Jenny Campbell in Edinburgh to address business women’s event
One of the top UK business women will be in Edinburgh in March at this year’s Ambition & Growth Conference dinner which will take place at the Sheraton Hotel.
Jenny Campbell, the Founder of YourCash Europe will be sharing her story and passion towards helping people succeed in business.
More about Jenny Campbell
Aged only 16, Jenny joined the banking fraternity. At 23 she had completed her banking qualifications and been awarded a Chartered Institute of Bankers prize.
In 2006 she joined Hanco, a cash machine company
owned by RBS, as director of operations.
In 2010 she took charge of a management buyout
of the business. She renamed it YourCash Europe before impressively expanding the business’ operations.
In 2013, she took the business through a secondary buy-out which allowed her to obtain full control of the business. She sold the company in October 2016 to Euronet Worldwide Inc.
Vitalise Business Woman of the Year in 2014 she was then welcomed as a Freeman to the Guild of Entrepreneurs in the City of London.
Very experienced public speaker she also spend a lot of her time helping entrepreneurs launch their business.
Most people will know her best for her role as a dragon on the BBC programme Dragon’s Den.
Jackie Waring, CEO and Founder of Investing Women, the organisation behind the Ambition & Growth Conference, said: “We are delighted to welcome Jenny, a high profile and hugely successful businesswoman, to the third annual Ambition & Growth Conference. Along with
her formidable track record in the global banking sector, Jenny really stands out for the work she does to support young people in business and promote a positive message about entrepreneurialism.”
Ambition and Growth Conference
Ambition & Growth 2018 is set to inspire, motivate and inform aspirational entrepreneurs as well as business angels and professionals in leadership roles.
Other speakers will include:
Professor Heather McGregor CBE, Executive Dean,
Edinburgh Business School, Heriot Watt University and
Mary Harper, Affluent Customer
Director at Aviva.
For more information visit:
http://www.investingwomen.co.uk/ambition-growth- conference/
RBS FinTech Accelerator goes national ”“ but Edinburgh remains core location
RBS and fintechs?
After a successful trial at the Entrepreneurial Spark Hub in Edinburgh last year, RBS is expanding its FinTech Accelerator programme across three more locations in the UK – London, Manchester and Bristol ”“ but attracting FinTechs to join the programme based out of their Gogarburn head office is still seen as vital.
We spoke to Steve Chown who leads the FinTech proposition for the Bank:
“Having the Entrepreneurial Hub in our head office in Gogarburn over the last few years has transformed the feel of the building. The layout has been designed to really encourage engagement between Bank staff and Entrepreneurs, with the Hub and our Innovation teams next door to each other and even sharing an event space. It’s a big building, with coffee shops and even a Tesco Express and you often see Entrepreneurs in the queue for their Latte next to Bank Execs!”
“We’ve got 6000 staff based in Gogarburn alone, from every function within Banking you can think of and that’s a key part of our offering for FinTech businesses – linking them up with staff who can add value to what they are building ”“ for example if you are a payments business we’ll endeavour you a linked in to someone from our payments team who talks your language and can give you advice and feedback. Our staff are really keen to engage, I’ve even had our Analytics and Modelling team offering to help, hands on, with businesses struggling to manage their data or with large analytics problems”
“The Banks attitude to dealing with start-up businesses has really changed over the last few years ”“ we now realise that sometimes we don’t know best, and there’s massive value in partnering with specialist businesses with ready made solutions”
So what does a FinTech Accelerator involve?
Steve explains more:
“At the core of our offering is the coaching and mentoring from Entrepreneurial Spark alongside office space in our Hub but we really wanted to ensure FinTechs got real value from joining our programme so asked them what their main challenges were. Based on what we were told we have arranged additional content around IP protection, regulation, partnering with Corporates and raising investment alongside technology and sales strategy reviews from our partners at Dell – plus of course connections into relevant Bank staff and will end the programme with a Demo day event to pitch their ideas. We are really looking forward to welcoming some more FinTechs in to our head office.”
If you’re interesting in learning more about this or if you’d like to apply for this programme contact us below or via the contact us form.
