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.
Tech firm Exizent on why Bereavement processes are not fit for the 21st Century
Exizent, the Glasgow based technology firm recently launched its Probate Prospects survey which revealed why bereavement processes need a radical overhaul.
It surveyed the legal profession who handle probate, the process of dealing with the estate of someone who has died. It found that even though most law firms (64%) either have specialist probate teams or people who mainly work on probate cases, the vast majority feel the processes are inefficient and could be enhanced by technology.
The top reason respondents gave for why they think probate cases take so long was waiting for financial institutions to get back to them’, with more than half (56%) saying this was the main hold up. More than half of respondents also said they had to wait up to eight weeks for a response ”“ a third of those had to wait more than eight weeks.
After waiting on institutions’, respondents said administration’ was the next most time-consuming part of the probate process, with more than a quarter (27%) saying this causes the most delays.
Exizent’s research also revealed that Covid-19 has exacerbated the problem even further. Almost three quarters of those surveyed said the lockdown has impacted their executory work, citing financial institutions taking even longer to respond as a result of working from home.
Nick Cousins, founder and CEO of Exizent said:
“Our research shows that a significant majority of professionals think the time it takes to process probate cases is unreasonable, and that administration and waiting on institutions is taking up most of their time, yet most (85%) don’t have any technology dedicated to managing probate while 18% don’t use any software at all. “People’s lives are increasingly dispersed and varied. Performing executry work with a growing number of banks and institutions is more complex than ever. Without standardisation and the right tools available, too much time is wasted on administration. What this means for families is frustration, long delays and unnecessary anguish in trying to piece together what’s required to administer an estate and release assets to beneficiaries.
“However, with the right technology in place, we know professionals involved with estate administration could cut down the time and cost involved with managing probate cases exponentially and make the bereavement experience better for everyone involved.”
The Exizent online platform is specially designed for executry teams managing probate. Exizent is working with major banks, share registrars, and other institutions to build standardised requests and responses, making it easier for legal services firms and institutions to work together to sort out what is needed and making the process more efficient and easing the burden on executors and families.
Cousins’ and co-founder Aleks Tomczyk’s own experiences led them to establish Exizent. They felt that the administrative tasks facing families after the death of a loved one should be far easier.
They have spent the last 18 months carefully designing, developing, and testing the product with innovative partners, and, in September, successfully raised £3.6 million in funding from several investors including FNZ. It launched fully to legal professionals this month.
Photo by Andrew Neel from Pexels
FinTech Scotland, ScotlandIS and LawscotTech to build strong digital economy through collaborative clusters initiative
Three of Scotland’s leading technology cluster voices are to work more closely to stimulate Scotland’s digital economy and develop cross-sector collaboration that will lead to growth and a prosperous economy.
The collaborative cluster approach by FinTech Scotland, ScotlandIS and the Law Society of Scotland’s LawscotTech aims to bring leaders together from a diversity of disciplines and expertise. The aim is to share learning experiences and solutions to help speed up the rate of innovation and help businesses and individuals adapt to new working practices, following the outbreak of COVID-19.
Scotland has distinctive advantages in terms of its existing collaborative business culture, access to government and funding agencies, its raw talent and history in global sectors such as finance, health, data, advanced manufacturing, energy, engineering and legal and other professional services.
Karen Meechan, Chief Operating Officer of ScotlandIS, the membership and cluster management organisation for Scotland’s digital technologies industry, said:
“ScotlandIS, the Law Society Scotland and FinTech Scotland have a shared ethos and ambition to create a truly digital nation, one that recognises the value of the digital economy and uses its power to enable growth for all sectors. This natural step forward will allow member companies of the three organisations to collaborate and innovate, and to further drive the step change in business and the wider society. We’re looking forward to working closely together going forward and the opportunities that it will bring.”
FinTech Scotland is the leadership body developing an integrated financial innovation cluster working with innovative entrepreneurs, large global enterprises, skills bodies, public sector, investors and citizen groups.
Stephen Ingledew, Executive Chair and founder of FinTech Scotland, said:
“Bringing together our collective strengths across the clusters will enable us to be best placed to address the economic and social challenges faced by many communities and businesses. This is reinforced by our shared values of inclusivity and collaboration being at the heart of all innovation developments. I am excited by the opportunities to bring together participants and development the collaboration with colleagues at Scotland IS and the Law Society of Scotland”
Amanda Millar, President of the Law Society of Scotland and founding member of the LawscotTech Advisory Board, said:
“At the heart of LawscotTech is collaboration and bringing the right people from the legal and technology worlds together to collectively stimulate legal technology innovation and build a stronger future for the profession and the clients we serve. I am really pleased that we have been able to reach out and expand that to work with Fintech Scotland and ScotlandIS who have been making great progress. Together we can harness our collective energy and create the right conditions for our tech eco-systems to thrive and play a pivotal role in the Scotland’s economy.”
