101 Fintechs by Business Cloud compressed

Sep 19, 2018 | Publisher: edocr | Category: Business & Economics |  | Collection: Business Ideas | Views: 30 | Likes: 5

Edition 11, Q3 2018 BEWARE THE POISONOUS INVESTOR p25 Unfolding social media p4 From FanDuel to Flick p30 COO on Tech Nation transformation p40 E3CREATIVE'S PERFECT SIGNING p8 FROM VIDEO GAME STORE TO IPO p26 FINTECH DISRUPTERS 101 CONTENT BUSINESSCLOUD EDITION 11, Q3 2018 BUSINESSCLOUD.CO.UK // COLUMNS 23 Lawrence Jones on FinTech "We're living in an age of convenience and old-school industries like banking simply have to keep pace or risk being left behind" 59 Gadget Gavin on unusual AI "AI is pervading our lives in subtle ways, from flipping hamburgers to cleaning teeth, robot bees and fighting climate change" 75 Amber Murray on tech addiction "It's become fashionable to say we should all give up our phones, but I certainly won't be giving up my internet any time soon" 04 26 08 36 // FEATURES 04 Unfolding social media 06 Life after administration 08 Why Gary Neville was top signing 11 Cover story: 101 FinTech disrupters 26 Debbie Bestwick on Team17 IPO 30 From FanDuel to Flick 32 Neymar falls for shopping app 33 Show me the money 36 Jacqui Ferguson on Silicon Valley 38 51 AI Innovators - extended edition Saving face with AI - digital exclusive 40 Tech happens outside London 44 Tech's university challenge 46 James Caan's LinkedIn confession 58 Facebook helped my cancer fight 60 When investment goes wrong 73 Putting fun into cyber security // EVENTS 20 The Future of FinTech in London 50 Sheffield putting steel into digital 53 Adding rocket fuel to retail 56 Survival guide to GDPR 63 Liverpool Skills Summit 70 Now is time to invest in Manchester CONTACT US Editor Chris Maguire: 0161 215 7144; chris.maguire@businesscloud.co.uk; @editor_maguire | Deputy editor Jonathan Symcox: 0161 215 7143; jonathan.symcox@businesscloud.co.uk; @jonathansymcox | Katherine Lofthouse, senior writer; katherine.lofthouse@businesscloud.co.uk | Mo Aldalou, multimedia journalist ; mo.aldalou@businesscloud.co.uk | Alistair Hardaker, multimedia journalist ; alistair.hardaker@businesscloud.co.uk | Helena Furness, business development manager; helena.furness@businesscloud.co.uk | Events: 0161 215 7142; andrea@businesscloud.co.uk | Advertise in BusinessCloud: 0161 215 3877; sponsor@businesscloud.co.uk | Subscriptions: subscriptions@businesscloud.co.uk | Contributors: Jenny Brookfield | Designers: Erica Cheung, Billy Evans | Website: www.businesscloud.co.uk | Twitter: @BCloudUK | Address: BusinessCloud, UKFast Campus, Birley Fields, Manchester M15 5QJ The story so far... /businesscloudmedia @BCloudUK businesscloud.co.uk DISCUSSION CONTACTS EDITOR'S INTRODUCTION 0161 2157144 editor_maguire chris.maguire@businesscloud.co.uk How will you remember the summer of 2018? For me the overriding memory will be of the parched lawns caused by the hottest summer in living memory and the sounds of 'Football's Coming Home' as the country dared to dream of World Cup glory in Russia. A bit of rain has restored the brown-coloured gardens to their more familiar green while the achievements of Gareth Southgate's team have been swallowed up by the freneticism and madness of the new Premier League season. The weather and football are good metaphors for life. Nothing stays the same forever and that's especially true for business. The latest edition of BusinessCloud is full of examples of fast-changing entrepreneurs, businesses and sectors that continue to move with the times. The cover story is our 101 FinTech Disrupters list. FinTech is the product of the union between finance and technology and estimates suggest it's worth billions as a sector. Compiling the list became a labour of love for reporter Katherine Lofthouse as she had to whittle it down from a long list of more than 600 companies. We're not saying these are the only FinTech companies out there but these are 101 of the most disruptive ones. One of the favourite parts of my job is meeting people and I especially enjoyed sitting down with Jake Welsh, founder of award-winning digital agency e3creative. Like all good entrepreneurs he's always looking to the future so when ex- Man Utd legend Gary Neville offered to buy half his business he had to make sure his heart (he's a Man Utd fan) didn't rule his head. Going into business with Neville proved to be an inspired decision for both men. Funding is a recurring theme of business and that's reflected in the latest edition of the magazine. Good businesses will always be able to attract investment but companies with flaky business plans, no trading history or high-risk start-ups will struggle. Evolve or die because nothing stays the same Chris Maguire, editor BusinessCloud 3 However getting investment can sometimes be a curse rather a cure. Howard Simms, chief executive of Apadmi Ventures, said companies need to be aware of poisonous investors. "Never jump into bed with an investor until you've got to know them," is his sage advice. I