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LendingCrowd to fund SME growth through Scottish Investment Bank and NIBC partnership

Scottish P2P lending platform LendingCrowd, has just entered a partnership with Scottish Investment Bank (SIB) ”“ the investment arm of Scottish Enterprise ”“ and Dutch entrepreneurial bank NIBC to create a unique opportunity for SMEs to fund their growth.

Both banks will be lending a combined £18.75 million across LendingCrowd’s platform.

LendingCrowd is seeing an increase in the demand for small business finance from all around the UK. LendingCrowd will be assessing applications and distributing the finance via its innovative proprietary online platform. The platform can provide businesses with a decision on the day and make money available in 10days.

LendingCrowd provides funding to almost all sectors, and a few of the companies to have benefitted from the platform’s loans include Summerhall Distillery, producer of Pickering’s Gin, Tag Games and Umega Lettings.

 

Stuart Lunn, founder and CEO of LendingCrowd, commented: “We’ve had a record number of requests for funding from British businesses so far this year, showing that the appetite for alternative sources of finance to fund their ambitions only seems to be getting stronger.

“We are delighted that the Scottish Investment Bank has followed up its first foray into the alternative investment market with this further commitment, and that we have been joined by NIBC, which sees the potential of LendingCrowd and our proven ability to distribute its considerable funding to UK businesses. Going through the due diligence on a deal like this has really shown the strength of our team in building an institutional class lending business.

“There are many small businesses crying out for finance and the funding from SIB and NIBC, coupled with our strong retail investor base, will allow LendingCrowd to help even more companies fulfil their ambitions.”

SecureTheFile introduces new digital tools to help clients securely organise, store and share their most important life information

SecureTheFile has been designed and launched to help clients to securely organise, store and share their most important life documents and information.

It can be particularly useful during major life events and emergencies such as fire, theft and death. Through a combination of a personalised guidance engine, with interactive tools, resources and content, and an intuitively organised digital vault, SecureTheFile helps clients to organise all the most important details about their life and legacy in one secure and accessible place.

The estate and end-of-life planning world still both primarily rely on paper documents and filing cabinets. SecureTheFile is a dedicated digital solution to help clients effectively prepare, organise and share life information with loved ones and trusted advisers. Advisers can store a client’s financial information such as a wealth management report and insurance information as well as their Will.

Clients are also able to upload other personal information such as funeral preferences and wishes for pets. At the Intergenerational transfer point documentation is then easily and readily available in order for Client affairs to be managed quickly and efficiently.

The SecureTheFile platform includes six libraries of information, broken into numerous subsections, all of which are easily accessible both by the adviser and the client:

  1. About Me: Personal Information, Vital Documents, Travel Information, Emergency Contacts, Digital Worlds, Medical Information
  2. Personal Finances: Financial Accounts, Loans, Bill Payments, Financial Assets, Benefits
  3. Financial Advice: Wealth Management Reports, Pension Policies, Protection Policies, Inheritance and Estate Planning, ISA and Savings, Trusts
  4. Solicitor: Solicitor Information, Will, Living Will, Power of Attorney, Marriage and Divorce, Executors, Mortgage Lender, Title Deeds, Shareholder Certificates, Trusts, Litigation
  5. Accountant: Tax Return, Tax Coding, Annual Accounts, P60, P45, CIS Record, UTR Record
  6. Property and Vehicles: Vehicles, Property, Appliances and Warranties

Clients are able to delegate Nominees’, such as their solicitor or accountant, family members or executors of their Will. The information is controlled by the client and they decide as to who this information is shared with and how much information is shared (clients are able to share entire libraries or individual folders). Access can be granted or revoked at any time and specific written instructions can be included.

SecureTheFile is available exclusively through professional advisers, with firms having the ability to license the product or charge their clients for the service. Each advisory firm account can be co-branded with the organisation’s logo and title.

The platform has multiple benefits for professional advisers, and in particular financial advisers. It provides an intuitive and user-friendly solution for both the adviser and the client, enabling advisers to tackle an array of challenges such as GDPR compliance to intergenerational planning. It also provides the adviser with a substantial high-quality, value-add service to their advice offering.