The first article in a series of collaborative content from ScotlandIS Cyber and Data Clusters, FinTech Scotland and LawscotTech considers how working from home can impact on employees’ attitudes towards diligence and how companies can encourage a compliance-driven culture in a remote setting. It is available to read on the Law Society of Scotland website.
New Chief Financial Officer for fintech Autorek
Kenny Bain will join Scottish fintech AutoRek, a leading software provider to global financial services, as Chief Financial Officer. He will play a key role in evolving and scaling the company.
Bain was previously Chief Executive Officer of Rant and Rave and is very experienced in financial leadership and operational management with a proven track record of delivering substantial growth in the software and technology sector, in the UK and internationally. Prior to this, Mr. Bain worked for 14-year at Graham Technology, as Chief Financial Officer, Chief Operating Officer and EMEA Managing Director, as the business expanded across the US, Europe and Asia.
“We are delighted to welcome Kenny onboard. He brings a wealth of invaluable experience from the software technology sector, which will no doubt make an enormous contribution as we continue to build on the success of AutoRek within the UK financial services sector and internationally.”
Gordon McHarg, CEO, AutoRek
“I am delighted to join AutoRek at this exciting time and look forward to working with Gordon and the team to deliver further growth. The business has a fantastic culture, a highly engaged team, a market leading product and is passionate about customer success – all positioning AutoRek perfectly to capture the significant opportunities that lie ahead.”
Kenny Bain, Chief Financial Officer, AutoRek, added,
Check Point Software Announces Strategic Partnership with FinTech Scotland
Check Point® Software Technologies Ltd. (NASDAQ: CHKP), a leading provider of cyber-security solutions globally, has today announced that it has become a strategic partner of FinTech Scotland, an independent not-for-profit body jointly established by the private sector and the Scottish Government. Check Point solutions bring a practical boost to cyber-security awareness and engagement with Scottish fintech firms.
The partnership will see Check Point deliver cyber-security education and training initiatives to organizations operating in FinTech Scotland’s cluster. It will also work with the fintech SMEs to enable cyber-security from the outset with focused solutions to help protect their businesses against cyber threats targeting networks, cloud deployments and mobile devices.
FinTech Scotland is supported by a broad range of global financial services, technology, and professional services firms, as well as University of Edinburgh and University of Strathclyde, the Financial Conduct Authority, Scottish Government and Scottish Enterprise. Check Point brings its expertise and global experience on cyber security, which will help further develop Scotland’s position as a global fintech cluster.
“Scotland is home to a phenomenal pool of fintech talent. However, as with many sectors, these firms face complex challenges right now, as they navigate the changes to their networks due to the rapid digital transformation and remote working practices forced upon us all. By partnering with FinTech Scotland, we aim to equip these firms with the tools and support they need to ensure cybersecurity is deeply embedded within their business in these challenging times and beyond.”
Roddy MacCallum, Head of Scotland at Check Point Software Technologies.
“We’re delighted to welcome Check Point as a strategic partner. They join a group of global organisations that have decided to support the development and growth of the Scottish fintech cluster. Cyber threats are one of the biggest concerns for fintech entrepreneurs. Involving a global expert in cyber security will help address those concerns and support fintech SME’s to confidently develop safe and secure innovation.”
Nicola Anderson, interim CEO at FinTech Scotland.
The partnership with FinTech Scotland further demonstrates Check Point’s ongoing commitment to providing essential education and training in Scotland. To mark the launch of the partnership, Check Point and FinTech Scotland are hosting an online event on 26 November to discuss the latest cyber-security threats in the sector. To register for interest, please visit: https://www.eventbrite.co.uk/e/fintech-scotland-zero-touch-security-tickets-127138640095
Follow Check Point via:
Twitter: http://www.twitter.com/checkpointsw
Facebook: https://www.facebook.com/checkpointsoftware
Blog: http://blog.checkpoint.com
YouTube: http://www.youtube.com/user/CPGlobal
LinkedIn: https://www.linkedin.com/company/check-point-software-technologies
About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading provider of cyber security solutions to governments and corporate enterprises globally. Its solutions protect customers from 5th generation cyber-attacks with an industry leading catch rate of malware, ransomware and other types of attacks. Check Point offers its multilevel security architecture, Infinity Total Protection with Gen V advanced threat prevention, which defends enterprises’ cloud, network and mobile device held information. Check Point provides the most comprehensive and intuitive one point of control security management system. Check Point protects over 100,000 organizations of all sizes.