also had the opportunity to interview renowned venture capitalist Jon Moulton at a roundtable I hosted in London. He estimates around 50 of his 120 investments have a tech link and says many funders are "throwing" money at tech because they don't want to miss out on the next big thing. It's the modern day equivalent to the emperor's new clothes. Finally, I've just come back from a two-week holiday in America and I cast my mind back to the horrific incident in 2017 when Dr David Dao was dragged off a flight in Chicago by law enforcement officials because it was fully booked and the airline wanted to make way for staff members. It became a story because the incident was videoed and subsequently watched millions of times. It would never have been as big a story without technology. It's a lesson Northern Rail failed to heed. They picked on the wrong man when they decided to block commuter Nicholas Mitchell on Twitter because he complained about its poor services. The software engineer created a 'Northern Fail' app, which has been downloaded thousands of times and won praise from Greater Manchester Mayor Andy Burnham. Businesses that don't move with the times and embrace technology will become obsolete. BusinessCloud Media BusinessCloud_Media BUSINESSCLOUD EDITION 11, Q3 2018 4 BUSINESSCLOUD.CO.UK SOCIAL MEDIA Unfolding a new era for social media With so many apps proclaiming themselves the 'Uber of this' or the 'Airbnb of that' before promptly disappearing, the public could be forgiven for being sceptical. However when one accumulates more than three million users within the first few months, it's clearly worthy of the hype. The rise of storytelling platform Unfold is as clear and simple as its aesthetics. The app which allows people to create professional-looking pages around their camera images which can then be uploaded to social media platforms such as Instagram has been adding around 75,000 users a day and won over the likes of fashion and beauty vlogger Zoella, pop star Camila Cabello and magazine Vogue. All this without any external investment or marketing budget. Co-founder Alfonso Cobo (pictured) says his team wants to empower people to stand out from the crowd. "The current Instagram story tools are really limited," he tells BusinessCloud. "What gets us most excited is what people create with These days it is hard to stand out from the crowd yet Storytelling app Unfold has gained more than three million followers without any marketing. Katherine Lofthouse interviews the founders. Unfold and the impact of these stories. For example, a journalist from Birmingham recently used it to tell the story of a refugee woman's life and job." CREATIVITY His co-founder Andy McCune adds: "There are lots of apps out there to create things from templates or add text over stories. We've made the app in a way that encourages people to create full stories rather than just upload selfies into a template and add brushstrokes over it. Something about that is creating a community and bringing artists, influencers and creatives together in a cool way." The team took inspiration from print magazines and newspapers to put the finishing touches to Unfold, making the app as minimal and easy-to-use as possible. "A lot of other apps feel difficult to use and have too many features, fonts and functionality," says McCune. "Whenever we add one, we try to take another away to streamline the process. It also takes the pressure off the user, making storytelling as easy as possible. We call it 'blank canvas paralysis' when you have all the options in the world and don't know where to start." As the company grows it wants to stick to its remote working model. While its base is in New York, the duo is ensuring the business can thrive with its team working anywhere around the world. "Part of the soul of the company is to be able to tell stories and you can't tell stories if you don't travel or experience new places," says Cobo. "It's important for us that the team is divided around the world we've got half in the US and half in Europe so we try to work around time differences and languages because diversity really adds to the product." The 11-strong team is currently BUSINESSCLOUD EDITION 11, Q3 2018 5 @BCLOUDUK SOCIAL MEDIA " Something about that is creating a community and bringing artists, influencers and creatives together in a cool way." ANDY MCCUNE Andy McCune. completely self-funded, despite having been "inundated" with VC and investor requests, says McCune. "We've really considered raising investment but opted out because we want to build a cash-sustainable company and right now we have the cash flow to do it," he says. "We're not closing any doors but for now we're staying self-funded and want to continue to grow in the most sustainable way possible." The founders say expanding in a responsible way has been their biggest challenge to date. "A lot of companies end up scaling and hiring too quickly and sacrificing their culture along the way," says McCune. "We've really made