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
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.