Global open banking and open finance directory launched
“When I’m talking with people in the open finance community, the most common question I’m asked is whether I can recommend a company offering a certain service in a particular region. This directory is our answer to that need, helping companies connect and building awareness of what they have to offer.”
“When I heard about the new directory, I was very keen to be involved, and we’re delighted to be on the list for the launch. Open banking has come a fantastic distance in the last two years and this will be of huge benefit to anyone seeking to understand the players in the open banking and open finance world,”
“We want to encourage everyone in the sector to share their information and to make use of this free resource. As the directory evolves, we’ll be able to map the ecosystem, add more advanced search functionality and highlight some of the great case studies that are emerging,”
“With the open banking industry now fully emerging worldwide, it is invaluable to have all of the global entities together in a resource such as the Open Future World Directory. This platform will be extremely useful to experts, partners, investors alike and will provide a forward thinking space in which to share ideas and stay up to date.”
Scottish fintech Exizent secures £3.6 million funding
Exizent, just announced it had raised £3.6m investment to completely reinvent how the legal and financial services sector deals with bereavement making it less stressful for families.
The Scottish fintech is working on the first ever platform that will connect data, services and the network of people involved when someone passes away. Exizent’s objective is to make the process less uncertain and significantly faster and simpler.
Co-founders Nick Cousins and Aleks Tomczyk both have an impressive track records of building successful products and businesses. Aleks founded the very successful fintech Arum before selling the business at the end of 2017. Nick was previously Chief Product Owner of Barclays Wealth and Investments division.
The investment announced today involved several investors including FNZ, the global platform-as-a-service firm which reached unicorn status in 2018.
Nick Cousins, Founder and CEO of Exizent, said:
“Our personal experiences are what led to us to establish Exizent. We believe the administrative tasks facing families after the death of a loved one should be far easier, and that modern technology solutions and services can make this a reality. We have spent the last 18 months carefully designing, developing, and testing our product with innovative partners, and look forward to launching the platform to legal services professionals later this year.”
Adrian Durham, Group CEO of FNZ said:
“The Exizent team has already achieved an enormous amount and we are proud to support their vision of leveraging technology to make the bereavement process far easier for everyone involved. Exizent will also be joining the fast growing FNZ OpenPlatform App Store.”
In the next few months the company will focus on helping legal services firms, working for executors, efficiently manage the process of completing and submitting probate applications (confirmation in Scotland). It will also make the process of gathering information about an estate easier by connecting third parties to automatically discover assets the person may have had, reducing the reliance on an executor to find and send physical documents.
The company also plans to build digital connections with the various institutions that hold data and information about the person who has passed away to help them deal with queries from executors and legal services firms more efficiently.
PwC Scale | FinTech ”“ now open for applications
PwC are excited to announce that our 4th Scale | FinTech programme is now open for applications!
Scale | FinTech is a 10 week programme that supports PwC’s mission to unite fintechs with Financial Services leaders to drive innovation across the industry. The programme brings together a cohort of fast growth fintechs that are solving some of the Financial Services industry’s most pressing challenges, and provides a programme of support focused on accelerating growth.
Why should you apply?
The programme has 3 core components which are founded on PwC’s experience of running over 40 different Scale Programmes across all industries and working with over 400 scale-ups across the UK. The 3 core components are:
- training masterclasses that provide the insights and tools you need to grow, delivered by a group of experts from inside and outside the firm;
- 1:1 support including bespoke sales coaching, engagement with senior PwC stakeholders who have experience relevant to your proposition, and opportunities to explore collaboration with PwC; and
- access to industry decision makers and budget holders at curated events that give founders the opportunity to pitch to PwC’s extended network of corporate clients.
The programme is designed to be both time and cost effective, and to give the maximum return for those that fully engage.
Who should apply?
The programme is suitable for product ready, revenue generating B2B scale-ups that are targeting the Financial Services sector and looking to scale. They welcome applications from fintechs across the globe, and although not critical they are particularly interested in fintechs in the payments, compliance and data spaces.