sure every person we've brought on is a great fit and that we're adding them in a way that doesn't sacrifice culture but builds in the direction we're trying to go." This drive to be different is reflected in the young company's recruitment process, which doesn't involve the usual 'send-us-your-CV-and-maybe-we'll- get-back-to-you' slog. "We don't care about what experiences people had in large companies, we truly care about values, what they can bring to the table and the stories they can tell," says Cobo. "People have been reaching out to us through Instagram rather than sending their CV through email it's a new way of recruiting." When would-be employees get in touch they're asked to tell a story through the app. If that gets the team's attention they arrange to chat and set a project to make sure the prospective employee's skills are up to scratch a tactic that so far has worked out well for the pair. The founders believe this method allows them to have a better connection with their team. VALUES The pair also puts a chunk of its success down to the fact that Cobo comes from a design background and McCune is the owner of a travel media company with a sprinkling of advertising tech background, meaning they have something different to offer than the "clich Silicon Valley entrepreneur". "It's really represented in our values and the way we see our company growing," says Cobo. "We started this with the idea of bringing people together through purpose-driven stories. Because it's important to us we truly believe we can make a little change in the world through these stories, so it's something we don't want to get lost. The people we add to the team are passionate about similar things photography, travel, bringing people together through social media, design it all makes the team what it is." This passion is reflected in the type of stories that tend to do well on the platform, which Cobo says are ones which try to connect in an emotional and personal way. "Instagram allows people to connect on a deeper level than traditional media like newspapers," says Cobo. "So when people tell their personal stories or struggles through our platform they can really connect with their followers. If you follow someone on Instagram you really trust them and want to hear what they're saying." McCune says that in an age of fake news and questionable role models, building this trust is crucial as young users look outside of traditional media for inspirational figures to follow. "Social media stories are much more visually driven than traditional methods," agrees Cobo. "Newspapers aren't going to be mainly visual but if you go through Instagram stories 95 per cent are. They say a picture is worth a thousand words and that's such a powerful thing to be able to have when telling a story." BUSINESSCLOUD EDITION 11, Q3 2018 6 BUSINESSCLOUD.CO.UK SPOTLIGHT As a tech unicorn, it suff ered a spectacular fall from grace when it collapsed into administration amid reports of alleged fi nancial mismanagement. Wages had not been paid at advertising tech business Ve Interactive for several months, with its $1bn valuation seemingly at odds with its accounts, according to reports. That was in 2017. Today Ve Global, the business formed following a buyout, considers itself something of a tech 'phoenix', rising from the ashes and shaking Tech phoenix shakes off past Administration doesn't have to be the end of the journey. Jenny Brookfi eld looks at how global tech business Ve Global survived its own troubles and is now on the verge of profi tability once again. off what it went through in another lifetime. There's been a real cultural change as the new team at the top aims to prevent the same mistakes and live up to the success it believes it is capable of. And, as it refl ects on the last 18 months, there are lessons to be learned that could easily apply to any tech business. TRANSPARENCY "There was a gear shift when the new management team came on board, with full transparency and acting with integrity we hadn't had that transparency previously," says Danny Bartlett (pictured opposite page), international head of communications at the London- headquartered business, which provides personalised online journeys for the customers of retailers. "When you've had 1,000 people having their wages missed for three to four months, the main priority was to put them fi rst and that's something the business has continued doing." The business was placed into administration in April 2017 following months of uncertainty that had seen its value slashed to 300m, the departure of its founder and an emergency round of fundraising. A new management team was brought in to look for ways to turn around the faltering business. BUSINESSCLOUD EDITION 11, Q3 2018 7 @BCLOUDUK SPOTLIGHT " We managed to save 500 jobs and continue the business moving forward, otherwise we could have gone into the history books as one of the biggest falls from grace of one of the biggest tech unicorns." DANNY BARTLETT Staff could