Josif Grace, Founder and CEO, SecureTheFile commented: “We recognise that intergenerational planning is a big issue for advisors as they seek to retain clients at the transfer point. SecureTheFile will enable Professional Advisors to have deeper and more meaningful relationships with their clients and their families. It will allow advisors to have fully understand their clients wishes and be able to influence and adapt to them. We look forward to working with the advisor community to enhance their retention of clients at critical life events”

Money Dashboard announces date of Scotland’s biggest FinTech crowdfund

Money Dashboard, the Scottish fintech firm, has announced today its crowdfund will launch privately to its users on 20th May 2019.

Users of the personal finance app will have exclusive access for 24 hours before the opportunity is made available to the wider public at 10am on Tuesday 21st.

This announcement comes after the appointment of former Revolut, Peter Higgins, as CFO and the establishment of a strategic partnership with price comparison site GoCompare to enrich data from hundreds of UK banks and financial institutions.

The money from crowdfunding will come to accelerate customer numbers growth, unlock new data markets and treble their Edinburgh-based team from 20 to 65 staff.

Money Dashboard CEO Steve Tigar said: “This raise comes at a pivotal time for Money Dashboard. Open Banking is starting to accelerate consumer adoption of digital money managers (DMMs) and we’re positioning ourselves to win the hearts and minds of millions of people. Bringing our users on the journey with us will be a key part in achieving this mission.”

In 2017 Money Dashboard raised capital with more than 1,000 of its users collectively investing £1.4 million.

Interested investors are invited to meet the team behind the app at exclusive events in Edinburgh, London and Online.

Scottish based AutoRek partners with US Cforia Inc to provide major productivity gains in Cash Collections

Cash Flow is the lifeblood of all businesses, therefore, shortening the time to collect and apply cash to the Accounts Receivable is a key goal for companies.

As revenue grows and the company’s exposure to accounts receivables increases, the size of the Cash and Collection team (C&C) and number of FTEE’s increases to protect what is typically 60% of a company’s available working capital.

But the C&C team expansion does not occur smoothly; it “reacts” after the Days Sales Outstanding (DSO) and Days Beyond Terms (DBT) reaches an unacceptable financial point of risk tolerance. When the actual DSO exceeds the target DSO tolerance, the “reaction” comes in the form of hiring another C&C team member or two.

Once hired and trained, the delinquent accounts receive more attention and the DSO/DBT responds favourably and begins to drop below target DSO to acceptable levels…and then this process repeats. This could be referred to as the C&C Wash Rinse andRepeat cycle.

So how do companies escape this traditional react-driven C&C growth cycle? What effect does this fits-and-starts “crisis response” cycle have on your company’s working capital? And what do your key stakeholders think about these practices, particularly related to your C&C team and the productivity of their FTEE’s?

This “Crisis-Driven” environment is pervasive across most C&C departments. In response to the latest crisis deux jour, management will allocate the minimum amount of additional resources and no more. It typically starts with temp staff who never seem to leave. OTC managers are excessively busy. Complicating this further is the lack of access to the necessary IT or consulting resources who could provide assistance in the streamlining of the processes.

 

This is the significance of the announcement of a partnership between AutoRek and Cforia Inc

Founded in Glasgow and with offices in Edinburgh, London and New York, AutoRek, is a global provider of reconciliation and advanced Order to Cash solutions for both the Financial Services sector and global corporates.

Cforia Software, Inc. is a global enterprise solutions provider, delivering industry-leading working capital and accounts receivable (A/R) automation software. Over 250 enterprises are managing $300 billion in A/R turnover with Cforia today via their Autonomy Software solution

This partnership means that Cforia will now be able to add AutoRek’s learning algorithm OCR capability with AutoRek’s Automated Reconciliations, Advanced Matching Workflow and Cash Application to their roster.

This will dramatically improve Working Capital results for companies and result in a reduced requirement for additional C&C resource. Indeed, labour savings of above 30% are not untypical after the introduction of the combined solution. It also means that growth issues, in terms of turnover, can be handled without an increase in labour requirements.

AutoRek is delighted with this partnership. It is creating considerable opportunities for AutoRek within the US market where the demand for a single vendor solution’ is high, while also offering more to existing customers.