The application process involves a simple online form, followed by an interview for those fintechs that are shortlisted. Note that due to the bespoke nature of the Programme, PwC can only take a maximum of 12 fintechs into the programme. The programme will then commence in October 2020. There is a fixed fee of £7.5k to take part in the programme, which alumni testify is great value.
What have our alumni said?
“Scale in particular has been of immense value for InvestSuite via coaching, guiding and mentoring; providing top notch tailored courses like Funding, Scaling, etc. geared towards scale-ups; legal assistance; and most crucially, access to PwC’s immense network. The key highlight for InvestSuite has been its first implementation in the emerging markets, where PwC UK and PwC ME conceptualised the partnership with a Middle East banking partner and is now program managing the implementation. Once live later in 2020, the digital robo-advisory solution will be the first of its kind in the Middle East region.” Investsuite CEO – Scale FinTech 2019 Alumni
If you have any questions or would like a conversation, please contact Rory Martyn-Smith
Scottish fintech selected for fintech growth programme
Vistalworks just announced it has been selected for the UK’s fintech growth programme.
The company will be part of the Tech Nation’s Fintech 3.0 cohort, delivered as part of the UK Treasury’s fintech strategy.
The growth programme aim to provide coaching and networking to some of the best fintech firms in the UK so they can develop new solutions to support the UK economy.
Vistalworks’ solution allows financial institution to fight fraudulent transactions and reduce consumers detriment thanks to a state of the art software that creates risk profiles for sellers and products. The new technology also sends alerts to governments, police, specialist agencies, consumer protection bodies, and corporations such as banks.
Thanks to a browser add-on, consumers can also check products are licit before buying them.
Vicky Brock, chief executive and co-founder of Vistalworks, said:
“Our technology protects consumers and businesses from harmful online criminal sellers at every stage of the transaction, and we want to expand our reach.
“Our goal is to enable banks and payments providers to be more proactive in preventing high risk illicit transactions that lead to consumer harm and costly claims and refunds.
“Illicit trade is the biggest funding source of organised crime and directly harms economies, the environment, businesses, citizens and their communities.
“We want Scotland and the UK to be at the forefront of the fintech innovation that will help tackle this problem.”
Stephen Ingledew, chief executive of FinTech Scotland, said:
“The inclusion of Vistalworks on the Tech Nation programme is terrific recognition of Vicky Brock and the team’s exciting and innovative proposition in addressing consumer and business challenges of financial crime.
“The development of proactive tools to deal with high risks transactions handled by banks and payment providers has never been more important in the emerging digital economy and I am inspired by how the Vistalworks team are pioneering innovative approaches which will benefit consumers and businesses.”
Lynne Cadenhead, chair of Women’s Enterprise Scotland, said:
“We are delighted that Vistalworks has secured a place on the Tech Nation Fintech programme.
“Founder Vicky Brock is both a vocal supporter of women in STEM and an active Women’s Enterprise Scotland Ambassador.
“As a visible role model, she inspires other women and girls to pursue careers in STEM industries and we know that diversity is a key driver of innovation.
“This in turn fuels economic growth, making gender diversity a key component in rebuilding our economy after the impact of the COVID-19 pandemic.”
New online life and legacy planning platform Legado launches following an additional £600,000 investment
Scottish fintech Legado, launched today after receiving a substantial investment of more than £600,000 from savings and investments business, Prudential and one of Scotland’s fintech Unicorns, FNZ.
Legado, is available directly for consumers or for enterprises and professional advisers looking to provide their customers with a GDPR compliant and customer-focussed service.
Thanks to this new platform, people can securely and easily store and then share their most important documents and information such as wills and policies to pin codes and treasured family recipes. Legado is unique in that it looks at people’s entire life. Users can nominate specific individuals to have access to their vault be it a spouse, financial adviser or executor ”“ with the user having complete control over what these parties can see and when. At the point of life events, customers can quickly and easily share key documentation with organisations and other related parties to speed up processing time and help with operational efficiency.