have been forgiven for low morale at that time, but Bartlett says there was a different feeling among the workforce. "Leading up to the administration, the team had their heads down and focused on the product we're a business that's always had great products and been innovative and we believed in that," he says, adding that there was another reason for his own department to remain determined. "When you're in a position of PR, your number one job when things hit the fan is internal comms. It's a volatile situation, there's a public persona out there around what's happening and staff get nervous." The turning point for the business came when it was purchased by a consortium of existing investors and from then change came rapidly, Bartlett says, recalling the day it happened. GLOBAL RESTRUCTURE "The new chief executive at the time, Morten Tonnesen, gathered everybody on the day and said everybody would have their salaries and that the new management team was going to do everything humanly possible to ensure the company was on a sustainable footing," he says. "That announcement came as soon as a conclusion was reached and was important because staff hadn't had transparency previously. It was important to give them full disclosure every step of the way, and that's the reason why we still have hundreds of those people still working across the business." A global restructure took place and a package of efficiency savings were made to steady the ship. The main priority was to safeguard as many jobs as possible, although losses were inevitable, Bartlett says. The 1,000-strong workforce was cut to half, with a fifth of the losses coming from the UK. "We needed to make sure the business was safeguarded for the long term instead of the headlines being 1,000 jobs lost and the business closing," he says. "We managed to save 500 jobs and continue the business moving forward, otherwise we could have gone into the history books as one of the biggest falls from grace of one of the biggest tech unicorns." More than one year on, those within Ve have had time to dwell on what went wrong and lessons that can shape the future of the business. "We don't want to bury the history, we want to talk about it and that will anchor the business now," Bartlett says. The rebrand to Ve Global has come with a whole new set of values and a sense of identity. Unsurprisingly, transparency "top down and bottom up" is an ethos that runs through the battle- scarred tech business, with communication with staff one of the key reasons it has begun to thrive again, Bartlett says. A long-thinking view is also important. "If you're thinking short-term gains in a business you're not in it for the long haul, so you need to put time into building a sustainable business we're talking about a vision going forward for three to five years at least," he says. "We've got serious people at the top giving their time to build this company and solving problems." The fact that Ve's online products help retailers generate better online sales, at a time when many are closing their high street stores is a parallel not lost on Ve. Its goal is to help businesses survive, as it did, and it prides itself on not having lost a client during the administration process. Efforts have been made on strengthening relationships between its 23 global offices and it continues to be open and honest, internally and externally. "We're no longer a unicorn but we're at the phoenix stage, rising from the ashes," Bartlett says, adding that the business is contributing to a parliamentary review looking at how it turned itself around. "It feels like a new business with great products and leadership and we've move into a new UK office, which feels like a great place for a young workforce. "Ve did go through some bad stuff but we're looking to break even pretty much soon and hit profitability, which, to go from where we couldn't have felt more down and build it up again, is amazing." Employees at Ve Global are kept informed. BUSINESSCLOUD EDITION 11, Q3 2018 8 BUSINESSCLOUD.CO.UK BIG INTERVIEW Why Neville was perfect signing for e3creative On one side of the table was tech entrepreneur Jake Welsh and on the other was Manchester United legend Gary Neville. Welsh's award-winning digital agency e3creative had impressed the footballer-turned-businessman to the point that he offered a significant six-figure sum for a 50 per cent stake in 2015. "It was surreal to see someone you've watched on the telly for a number of years sat in front of you doing business with you," recalls the Man Utd fan. "It was a strange scenario. My dad was ringing me up for his autograph!" In such circumstances it would have been easy for Welsh to let his heart rule his head but he wanted to be sure it was the right thing for the business that he founded straight from university. "Everyone said 'don't do it'," he says. "They knew what I was like. I'm a control freak and they knew how much I'd invested of my own life to get where I am. I've lost friends, missed out on