and FX functionality into their platforms, as well BioCatch, the global leader in AI-driven behavioural biometrics.
Mitchel, who has an MBA in international finance from City University Business School and a BA in Business Finance from City of London Polytechnic, says he is excited to be joining Exizent, whom, he describes as “a fine example of the role technology can play in improving an area that has been long overlooked.”
He said: “Exizent’s vision to improve the bereavement experience and fundamentally reduce the administrative burden on families is a proposition that really resonates with me, and I’m looking forward to supporting them on their journey.”
Nick Cousins, who is founder and CEO, says he is delighted Mitchel has decided to join Exizent, saying his extensive experience will be a huge asset as they move forward with their vision of improving the entire bereavement process:
“Mitchel brings a proven track record in financial services and technical innovation and his appointment is a key step in our evolution as we seek to make the bereavement experience better for everyone involved.”
Exizent is the first ever platform that connects data, services and the network of people involved when someone passes away. The company’s mission is to reduce uncertainty, increase speed and make the process far simpler.
The company was founded by former financial services veteran Nick Cousins and transformation and technology leader Aleks Tomczyk (pictured left). The business successfully raised £3.6 million in funding from several investors including FNZ, the global platform-as-a-service firm which reached unicorn status in 2018.
Legado finalist in Lloyds Banking Group innovation programme
Life organisation and legacy planning platform, Legado, has been included as a finalist in the Lloyds Banking Group’s innovation programme. LAUNCH Innovation Lab, powered by Lloyds Banking Group, seeks to identify new and leading-edge businesses that have created solutions which can support Lloyds Banking Group workplace pension members in preparing them for the future.
Legado was part of an initial cohort of 12 innovative businesses accepted onto the programme in October and has now gained a place as one of the final six. Legado will now work collaboratively with the Lloyds innovation team and the Scottish Widows workplace pension team to adapt its life-planning platform for use by members of the company’s corporate pension schemes, helping them organise their life documents and key information.
Legado will create a bespoke proof of concept which will include technical integration and some early testing with workplace pension members. The fintech scale-up will have its concept launched as part of Lloyds service offering, helping drive efficiency to workplace pension members and preparing them for life’s events.
Josif Grace, Founder and CEO of Legado said:
“During the initial phase of LAUNCH, we worked closely with Lloyds to understand the challenges faced in the workplace, which has given us insight to explore a proof of concept to be rolled out more widely.
“The bespoke Legado platform will enable Lloyds to enhance workplace engagement through the provision of a relevant, employee-focused, digital tool which is personalised to individual circumstances, helping ensure life-readiness at key life moments. Lloyds will also benefit from increased efficiency with readily available integrations and APIs enabling a seamless way to exchange HR related documentation.”
By providing relevant and useful digital tools and services, LAUNCH brings together the brightest new companies under its umbrella to ensure they take the right steps to meet customer’s goals. This includes providing corporate customers with the tools and support needed to engage with their workplace pension members.
David McLeay, Innovation Manager at Lloyds Banking Group commented:
“Legado’s platform is a truly innovative concept and is something we are eager to explore as a benefit for our workplace pension members. Technology and planning for the future go hand in hand, however when it comes to life organisation and legacy planning many of us still rely on physical documents. The digital transformation of this sector will bring it into the 21st Century. We want to be able to offer our workplace pension members access to the best services that will benefit them and their loved ones ”“ Legado has the opportunity to do just that.”
Lloyds Banking Group’s interest in Legado follows strategic investment from Prudential and FNZ, joining the company to disrupt and transform the way in which personal organisation and life planning takes place in the UK.
Launch of a Collaborative Fintech Venture Studio in Scotland
Embark and FNZ together with their partner at Vivolution; Build the Foundations of a Collaborative Fintech Venture Studio in Scotland
Embark Group a technology led retirement focused wealth platform and one of the largest retirement solutions providers in the UK and Vivolution Limited, the former Fintech Scotland Network Integrator are working together to build a collaborative financial services ecosystem and hybrid Venture Studio to deliver fintech innovation and social impact in Scotland.
Embark, together with Anthemis a leading fintech venture capital firm who will lead the investment strategy and FNZ a global platform-as-a-service provider to wealth management customers; have already brought together an ecosystem of leading asset managers as institutional innovators to work with their first Fintech cohort to accelerate the potential of these businesses across global markets.
Vivolution’s first task will be to invite other Innovators, Collaborators and Academia to join this unique financial services and investment ecosystem, collaborating with their peers with an initial emphasis on making a social impact and delivering solutions for the financial wellbeing of vulnerable customers.
