AIMday® Fintech: collaboration to tackle real-world problems
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Castlight – CaaS tool extended across the affordability spectrum
Blog written by Phil Grady, Chief Executive, Castlight
Over the last couple of years Castlight Financial has invested in the development of our CaaS (Categorisation as a Service) tool, to provide a range of affordability solutions.
The CaaS engine, powered by our own API, uses open banking technology to allow a customer to share his or her transactional information in real time. CaaS then categorises the transactions across any number of accounts into 155 categories of expenditure and 29 categories of income. Categories include credit commitments, essential costs and discretionary spending and then drills right down to all sorts of discretionary spending such as Costa coffees on the way to work, lottery tickets and haircuts.
Up until recently, the CaaS technology has primarily driven our popular Affordability Passport, used by lenders to get a full picture of a customer’s finances at the press of a button. Given that the Affordability Passport process also eliminates the need for lenders to trawl through bank statements and pay slips to review discretionary and non-discretionary spending, lenders are able to offer customers a transformative 10-minute mortgage process. When the market typically assumes an average consultation of around 3 hours with a mortgage broker to secure a loan, the Affordability Passport is truly shaking up the lending industry.
Leading UK banks and brokers have been quick to embrace the Affordability Passport and are currently rolling it out to their customer bases.
But we’re a team of disrupters and we like to keep making ripples in markets, so this summer we took the decision to extend the implementation of CaaS right across the affordability spectrum.
Let’s assume that most people using our Affordability Passport are looking for a mortgage or a loan to enhance their lifestyle. They use credit, but they don’t have problems with debt. They are somewhere in the middle of the affordability spectrum.
But what about the people who, at one extreme of the affordability spectrum are struggling with debt and at the other have income surplus to their current lifestyle requirements, which should be effectively invested and managed?
This summer we prioritised the development of The Big View, a fintech tool powered by CaaS, which empowers people with debt issues, by providing them with access to their own data. The pilot scheme was launched with the Big Issue Invest and Advice Direct Scotland (ADS) in June. Since then any client who requests a Big View analysis has had the opportunity to get an in-depth, 360-degree view of their finances and to work with ADS advisers to interpret the findings and develop highly individualised solutions.
And in the last few weeks, we have had a team working on CaaS for Wealth, a tool designed to help Asset Managers provide the best possible service for their customers. Using the functionality of the CaaS transactional categorisation powerhouse to conduct a wealth assessment, CaaS for Wealth will not only report on exactly what and when a customer spends but will also use its trained engine to identify risk, patterns, behaviours and appetites.
We’re talking to forward thinking asset management companies just now and working hard to bring this product to market. Another revolution is on the way.
We believe that no-one is average, so an affordability product can never be one size fits all. People are somewhere on an affordability spectrum so that’s where our financial affordability solutions haveto be too.
AccelerateHER by Investing Women: Bootcamps and Angel Investment opportunities
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Edinburgh: 25th September
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Glasgow: 21st November
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Aberdeen: early 2019 (exact date to be confirmed shortly)
FinTech has arrived in Scotland: Investing in skills will make sure it stays
Article written by Jim Tomaney, chief operating officer, Renovite Technologies Inc.
Historically, among the many things Scotland is applauded for, financial services and innovation sit as two of its longest-standingand best-known accomplishments. This week’s visit from Ivan McKee MSP, the Minister for Trade, Investment and Innovation, to several growing FinTech’s in Fife, including our own, demonstrates the extent to which this assertion continues to bear weight; confidence in the sector is high ”“ and for good reason.
For us, Mr McKee’s visit signifies a flagship moment. It recognises Renovite Technologies as an important part of a growing FinTecheco-system that taken together is creating new opportunities for businesses and people up and down the country – whilst positioning Scotland as a central player in the global FinTech market.
New and emerging sectors like financial technology are essential when it comes to planning our economic future. As the Scottish Fiscal Commission’s latest economic forecast showed, we are potentially facing subdued’ economic growth for at least the next five years.Yet, at the same time, it acknowledges that: “The past is an imperfect guide to the future in a rapidly changing global economic, social, political and technological environment.”