Previse’s expansion in Scotland. Interview with the Chief Product Officer
Earlier this month we received some great news from Previse. The B2B payment decisions start-up managed to secure £800k R&D grant from Scottish Enterprise in order to to set up an new development centre in Glasgow, creating 37 new data science jobs.
FinTech Scotland spoke with David Brown, Previse’s Chief Product Officer to understand the decision process that lead to the firm’s move this side of the border.
How did Previse come about?
We identified that current solutions to financing trade finance assets involved too much process change and this change more often than not would lead to the demise of payments in the supply chain as most focused on the Top suppliers i.e. the 80/20 rule. The majority of any major corporate spend is with the top 100-200 suppliers, the remainder [referred to as tail spend] can involve thousands of smaller suppliers more often than not most SME’s would fall within this segment. Previse identified a huge gap in the current market offerings and their failure to address this segment and have now developed a solution specifically to address SME payments within the Global Supply chain using, with virtually no process change to deploy.
Why did you choose Scotland to establish your new base?
After meeting with the Scottish Enterprise, Datalabs and the university professors, we came to the conclusion that the right building blocks are being put in place to address the skills gap that is required to enable a digital world and from there a fintech solution.
And why did you choose Glasgow specifically?
This was perhaps the hardest of the decisions but based on the fact the JPM, Barclays and MS have their operations in Glasgow, helped in our final decision.
Where would you like to see improvements in the Scottish fintech proposition?
Fintech in our opinion involves several key ingredients; technology, liquidity and legal without this it could become just tech. It is important that whilst we challenge the use of new technologies, we also challenge our legal frameworks and boundaries to ensure the asset is attractive for finance. Active collaboration between all parties is necessary and should be without conflict as the outcome benefits all.
In your opinion what is the biggest challenge Scotland is facing when it comes to becoming one of the leading fintech hubs?
References. We need strong case studies as change is hard but once you get through the inertia of change it becomes the norm. Scotland must collaborate, promote and get behind platforms, to generate the need and desire for talent, after all this is a new world with new challenges but also amazing opportunities to build world class talent and present a showcase of successful reference accounts to build upon.
Can you tell us about some exciting developments at Previse?
We are in the final stages of some major announcements both in partnerships and in client adoption and are busy hiring in Glasgow to support our growth. Partnering is key to Previse as we have built an enabler and each partnership we announce confirms our strategy and validates our vision.
You told us previously you’d like to spend more time in Scotland. What are the thing you enjoy doing/visiting when you’re up here?
Now I am here after working away for close to 30 years, I am looking up and finding everyone that meant something to my life and growing up, so catching up with neighbours, school and work friends and ex work colleges etc. is top on my agenda.
Are you planning on moving permanently to Scotland?
You never say never and I would like to think that is possible at some stage, I may need help with my Wife Sammi.
You told us previously you’d like to spend more time in Scotland. What are the thing you enjoy doing/visiting when you’re up here?
One of my best friends is Colin Barr who happens to own the Bierhall in Gordon Street so it would have to be that one.
What’s your favourite place in Scotland?
Loch Lomond, I have fond memories of my childhood and swimming there and also my big sister Ireney had her ashes spread there so it is now a very special place for all of us.
Appointment of FinTech Scotland’s CEO
At FinTech Scotland we’re proud about the fact that we’ve been created and managed by members of the eco-system through the Scottish Financial Enterprise Fintech Steering Committee. Being built from the ground up means that we’ve gained a great understanding about the needs of fintechs, established brands, academia and the public sector. We’ve now reached a stage to use that insight to take FinTech Scotland to the next stage and develop a strategy for the fintech sector in Scotland.
We’re delighted to announce the appointment of Stephen Ingledew as CEO of FinTech Scotland.
Stephen bring with him years of experience in the financial sector where he focussed amongst other things on implementing customer focused and technology enabled initiatives.
Stephen previously worked as senior executive for companies such as Standard Life and Barclays as well as small innovative financial enterprises He’s always been an influential advocate of making financial services more open, creative and inclusive to all through new innovative technologies, encouraging diversity and progressive ways of working as well as improved collaboration across stakeholders and participants.