the fun things in life. Instead, I had weekend shifts, all-night shifts." He sought a second opinion from a mentor who he brought with him to meet Neville. "The mentor had always told me 'no, you don't need it'. But I brought him and I wanted him to see why this was different and why my gut was saying this was right. "We went to Gary's apartment, we sat down for an hour and left to get a coffee. The mentor said 'this is the time, this is right. The boardroom is lonely and you're getting bigger'." Welsh and Neville shook hands and have never looked back. At the time of the deal e3creative was turning over 750,000 but has since grown to 3.2m. A lot is known about Neville, who has combined a successful career as a football pundit and entrepreneur since hanging up his boots in 2011, but who is 30-year-old Jake Welsh? Born and bred in Lancashire, he's one of three children and quickly realised he had no interest in following in his father Philip's footsteps as a newspaper editor. He didn't enjoy school where reports described him as the "class clown". "I wasn't a conventional child," he explains. "I didn't like education. I was problematic as a child. I struggled to focus on things that I didn't want to focus on. I struggled to be told what to do. Back in the day, I wanted to work for Pixar. I've always loved the process of making things. I've always been good with a pencil and illustrating." He lists Apple's design chief Sir Jonathan Ive as somebody he admires in more ways than one. "He worked silently and then through his articulation became a frontman," he says. Like Ive, Welsh prefers to keep a low profile and his penchant for wearing black is telling. "I always wear low-profile clothes," he says. "I'm not a suit man." He went to the University of Salford to study new media and design and was quickly made redundant from his first agency job. It turned out to be the best thing that could have happened . The 22-year-old launched e3creative (the three e's stand for engage, enhance, enjoy) from his home in Lytham with the help of his mum's credit card. It's all a far cry from today and e3creative's immaculate new offices in Queens House, Manchester. SUCCESS STORY Welsh reels off the company's turnover without the need to check. "In year 1 it was 47,000; year 2 138,000, year 3 365,000 , year 4 580,000, year 5 710,000, year 6 1.1m, year 7 2.6m, current year aiming for 4.2m and next year 5.8m." The success doesn't stop Welsh checking his cashflow every morning and every night. "I think I'm still built for survival," he says. "When you've built something from the ground you're constantly looking at your jar to make Jake Welsh, left, and Gary Neville. BUSINESSCLOUD EDITION 11, Q3 2018 9 @BCLOUDUK BIG INTERVIEW " Gary is up at 5am every day. An email will be in your inbox by 5.15am. He's on it. I work hard, and he makes me feel lazy! " JAKE WELSH From Top: Michael Mara, right, with Ryan Giggs. Middle: Gary Neville during his tenure as an England coach. Bottom: Neville in Manchester United colours. sure you're OK. I'm a guy who checks his bank balance every morning even though we're doing healthy figures. Most people don't do that. If we want to take risks, Gary is the backbone of those decisions." Welsh had grown the business to 15 staff when he started working with Neville, who was based a stone's throw away. The two got on straight away and Welsh says Neville applies the lessons he learned in football under Sir Alex Ferguson into his business career. "The phrase that he uses is 'attack the day'," he says. "There are no truer words to describe Gary. He's up at 5am every day. An email will be in your inbox by 5.15am. He's on it. I work hard, and he makes me feel lazy! "You realise he's a businessman straight away when he starts to tell you about his philosophies and what he wants to achieve in business. His drive is what motivates you to drive even harder. Gary will always admit he was never the best footballer. He had to make himself the best footballer. I've always thought the same. I'm not the most qualified from an educational perspective. I've never been to business school, I've never had a real business partner and I've been driving myself. "That's where the similarities between him and me come in. It doesn't matter, just keep going." So how does Welsh feel when people refer to e3creative as Neville's business? "I'm not egotistical in any way," he says. "You can't be annoyed at a business partner who's come into the business with a profile and is growing it. If it was 'Jake Welsh's business' I'd be more annoyed at that, because it's the team that deserves the credit. What we need to do is make sure that e3 is the business, it's not me and it's not Gary. It is a brand that should power itself in its own right. It's like Formula 1. You look at the race driver and say 'great job'. But actually, it's the team behind them that made that happen. The driver takes 100 per cent of the glory and you forget that the team spent the night before changing the