To buck this trend and make sure the past does not representthe future, it is imperative that we continue to invest growing sectors andparticularly, in skills and people. As Stephen Ingledew said last year: “In these fast-changingtimes,Scotland punches well above its weight in Fintech. Driven largely by world-renownedexpertisein the use of Data, Scotland is rapidly establishing itself as a significant Fintech hub.”
It is reasons like this ”“ expertise – that we as a company that specialises in payments technology has chosen to invest in Scotland as a base for our operations. Giving people, whether it be through retraining initiatives like CodeClan or through specialist FinTechcourses, the right skills should be an absolute priority in the days ahead.
Today’s consumers continually push for new and innovative products in financial services. Scottish FinTechs have been able to satisfy that demand thanks to a highly skilled and experienced workforce – combined with a supportive business environment.
Remaining agile and responsive to these demands will ensure Scotland continues to enjoy such a strong reputation in the area and its businesses continueto grow.
Thanks to rising demand for better payments software from banks and money management companies, we have grown our team in Scotland by more than three times this year and anticipate tripling this figure again over the next 12-months.
We are only able to do this because we have access to some of the most skilled staff in the global labour market. For this to continue, we must look to grow and develop a workforce that is able to satisfy the market in the future, ensuring Scotland remains a magnet for technology-drivenfinancial services in the future.
Applied Fintech Project at the University of Glasgow
After the many important achievements during its first year of existence, the University of Glasgow Fintech Society is delighted to share its ambitious plans for the upcoming academic year.
Now that the new academic year is approaching, the society aims to develop even more by offering innovative learning opportunities.
A proof of this is the Applied Fintech Project (AFTP), a 7-week-long activity based on experiential learning, which will take place between September and November 2018.
During the working period, the teams will be supported and guided by mentors (University of Glasgow alumni and/or professionals) and they will be asked to prepare a report and a presentation to show their work.
The AFTP will end with a final event on Friday 16th November 2018, during which the teams will have the chance to present in front of an audience of academics, professionals and students. A board of judges will then deliberate which team has presented the best solution to the case.
The event, taking place at Glasgow University Union (GUU), will also represent a great networking opportunity for everyone involved.
The Applied Fintech Project is not only an exciting opportunity for the students and the businesses involved, but also the first project of its kind organised by a student-led society in Scotland.
Fintech Society members will work in teams to map out the challenges and opportunities faced by the businesses with regards to Fintech, drawing on cross-disciplinary research to devise tailored insights and potential solutions for the firm. At the same time, the startup providing the case will benefit from having the opportunity to gain another perspective on the specific Fintech-related issue from university students. Furthermore, the business will havethe chance to promote themselves among university students interested in technology,finance and innovation.
Apart from the kind support received by Orca in the provision of the case, the AFTP is supported by the UofG Fintech Society’s main sponsor, Previse, a successful Fintech startup that uses an artificial intelligence solution to support instant payments between corporates and SMEs.
Blockchain Live 2018
On September 26 in London, Europe’s premier blockchain event will bring the latest and greatest in Blockchain, DLT and Smart Contracts. Blockchain Live 2018 will welcome big names such as Bitfury, ConsenSys and EOS.
For the first time, a meeting of some of the greatest experts in blockchain and DLT will be hosted in London. Amongst others, Nick Szabo, the father of smart contracts; Alex Tapscott, Author of the Blockchain Revolution; Blockchain Guru, Oliver Bussmann and the Chamber of Digital Commerce’s Perianne Boring will share their thoughts.
Blockchain Live 2018 will deliver industry inspired content. The conference will help businesses wishing to harness the potential of blockchain. It will look at the full spectrum from pioneering developers to the new generation of investors and entrepreneurs.
The event will contain a mix of free-to-attend and paid-for content. The paid-for events: the Blockchain Leaders’ Summit and C-Suite Stage, are directed at business leaders who want to learn from real life case studies on strategic implications of blockchain.