Throughout his career Stephen has also occupied a number of non-executive director roles including with Scottish Financial Enterprise; The Institute of Financial Services; The Chartered Insurance Institute and The Financial Services Authority.
He is a frequent author of articles and regular contributor at major global conferences on subjects ranging from customer strategy and execution, fintech and insurtech innovation as well as business change leadership. He is currently a non-executive director of Marketing Edinburgh, the body responsible for promoting the region.
Our new `CEO will work closely with a broad range of stakeholders including members the fintech community through the FinTech Practitioners Forum, SFE’s Fintech Steering Committee, and our 2 HM Treasury envoys. Stephen has already indicated that he would focus his efforts on creating an integrated and thriving ecosystem through the provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders and connect Scotland to other global Fintech centres.
You will be hearing a lot more from Stephen in the coming weeks so stay tuned and subscribed to our newsletter.
University of Stirling Launches new Fintech Masters Course
Seed Haus ”“ open for second cohort
Seed Haus, the Scottish pre-seed tech accelerator, are now accepting applications for their second cohort. If you’re interested you have until 30th December to apply for £30,000 of equity investment from Scotland’s top-tier tech investors.
Who are Seed Haus?
Calum Forsyth, CEO, and Robin Knox, Chairman founded Seed Haus after identifying a gap in the startup support system. They decided to create the only incubator in Scotland which provides entrepreneurs with start-up capital as part of the package. On top of office space and the capital the pair also designed a solution that provides mentoring, peer meet-ups and investor sessions.
The first cohort launch early 2017 with 5 of the most exciting start-ups in Scotland: Drinkly, Kindaba, Sansible Wearables, Security CTRL, and Taka.
The selection process
Out of all the applications, 5 startups will be selected and offered a place in the programme. Seed Haus is working with renown partners: Alistair Forbes, James Watt of BrewDog, Gavin Dutch, Paul Walton, Judy Wilson, Rob Dobson, Paddy Burns, Chris van der Kuyl, Paul Davidson, and Sir Tom Hunter.
Calum Forsyth declared: “Our deal terms are incredibly founder friendly. The founders backed in cohort 1 were originally looking to raise around £100,000 with very little traction. Based on the current investment climate in Scotland, that would have meant selling a big part of their business, at a formative stage, hampering future growth and fundraising. Pleasingly, they saw the value in aligning with Seed Haus which allows them to hold on to a greater portion of equity and lay the foundations for a truly scalable business”.
Who can apply?
Most entrepreneurs can apply but Seed Haus is most interested in people with domain expertise. Seed Haus provide investments which allow entrepreneurs to cover their living costs. It therefore removes some of the risks that could have stopped some entrepreneurs making the leap. Transitioning from full-time work to entrepreneurship can be hard, Seed Haus take some of the fear away.
Bitcoin vs. Scotcoin – the Scottish cryptocurrency alternative
It’s becoming very hard to ignore cryptocurrencies. Whether you’re a cryptocoin enthusiast or a confirmed sceptic, it’s clear that they are here to stay. They might never replace traditional currencies but will have their part to play in the world of finance.
However, Caroline Wylie, at Scotcoin tells us that the rise in Bitcoin has had a profound effect on the very nature of Bitcoin. Increased transaction charges are pushing up the cost of working in cryptocurrencies – as she says: “Your cup of coffee at £3 looks rather different when it becomes £7 by the time you pay for it. Why would you pay such a high premium just to use Bitcoin as a currency? It makes smaller transactions completely uneconomic.”
Bitcoin Transaction charges
Why are the charges so high? It’s down to the success of Bitcoin. This has led to a steep increase in the number of transactions. The way Bitcoin verifies those transactions requires rewards for the miners who do the work – they get paid in Bitcoin, so the more transactions there are, the more miners are needed and transaction fees go up.
The standard charge for a transaction is 0.0005 BTC or 0.50 cents at $1,000 per BTC. This number can fluctuate depending on how fast you want the transaction to happen.