Enterprises can white label this solution should they want to provide Legado’s innovative solution to their own customers. The added benefit is that Legado can help companies move towards paperless communications.
The launch of the direct-to-consumer service follows a £50,000 grant from Innovate UK, the UK Government’s innovation agency. The grant has allowed Legado to offer this version of the service for free for an extended period. Thereafter, users will be able to subscribe to the platform for a nominal monthly or annual fee.
All information stored within Legado is protected by bank-grade’ security ”“ one of the highest levels of encryption, with users required to follow a two-factor authentication process to gain entry to their digital vault.
Josif Grace, CEO and Founder of Legado said:
“Life organisation and Legacy planning is something that can fill many with dread. While it is understandably a sensitive subject and strenuous task, it’s important that services like ours make it as easy as possible to prepare for life’s unexpected events. It’s important to highlight how it is never too early to think about the future and to keep plans updated throughout your life.
“We live in a digital world, however when it comes to forward planning, the industry still relies on paper, physical documents, unsecure emails and other file hosting services. Legado removes that aspect and provides one simple, highly secure platform which a consumer has access to and can manage throughout their lives. Not only does this provide the user with a central and secure space where they can store an abundance of documents, but they also have complete control over who is able to access specific information. Enterprises will also be able to benefit as they are granted unique access to their client’s affairs which can better shape the counsel and advice they provide.”
Adrian Durham, FNZ Group CEO commented:
“As an organisation with the mission of helping people achieve their financial goals, FNZ is committed to the development of solutions that solve the problems faced by consumers of long-term savings and insurance products ”“ whether that is through our own capabilities or supporting independent innovations in the sector.
“Consumers are increasingly concerned about the security of their data and who can access it. The secure document storage Legado offers will provide much-needed reassurance and increased efficiency in a market that is still far too dependent on physical documents and scanned attachments.
“Legado will be available on the FNZ App Store we have developed for platform customers, which enables approved third-party providers to seamlessly connect with platforms and provide services to users ”“ promoting choice within the wealth management market.”
Mark Simpson, Director of Digital, Prudential commented:
“We have been able to pilot the Legado platform with our customers, providing them the ability to manage their wealth management and estate planning documents in one place. The platform is a smart digital solution that allows our customers to easily interact with the adviser community and beyond. Being able to do securely is key for us, and Legado has provided us the mechanism to do so.”
More information on Legado and how to sign up for a free consumer account can be found here joinlegado.com/
Tesco Bank introduces new payment technology
FinTech Scotland’s strategic partner Tesco Bank just introduced a new technology, enabling 2.6 million credit card customers to manage and pay their balance in a much easier way.
The new functionality, called Pay by Bank’ is powered by Mastercard’s Open Banking Connect™ service, a service that allows for payments to be made directly from current account via electronic payment services.
Tesco Bank is the first in the UK to use Open Banking in this manner.
For customers it means they don’t need to use a debit card, can see their current account and their credit card balance in the same place whilst benefiting from added security.
The new technology release is being staggered and all customers should have access to it in the next few weeks.
Sigga Sigurdardottir, Chief Customer Officer, Tesco Bank, said:
“Tesco Bank’s purpose is to help Tesco shoppers manage their money a little better every day. The introduction of Pay by Bank helps us do that for 2.6 million of our credit card customers, giving them a simple and secure way of paying their credit card, and greater control of their finances.
“We are particularly pleased to be the first UK bank to make this technology available for credit card customers. We expect this functionality to be widespread in the market in the coming years.
“This is a great example of the strength that our partnership with Mastercard brings to our credit card offering.”
Kelly Devine, Division President for Mastercard UK and Ireland, said:
“Bringing more simple, safe and convenient ways for people to pay is at the very heart of our Open Banking solutions. With this enhancement, Tesco Bank customers will have greater flexibility to make payments against card balances than ever, aiding budgeting and placing them in full control of their finances.”