The C-Suite events will help attendees make the most of a blockchain enabled future.
There are 7 free-to-attend Industry Stages’ around some verticals such Fintech, Govtech, TechDev, Product Journey, Cryptocurrency, Energy Forum and Creatives including gaming, gambling and entertainment.
You’ll be able to listen from BNP Paribas, SWIFT, London Stock Exchange Group, EDF, Coca-Cola, Bupa and HSBC.
On top of all of this the organisers are bringing 2 new events to Blockchain Live 2018:
Blockchain Bust Up: Live debate on the governance and regulation around Blockchain and DLT
Investor Zone featuring The Start-Up Village and Pitch: a hive of blockchain innovators with new and exciting technologies
To read more and register click here
The Herald Intrapreneurial Conference in association with CivTech®
What is Intrapreneurship?
It is an essential part of a nations landscape to encourage, discuss and focus on Intrapreneurship to ensure that a nation’s economy grows.
Internal Entrepreneurship – intrapreneurship – is crucial to companies who wish to keep their competitive edge. It is becoming increasingly important, in such fast-paced times, to encourage and grow those from the inside of a company, where their talent and knowledge lies.
The conference
To help achieve businesses’ ambitions for empowering those with an entrepreneurial spirit, The Herald are holding their first Intrapreneurial Conference to engage, inspire and showcase organisations, companies, workplaces and individuals who are leading the way on their Intrapreneurial journeys.
Intrapreneurship has never been more important to our businesses, our economy and our society in such changing times. This is an event you do not want to miss.
The Intrapreneurial Conference takes place on August 28 at 200 St Vincent Street, Glasgow.
Register on https://www.eventbrite.co.uk/e/the-herald-intrapreneurial-conference-in-association-with-civtech-tickets-47350832615
For further information please contact Kirsty Loughlin on 0141 302 6016 or email kirsty.loughlin@newsquest.co.uk
Scottish fintech Butterwire gives online traders the edge
Direct online trading is the new darling of Fintech – with many new or emerging entrants offering super low cost or free online trading. But just because it’s easier, doesn’t make it smarter.
Enter butterwire (www.butterwire.com)
Butterwire is an “AI driven Equity Research and Portfolio Analyst.” It helps investors make faster, better and smarter investment decisions.
The solution keeps track of portfolios, alerting and suggesting mitigation actions as conditions change, and the heavy lifting around analysis and insight generation.
We are very excited at the moment as we have just launched our crowd funding campaign – with 40% of target already met (£80K) within a few days. More on Crowdcube – www.crowdcube.com/butterwire
How was Butterwire created?
Butterwire is the brainchild of Raphael Fiorentino, and his 10 year mission to empower investors to make informed investment decisions. Raphael’s unique background in chemical engineering & statistics and fund management drove him to develop and refine a systematic way to use Quant, Fundamental, Macro and Technical market data to inform his own successful investment career.
Fast forward a few years, a lot of worn shoe leather, and an introduction via a mutual colleague, butterwire is now being built by a small team of talented and experienced software engineers and me, right here in Scotland.
Raphael – How would you describe butterwire?
In two words – Investor Power
2. Minimising Risk – by promoting diversification across stocks and minimising correlation 3. Being Kept Aware – informing you when things change (and they do), while helping to find alternatives.
Raphael – What would you say butterwire has achieved in this last year?
A year on from starting (Sept 2017) we now have: 1. A working and evolving application that went live in June 2018 – app.butterwire.com
4. A new website – with informative investing articles and a knowledge base around our investing model.
How is Butterwire different
What makes butterwire different for me it’s the combination of the latest technology, fully leveraging the latest cloud services and machine learning capabilities, along with the industry expertise that both Raphael and the team bring. Only a few years ago – we would be unable to offer the service we can now, enabled by the advances in data processing, UI and scaleable on- demand cloud services.
Startup Summit Edinburgh – An Overview
Startup Summit was designed to bring together, inspire and educate entrepreneurs at all levels of business growth. Scotland has a thriving startup scene and a huge amount of enterprise support available; Startup Summit brings all the knowledge and connections under one roof.