Managing Director of AutoRek, Gordon McHarg says “AutoRek is excited to announce this strategic alliance with Cforia. Both companies are proven global leaders with multinational clients and use the same advanced technology stack. Most importantly however is that both share the same vision for improving working capital for our customers.

With this announcement, we will be jointly extending our global reach and offering companies an end-to-end solution from cash collection to cash application and cash reconciliation.”

Chris Caparon, CEO of Cforia Software added: “With the integrated release of the Cforia Cash Application and Bank Reconciliation Modules, Cforia.autonomy™ has extended our straight-through-processing capabilities for Zero-Touch Posting of EDI, EFT, ACH, PCI Compliant Credit Card, Direct Debit, Lock-Box and Cash payments. Customers will see immediate impacts in capacity, accuracy and key performance indicators while providing increased visibility, command and control of global working capital.”

With the combined knowledge, AutoRek and Cforia were able to come together to build a globally capable system which can provide solutions which solve the complex system challenges of today’s global enterprises.

Both AutoRek and Cforia are companies hugely familiar with multi-currency clients and multiple billing systems and reconcile millions of transactions daily over the UK and worldwide. For one of their clients, AutoRek reconciled 2.4 billion transactions in only 1 hour.

Money Advice Scotland is looking for help bring technical solutions to the debt advice sector.

Photo by Sharon McCutcheon on Unsplash

Money Advice Scotland is seeking support and collaboration to help bring technology aids and solutions into the independent and impartial debt advice sector. They’ve published a call for help and want to hear from anyone (fintech’s, financial services, investors or others) who’d like to collaborate and partner with them to augment the impartial debt advice sector through greater use of technology.

Simply put the ambition is to radically improve the current financial health and wellbeing for people by using data and technology to understand and solve debt problems.

Money Advice Scotland is Scotland’s national organisation promoting the development of free, independent, impartial, and confidential debt advice. It’s been working in the debt advice sector for 30 years and includes approx. 150 members including Local Authorities, Citizens Advice and other organisations providing debt advice.

Collectively they all strive to deliver and challenge for citizen financial inclusion. They support those in need at particularly vulnerable and difficult times.

 

What they need are tools to help build efficiency into the start of the debt advice process.

They’re looking for solutions that will help advisers quickly and efficiently assess a client’s holistic debt position and understand if there are options for clients to increase income and save money. The emphasis is on gaining a holistic’ view as quickly and as accurately as possible.

Currently there are some examples where it can take up to 14 weeks or longer to get a holistic view of a clients circumstances. This time frame often exacerbates the problem and can limit the debt solution options.

 

Income matters

The ability to analyse income and expenditure both matter but income really matters.

For advisers to provide best advice they need an accurate view of income. It may feel like an obvious point but some debt solutions will not be available or appropriate for some clients and it can be dependent on source and type of income.

 

Technology alongside people

Technology can be a powerful enabler for the sector, to allow advisers to spend quality time supporting people and discussing options before issues become bigger problems.

FinTech Scotland is confident that technology along with the will within the fintech, tech and financial services industry can help this important sector.  It aligns to our work on consumer financial inclusion and we’re delighted to support Money Advice Scotland on its initiative.

Please get in touch with Money Advice Scotland or FinTech Scotland if you think you can help.

Exciting news from Agrud Technologies

After a busy few months, Agrud Technologies are pleased to announce a number of exciting developments, along with the launch of our new website.

We have for some time now been expanding our client base and services. Branching out from our origins as Content Curation provider, we have augmented our AI platform, Stella, with real time market data, and a range of new analytics.

Recent work with a Singapore based Robo-Advisor has led us to developing back-end real-time market data delivery with the capacity to be built into pre-existing APIs. This takes away the stress, pressure, and high price tag of sourcing market data, so fintechs can concentrate on honing their platform and investing time in innovation. Moreover, the data we provide can be scaled to suit your company’s exact needs, without burying you under an avalanche of superfluous information.