However, today, with Bitcoin over $11,000, even if the standard charge is around $3.50 it will require 99 blocks to process and confirm the transaction. 99 blocks is the equivalent of up to 17 hours. If you want the transaction to be faster you’re looking at:
0.0006 BTC or $4.20 for 15 blocks
0.0007 BTC or $4.90 for 2 to 5 blocks
The alternative – Scotcoin
Scotcoin intends to move from the Bitcoin blockchain to its own permissioned blockchain to remove the those high transaction charges and speed up how fast those transactions are confirmed. The new blockchain can deal with transactions in seconds with a cost that’s only a very small fraction of the charge one would pay with the Bitcoin blockchain. So not only is it cheaper, it’s faster making retail use of cryptocurrencies a reality.
Scotcoin has already done a small trial of using digital currencies to buy beer in the Arlington Bar in Glasgow. And initial tests on the new blockchain are producing exciting speeds. More updates soon.
About the author:
Scotcoin is a cryptocurrency established in 2014 by Derek Nisbet, a Scottish fintech entrepreneur. It currently operates on the Bitcoin blockchain using the Counterparty protocol and has a market value of $25 million USD placing it in the top 200 of global crypto currencies as measured by the USD value.
In 2016 all intellectual property associated with Scotcoin was acquired from Nisbet by Scottish fintech investors, David Low and Temple Melville.
The investors’ desire is for the Scottish Government to adopt Scotcoin as the country’s unofficial crypto currency. It is acknowledged that currency is not a devolved responsibility whilst Scotland remains part of the UK. Scotcoin could only become an official currency if Scotland was independent of the UK or current legislation was changed.
Why a London based fintech chose to grow in Scotland
David Brown, Co-founder & Chief Product Officer at Previse, spoke to us about the reasons behind the company’s expansion in Scotland.
It was first and foremost a very early meeting with the Datalabs that triggered the interest of the senior management team.
With a highly skilled workforce and a huge amount of new talents fresh out of world class universities, Scotland appeared to be the ideal place for Previse to locate, develop and recruit talent in data science with an ambition to use artificial intelligence technology to fix global trade finance.
Previse are still growing their presence in Scotland helped by Scottish Enterprise who awarded them a significant grant in order to support the company’s hiring strategy.
Clockwise, the co-working space in Glasgow, currently hosts the first Scottish recruits. Datalabs are still heavily involved as their R&D partner.
Previse is also working with the leading Scottish universities to disrupt trade finance by bringing data together with artificial intelligence.
David added that the required skills were “in short supply, but, by investing in developing these talents, Scotland can become a destination of choice and lead the way in providing high quality and high paying jobs in this sector.”
LendingCrowd toasts Scottish Enterprise anniversary
LendingCrowd, the only peer-to-peer (P2P) lending platform headquartered in Scotland, has completed 33 loan deals ”“ worth some £3 million ”“ to companies based north of the Border since forming its groundbreaking partnership with Scottish Enterprise a year ago.
Loans have been secured by a range of fast-growing companies, including restaurant chain Tony Macaroni, property lettings agency Umega Lettings and Summerhall Distillery, the producer of award-winning spirits brand Pickering’s Gin.
The Scottish Enterprise tie-up, announced in October last year, will see the economic development agency provide LendingCrowd with £2.75m to lend to Scottish SMEs across its platform.
Stuart Lunn, co-founder and CEO of Edinburgh-based LendingCrowd, is now targeting total lending of £15m to Scottish SMEs in 2018, more than a third of forecast overall lending of £40m across the UK next year, and said growth in the platform’s investor funds has been driven by the launch in February of its Innovative Finance ISA product.
He said: “The flexibility of our funding packages combined with our ability to offer a highly personalised service and much quicker turnarounds on loan decisions than are available on the high street are starting to make an impression in the Scottish market.
“LendingCrowd has seen significant growth in 2017 and is anticipating doing £18m of deals this year, versus £4.5m in 2016. Much of the growth in investor funds on the platform results from LendingCrowd launching its ISA in February this year.”
LendingCrowd, which was established in October 2014, is fully authorised by the Financial Conduct Authority. To help drive growth and scale the business, former RBS and Clydesdale Bank director Adrian Innes joined as Head of Origination in September and now leads business development activity.