*This is subject to your bank’s capability
Digital jobs in Edinburgh and Glasgow growing again
The digital tech sector recovery
In a new research conducted by Tech Nation for the Government’s Digital Economy Council it has been revealed more than a fifth of the workforce of each city is now employed in digital tech at a time when tech companies are starting to recover in confidence and begin to advertise jobs again.
Scotland’s tech sector growth has been outgripping that of London and the South East, for several years now. There are also encouraging signs of recovery with big announcements such as Amazon announcing that it would create hundreds of new roles in Fife and Dundee.
This is in line with the national trend with number of jobs advertised in the digital space rising by 36% between 7th June and 9th August 2020.
Before the Covid19 pandemic and the lockdown, the digital tech sector had been advertising 150,000 jobs a week in the first three months of the year, according to data from jobs website Adzuna. The number fell in line with all other sectors but have since recovered to reach 90,297. Tech is the UK sector posting the highest number of vacancies, after healthcare.
In-demand roles in Scotland
According to Adzuna, 16.5% of advertised jobs in Scotland are in tech with jobs such as engineer in Edinburgh increasing by a quarter. In Glasgow devops engineers and engineers advertised roles are up by 85% and 84% respectively.
UK continues to create unicorns and see strong venture capital investment
In 2020 VC funding has reached €8.5bn to date, according to Tech Nation’s Data Commons. This compares to €4.0bn for Germany, and €3.1bn attracted by French startups in 2020.
There are 120 companies now valued at between $250m and $1bn. Many investors ares still looking to invest in tech, helped by the Government’s £250m Future Fund in some cases.
Salaries
2019 median salaries for digital tech roles across the UK – £39,000
2019 median salaries for digital tech roles in Edinburgh – £44,938,
2019 median salaries for digital tech roles in Glasgow – £40,000
Edinburgh’s median salary is the highest outside London, where the median digital tech salary in 2019 was £55,000, growing 3% from £53,296 the previous year.
Factoring in the cost of living, cities outside London can have significant attractions from an employment perspective. Edinburgh and Glasgow are the third and fourth best value place in the UK for someone working in tech to live and work. For Data Scientist and Infrastructure Engineer roles, Edinburgh was more attractive than London when living costs are taken into account.
Digital Secretary Oliver Dowden said:
“These new figures demonstrate the strength and depth of our tech sector as an engine of job creation kickstarting our economy as we emerge from the pandemic. We are a nation of innovators, entrepreneurs and inventors, and technology will underpin our infrastructure revolution of national renewal to unite and level up the UK. This government is backing people to succeed by investing heavily in cutting-edge research, digital skills and digital infrastructure to support our economic recovery.”
UK Government Minister for Scotland Iain Stewart said:
“It is fantastic to see our multi-billion pound digital tech sector not only continue to thrive but make a vital contribution to economic recovery as we emerge from the coronavirus pandemic. This report shows Scotland is a competitive choice for both companies and individuals creating high-quality, well-paid jobs. We are at the forefront in pushing the boundaries in areas such as artificial intelligence, big data, cyber security, fintech and gaming. The UK Government is proud to champion the digital tech sector and will continue to support its growth in Scotland.”
Photo by Anna Shvets from Pexels
Best CASS Solution award for AutoRek
Scottish fintech company, AutoRek just announced it had won the Best CASS Solution’ award at the Systems in the City Financial Technology Awards 2020.
Lyn Canavan, Head of Marketing at AutoRek, commented,
“We are delighted to have been recognised as the provider of the Best CASS Solution’ at the Systems in the City Financial Technology Awards 2020. Achieving this accolade is a testimony to the team’s continued hard work and dedication in consistently striving to offer a superior CASS Solution.”
for the first time in 18 years the ceremony was done remotely via digital conferencing. This award is organised by Goodacre and recognises suppliers of services and systems to the regulated financial services sector. Based on an independent and factual annual accreditation process the selection process is overseen by three independent judges.