Further work with an existing client has extended our services to also include brand new market data terminal software. We’re bringing our platform to a wider market than the current industry standards, Bloomberg Terminal and Reuters’ Eikon. Current market terminal software can set businesses back up to £18.500 per year for a single license. At Agrud Technologies we are challenging this status quo, and helping to democratize Wall Street by putting premium data and analytics into the hands of individuals and SMEs.

 

Why not visit www.agrudtech.comto find out a little more about what we’ve been doing.

Holt Accelerator Welcomes Scottish Fintechs to apply for their World-Class Fintech Accelerator Program

Written by Sarah Spagnuolo, Marketing Director at Holt Fintech Accelerator

Holt Fintech Accelerator in Montreal, Canada is a world-class fintech program that is currently accepting international applications until June 14th.

This is a fantastic opportunity for fintechs from Scotland to conquer Canada before scaling up to the US, because you get the opportunity to:

  1. Do product testing with access to senior Canadian potential partners
  2. Get assistance in fast-tracking your time to business (ie. From Visa to incorporation)

What we’re looking for

We’re looking for international, pre-Series A (i.e. bootstrapped, pre-seed, seed, bridge), FinTech startups who (or that)  are ready to take advantage of this high-impact program.

The program is being backed by the Holt family”“ one of Canada’s wealthiest families. The program is also supported by one of Canada’s largest AI firms and a long list of influencers within the FinTech community, offering invaluable insights into the North American market. Our website has all the info: https://www.holtaccelerator.ai/.

Here’s what we offer

The Capital (up to $125K cash + $50K value)

  • $25K CAD + $200K CAD in-kind on flexible terms,
  • Up to $100K CAD available if milestones are met,
  • Potential investments from Holt angels & institutions,
  • Potential for capital calls from Holt or Holdun.

The Ecosystem (Priceless)

  • Plug into Holt Financial’s digital bank and exchange for new revenue sources,
  • Raise financing more easily and strategically through the STO platform,
  • Potential to partner with our alumni and future cohort.

Potential Clients (+$100K CAD value)

  • Access to key people in financial institutions,
  • Obtain real feedback on product(s),
  • Potentially close deals with paying customers.

The Support ($100K CAD value)

  • Super Advisors provide one day a week over 12-weeks (See our growing list of Advisors here),
  • Access to world class PhDs to guide the teams weekly,
  • Coaching & workshops (pitching, lunch & learns, etc.),
  • Guidance from industry & tech experts,
  • Bonus: visibility, free office, service provider discounts.

 

Deadlines

Application deadline:June 14

Invitation for selection date: June 15

Selection dates:July 8-9 (MTL startup festival + meet and obtain feedback from over 100 Advisors)

Program starts:August 19

Program ends: November 8

 

Here’s what the Holt 2018 cohort had to say about the Program

“Once I read about the Holt Fintech Accelerator’s mission and understood the background of the family, as well as the array of businesses and the structure of the program, I knew it’d be a great fit. Holt can connect us to client and investor opportunities, and accelerate the growth of our clients.”

Thomas Schickler, CEO The Liquidity Marketplace

“It’s an exciting time to be in Fintech.  We’ve seen waves of disruption in the space, and then banks absorb some of that change.  We’re helping banks compete with stand-alone fintech apps by bringing personalized financial wellness tools into their offering and winning the customer back. We’re excited to be part of the Holt Accelerator and appreciate the support they’re giving us to let more people know about our product. The rest of the cohort is also highly talented, and we may have an opportunity to partner with other startups that complement our offering.”

Sajil Koroth, CEO, KapitalWise

 

“We had several discussions with Brendan and Jan before applying and realized that they are great people, with great connections into financial institutions in Canada ”” our current customer base.  We’ve also learned since starting the program how hands on these guys are. The program is extremely well organized and the Holt management team has been very helpful. This journey is incredibly exciting!”

Sean Merat, CEO, Owl

Launch of the UK Fintech National Network

Innovate Finance, FinTech Scotland and FinTech North have today announced the launch of a national fintech network. Its aim is for innovators to connect all around the country.

The FinTech National Network will increase collaboration between fintech hubs focussing on initiatives such as skills, investment and diversity.

Because innovation is coming from all parts of the UK it is vital to have a unified message that can be taken to a global audience and attract even more Foreign Direct Investment (FDI).