At Assembly Rooms in Edinburgh, this year’s summit will host over 30 world-class speakers across three themed stages: the Main Stage, the Business Builder Stage and the Impact Stage. Over 1,000 attendees are invited to join in with discussion panels, workshops and the interactive exhibition space. For business leaders at all stages, Startup Summit is an opportunity to engage with experts, build a network and gain valuable tools for long-term success. There are also 30 exhibitor spaces at each summit, which allow entrepreneurs to meet similar business, mentorship enterprises and potential corporate connections.
The theme for this year’s Startup Summit is the power of company culture.’ Experts will be looking at the growing values-led mentality of both consumers and employees, as well as addressing recent controversies and issues such as the gender pay gap results and the gig economy.
Previous years have seen a variety of high-profile speakers and entrepreneurs attend Startup Summit. In 2017 alone, the event hosted James Watt, Founder of Brewdog, Josh Littlejohn, Founder of Social Bite, Chris van der Kuyl, Founder of 4J Studios, Mary Owen, Founder of Ellis Productions and Scottish First Minister, Nicola Sturgeon (who launched the Unlocking Ambition initiative). This year, confirmed speakers include:
Alan Mahon, Founder of Brewgooder
Mike Atterley, Founder of BlackCircles.com and CEO of Atterly.
Over the past seven years, Startup Summit has grown exponentially and is now recognised as one of the leading events for entrepreneurship in the UK. Startup Summit has been organised by WeAreTheFuture since 2011, which underwent a merge and is now part of FutureX. The team at FutureX believe that values-driven entrepreneurship is the key towards a more virtuous economy for all. Through unique events, programmes and partnerships, FutureX educate and inspire the next wave of business leaders to grow their organisations with a purpose greater than profit.
Each year, FutureX run a Startup Summit Competition, which will see one UK-based tech entrepreneur awarded a top prize, including a free place on the Silicon Valley Accelerate Programme in Spring 2019. Three finalists will pitch head to head on the main stage at Startup Summit for this unique opportunity. Previous winners include Christopher McCann, Founder of Snap40 and Tarryn Gorre, Founder of Kafoodle.
LendingCrowd expands its team
Article written by Adrian Innes, Head of Origination at LendingCrowd
Festival season is in full swing, and Edinburgh is buzzing with tourists and performers from every corner of the globe. Some residents may grumble about the crowds and the blizzards of flyers, but this artistic extravaganza really shows the capital at its best.
Predictably, the arrival of the festivals means the heatwave has given way to some much-needed rain, but that hasn’t put a dampener on activities at LendingCrowd, the only peer-to-peer (P2P) lending platform headquartered in Scotland.
We recently expanded our business development team with the appointment of Jordan Wright, who is working alongside Riley O’Dwyer and Thomas Boyd to forge closer links with our fantastic community of introducers and individual business owners.
Our loans origination reached record levels during the first half of the year, with total lending of £13.9 million for the six months to the end of June ”“ up from £4.9 million for the same period last year. Lending in Scotland trebled to £3.9 million as awareness of our brand and business model continues to grow.
These encouraging results coincided with another milestone ”“ it’s a year since I joined LendingCrowd as Head of Origination, following three decades in the banking sector.
I passionately believe that small businesses need ”“ and deserve ”“ access to a wide range of funding sources to continue to thrive in these uncertain times. SMEs are the powerhouse of our economy, accounting for more than 99% of the business population, but many still struggle to access the funds that allow them to grow and enter new markets.
Competitive rates and rapid loan turnaround times mean that more borrowers are turning to specialist P2P business lenders like LendingCrowd. Research from the British Business Bank in February showed that net bank lending was relatively flat last year, but P2P business lending volumes rose by 51% to almost £1.8 billion.
Since inception, we’ve helped hundreds of SMEs secure more than £41 million in funding and we’ve got a real ambition to make P2P lending mainstream as shown by our recent “Think Outside The Bank” campaign that you can see at www.lendingcrowd.com/borrower .