The Venture Studio has six key areas of interest for Entrepreneurs, FS Institution’s, Investors and Academia to jointly come together, to help solve some of the global FS challenges the world is facing: –
- Retirement planning and longevity of capital
- Open banking for good; debt management and data science
- Workplace / GIG economy and the evolution of employment and working patterns
- Financial literacy and the advice gap
- Financial wellbeing and social impact
- Customer engagement and the development of socially responsible investing.
One of the most unique elements of the Venture Studio, is the partnership with the Anthemis VC Fund who are accustomed to delivering a deep understanding of markets and models and have a passion for emerging technology and values; inspiring everything that they do.
If you are a FS Institution, Professional Services Firm, Global Technology Provider or, Academia who want to be part of this innovative Embark FNZ Venture Studio ecosystem then, please contact Vivolution, for more information.
Andrew McGee; Vivolution Limited
T: +44 (0)141 212 2533
M: +44 (0)7905 326 144
W: vivolution.co.uk/embarkgroup
NOTES ON PARTNERS: –
Embark Group is a fast growing, diversified, financial services business and one of the largest retirement solutions providers in the UK. It is a technology led retirement focused wealth platform that covers the areas of Investment Platform, SIPP, SSAS, Multi-Asset Funds, Fund Research and Employee Benefits, and provides a unique combination of deep pension expertise and leading technology integration to deliver multi-channel savings and investment services to the Robo-Advice, Banking and Wealth Management markets. Today, it operates a wide portfolio of white label services for clients such as RBS Coutts, Standard Life, Nutmeg, BestInvest, Charles Stanley, Moneyfarm and Wealthsimple. Embark has been recognised as one of the most innovative Wealth Tech companies in 2019 and 2020.
FNZ is a global platform-as-a-service provider, transforming the way financial institutions serve their wealth management customers. It partners with banks, insurers and asset managers to help consumers better achieve their financial goals. Today, FNZ is responsible for over £400 billion in assets under administration held by around 8 million customers of some of the worlds largest financial institutions, including Aviva, Barclays, BNZ, Findex, Generali, Lloyds Banking Group, National Australia Bank, Quilter, Santander, Standard Life Aberdeen, Sweedbank, UBS, UOB, Vanguard and Embark.
Anthemis has a diversified portfolio of best-in class, high-growth, digitally native financial services companies based around the world; they are thesis-driven investors and hold several vehicles in which Anthemis invest discretionary and non-discretionary capital across a wide range of companies, from early stage to growth. Anthemis uses rigorous design thinking to build new, venture-backed businesses; working in the white space where companies do not yet exist alongside entrepreneurs and academic spinouts with ambitious visions to imagine the future. Anthemis explores new ways of thinking about financial services by drawing inspiration from people, companies and academia inside-and outside-their ecosystem who challenge perceptions about FS and its future.
Vivolution are a Venture Builder”¦a commercial team accustomed to accelerating the routes-to-sales and investment strategy for emerging technology businesses; with a particular focus on FinTech, HealthTech and AI Cognitive SaaS Cloud Solutions. Supporting growth ventures that make a difference, Vivolution helps clients when they need it most; building the architecture for scale-ups to leverage the benefits as they develop and grow. Working with Scale-ups, Corporates, Investors and Academia; Vivolution are recognised as a trusted ecosystem partner who deliver outcomes. Previously appointed as the Fintech Scotland Network Integrator, working with and developing the financial services and Fintech ecosystem; Vivolution enables innovation across industry sectors, facilitating collaboration and driving the economic and commercial benefits.
Photo by Cadeau Maestro from Pexels
AutoRek recognised in RegTech100 list
Scottish fintech AutoRek has been chosen as one of the world’s most innovative RegTech companies in the the annual RegTech100 list. The list is pulled together by RegTech Analyst, a pre-eminent provider of data, research and analysis on the global RegTech market.
A panel of analysts and industry experts looked at over 1,000 companies and the finalists were selected for their innovative use of technology to solve significant industry problems or generate efficiency improvements across the compliance function.
Despite a very different 2020, AutoRek has seen a huge demand increase for regulatory reporting solutions, with many firms already implementing AutoRek.
Kemal Sangrar, Head of Product, AutoRek, said:
“AutoRek is delighted to be listed in the RegTech100 for the third consecutive year. This award is recognition of our commitment in delivering regulatory reporting solutions to the financial services industry and testimony to innovative strategy underpinning our product. We anticipate another great year ahead and are looking forward to the launch of our next big release, AutoRek 6.0.”
Mariyan Dimitrov, Director of Research, RegTech Analyst, added:
“At RegTech Analyst, we take pride in consolidating the RegTech100 list each year. With the RegTech industry still expanding and evolving, we have found it important that Financial Institutions are kept up to date with the most innovative RegTech companies out there and having gone through the process the last three years, AutoRek is certainly one of them.”
A full list of the RegTech 100 is available at www.RegTech100.com<http://www.