FDI is still flowing into the UK fintech sector. In 2018, the UK had its highest year in terms of investment, with over $3.3 billion, split roughly 50/50 between growth PE investment and VC investment. Compared to 2017, it’s 18% higher. Between 2016 and 2017 FDI had already doubled. These growth levels put the UK third only to China and the US.

 

Stephen Ingledew, CEO of FinTech Scotland said:

“Innovate Finance is leading on valuable work in areas such as attracting investors, access to skilled people and international engagement, so we are delighted to be working in collaboration with them in supporting the development of FinTech enterprises. With our shared values of encouraging diversity and inclusion in financial innovation, we are looking forward to developing our partnership in supporting FinTech growth.”

 

Chris Sier, Chairman of FinTech North & HM Treasury FinTech Envoy, said:

“Innovate Finance is a globally respected and recognised brand. As the FinTech sector continues to develop at pace outside of London, it is really encouraging to see Innovate Finance taking more proactive steps to engage on a truly national basis.

London’s role in the global FinTech economy is a significant one, but I strongly feel the regional cities of the UK have much to offer on a national and international basis, even more so if they can collaborate with each other via initiatives like the FinTech National Network.”

 

Charlotte Crosswell, CEO of Innovate Finance, said:

“I am delighted that we will be working closer with the FinTech Scotland and FinTech North across the UK. Clearly, momentum is growing within the UK’s national FinTech scene outside of London and Innovate Finance is committed to ensuring that FinTech is supported and represented across the entire breadth of the UK.”

Digital Technology Employer Survey

Photo by Branko Stancevic on Unsplash

Skills Development Scotland and partners are conducting an employer skills survey which will help shape the correct future skills provision for digital tech jobs in a number of sectors. If you manage a digital technology business/a business which has need of employees with digital skills, complete the survey; and share your skills issues and recruitment needs and challenges.

The Digital Technologies sector is important to Scotland as it plays an underpinning role in driving the competitiveness of Scotland’s other growth sectors as well as being a significant employer in its own right.

As part of this an employer skills survey is being conducted which will assess the current and likely future skills needs and issues in the digital technologies workforce.  Ultimately, the research will deliver a strong and robust evidence base with which to inform skills investment planning for the digital technology sector and other sectors with a growing need for digital skills.

 

The objectives of the study are as follows:

  • Detail the size and scale of the sector, and its economic importance to Scotland
    • Detail the size and scale of the sector in Glasgow and Edinburgh
    • Detail the size and scale of the Fintech sector
  • Present the current composition and forecast changes in the sector’s business base
  • Establish the current and likely future skills needs of employers
  • Map the education supply pipeline for the sector

Got a Bold Business Idea? Converge 2019 is Now Open for Applications!

The quest to find the next generation of entrepreneurs from Scotland’s thriving academic entrepreneur community is fully underway. Converge, the pioneering entrepreneurship programme for staff, students and recent graduates from across Scotland’s universities and research institutes has just launched its 2019 programme, challenging every Scottish university to uncover the next big idea.

Now in its 9thyear, Converge now has the financial backing of all 18 Scottish universities ”“ up 11 from last year. They join the Scottish Funding Council which has earmarked over £1m funding to cover the next three years, and Creative Scotland.

This year’s total prize fund is the biggest yet at £230,000 and is shared across the four main platforms ”“ Converge, Impact, KickStart and, new for 2019, the Creative Challenge. Successful applicants also benefit from in-depth business training, pitch coaching, support and access to an extensive network of business and investor contacts.

Open to spin-outs and start-ups from any industry sector, Converge alumni are represented across a wide range of sectors including the life sciences, technology, engineering, renewables, the creative industries and medtech.  Some of their ground-breaking innovations include next generation ultrasound sensors, educational robots, wearable medical devices, trailblazing cancer treatments and robotic probes.

Applicants now have until Thursday 25 April to submit their proposals.  Full details including how to apply are available on the Converge website.  Additionally, the Converge Outreach Team is currently travelling the length and breadth of Scotland to offer help and advice to students and staff thinking of applying to this year’s Programme.  Events are scheduled throughout April with new sessions added daily, so please take a look at our schedule for more details.