AutoRek are delighted to have been recognised at this awards ceremony again this year having previously won Best Reconciliation System’ for the past 5 years.
The Awards provide an important point of reference for user firms assessing the suitability of their operational infrastructure.
Next Stop Japan: Apply for the Tokyo Financial Award 2020
The Tokyo Metropolitan Government established the Tokyo Financial Award in 2018, aiming at nurturing financial players and contributing to solving social issues through finance. From digitalizing the banking experience, providing cybersecurity solutions, offering easy comparisons between financers to making the most of data intelligence, you might have the solution Tokyo is looking for!
The Tokyo Financial Award recognizes financial companies developing and providing innovative financial instruments and services that help meet the needs of Tokyo residents, or working to promote socially impactful investments.
This is the best gateway to enter the Tokyo market. It has two award categories:
Financial Innovation Category
Awards financial technology companies providing innovative financial products and services that contribute to specific needs and challenges of residents and companies in Tokyo.
10 companies will be selected to go through a support program, where local industry experts will mentor your team and matching your startup with major Japanese companies. This is also a great opportunity to access new funds and sales channels, with great exposure to key stakeholders in the innovation ecosystem in Tokyo.
This contest will allow you to gain visibility in the Japanese ecosystem, meet potential business partners and perhaps win the 10M Yen cash prize!
You can find the list of challenges here and the application form here.
The application deadline is September 11th and the final award ceremony will take place in February 2021.
Investment Category
- ESG Investment ”“ Awards financial companies that are promoting unique ESG Investments. Applicants will select up to 5 activities and up to 3 related themes for each activity that the business is particularly committed to.
- SDGs Initiatives ”“ Financial and non-financial companies will select up to one activity and up to 3 goals related to the activity, out of the 17 Sustainable Development Goals (SDGs) published by the United Nations.
The application deadline is 16th October and the award will be given in February 2021.
“ Japan is emerging as a key player in the Global Fintech landscape, showing the right market features to promote massive technological disruption in the financial sector. Tokyo Metropolitan Government has been working to create the right environment to promote international business practices and innovation ”“ relaxing regulations, providing free tailored support to foreign companies, and building the right living environment to welcome entrepreneurs from across the world. “
Max Berre, Economist expert in Japanese Fintech
“Japan is a huge financial market and inbound travel market, so the business potential for us is big. Winning the Tokyo Financial Award allowed Fly Money to explore the right opportunities. Accenture introduced us to the largest financial institutions in Japan – Mizuho, Mitsubishi, Rakuten and many others; as well as the largest travel companies. It also gave us the chance to search the right local representative to create strong relationships with partners and build trust, essential aspects of doing business in Japan. “
Tal Ekroni, CEO & Co-founder of Fly Money Technologies, Winner Tokyo Financial Award 2019
Feel free to write to the London representative, Maria, who will be able to answer all your questions and help you apply, you can find her at London@access2tokyo.com. Best of luck!
Fintech Previse, finalist in Innovator of the Year Awards
Fintech Previse announced today that they have been named a finalist in The Spectator’s Economic Innovator of the Year Awards. The awards recognises the companies that will rewrite the rules and help rebuild the economy in 2020.
This is a very prestigious award and the winners will be announced after digital presentations made today by the various businesses to the judges.
Paul Christensen, CEO of Previse, said:
“Being named a finalist for Economic Innovator of the Year by The Spectator is a testament to the team at Previse, who have been working day-in-day-out during the pandemic to ensure that SMEs get the support that they need. This year, we have been accredited as a CBILS lender, and our £2.5 million grant from the BCR to accelerate growth, along with the partnership with the FSB, has been an exciting new chapter in our story. However, the hardest work is yet to come as the global economy must innovate its way out of a depression unapparelled in modern economic history. What we are building here goes beyond just a great product: we’re creating a movement that ensures that every SME has the option of instant payment whenever they issue an invoice.”