gearbox. I don't want to be a Lewis Hamilton. I'll always try and push my team out. "The nice thing about Gary being on board is that he never changed our direction. He backed that direction. I see Gary twice a month. That's his management style. If something is OK, it will be OK. If there's a problem, he'll involve himself." TRAGEDY Despite Welsh's success, he says he'd give it all up in a heartbeat in exchange for saving a colleague who died of cancer in 2015. Mike Mara gave his name to the agency's Mara Foundation, which aims to nurture talent and encourage people to "dream big" like he did. e3creative has just taken on its first intern as part of the foundation and Welsh spoke of his devastation at his colleague's tragic death. "Mike's death knocked me and everyone for six," he says. "I cried for weeks and although e3creative has been really successful I'd give it all up for Mike. People live by his culture and talk about him every day. The Mara Foundation is something the entire agency talk about to people. They thrive off it." However he admits it could have all been different after Mara's first unsuccessful job interview. "We turned him down because we didn't believe his portfolio was strong enough," recalls Welsh. "He was a graphic designer. A year later we ran the same interview process and lo and behold, Mike was there. "I laughed and asked if he was coming back for a second try, and he said 'I absolutely am'. I told him again that his skills weren't where we needed them to be and he said: "Put me on whatever salary you want and I'll make myself there'. "We took Mike on and within a year he absolutely flew. He committed himself and worked every minute of every day. He researched and invested his life in it." Tragedy struck in the run-up to Easter 2014 when he felt unwell and within a few days he'd been diagnosed with level 4 bowel cancer. He died in October 2015 and his colleagues channelled their grief into creating a foundation in his memory to uncover the next hidden gem. Welsh says Mike's death puts things into perspective and his legacy continues to drive the direction of the business, which has grown to 50 staff. "If you look at our brand and model and tone, it isn't following the crowd," he says. "We don't do things that everyone else is doing. "My philosophy in business is to stay pure and not get distracted by what others say or are doing. We don't work for people, we work with them. We need to stay true to what we set out to achieve." BU Y N OW 20 Thursday 19 Wednesday BUSINESSCLOUD EDITION 11, Q3 2018 11 @BCLOUDUK The explosion of digital connectivity through our smartphones has changed the way we bank, borrow and buy. The FinTech sector has become a magnet for start-ups and entrepreneurs in the UK. BusinessCloud has been on the hunt for the nation's top FinTech movers and shakers, the people and companies that are breathing new life into traditional institutions and coming up with innovative new ways to help people manage their money. From P2P lending to crowdfunding, from RegTech to InsurTech, fi nancial services are no longer synonymous with impenetrable small print, stuff y hierarchies and high barriers to entry. The judges chose the top 101 FinTech Disrupters from the pool of nominations, showcasing the stars that are burning brightest in the banking revolution. Katherine Lofthouse reports. Aicura Solutions, London 'Plug-in FinTech factory for banks' Aicura off ers banks a faster, cheaper way to quickly test ideas and take them to market. The company focuses on the fi nancial services sector, off ering incumbents 'prototyping as a service'. Aire, London Aire's credit assessment service reveals the bigger picture, predicting how borrowers will behave in the future rather than relying on an extensive credit history. The start-up works with the likes of Toyota Financial Services, peer-to-peer lender Zopa and fashion retailer N Brown and has had $12m funding to date. Akoni, London Understanding that many companies and charities are too small for a treasurer but too big to ignore active cash management, Felicia Meyorowitz Singh co-founded Akoni. The personalised treasury management platform scans the entire UK marketplace, covering more than 300 products from 70 leading banks. Algomi, London Ringing in a new era of electronic bond trading, Algomi created the Honeycomb Network, a platform that matches investors to the best dealer for corporate bond trades. Recently receiving signifi cant investment from Euroclear, the company will also make the hundreds of thousands of bonds held by Euroclear in Europe available to buyers through Algomi's ALFA price aggregation tool. Ultimately, the company off ers bond market participants access to information would be diffi cult or impossible to gain without tech. Applied Blockchain, London The fi rst blockchain company to receive investment from Shell, Applied Blockchain has a focus on distributed ledger technology and smart contracts for a huge spectrum of industries. The start-up was also selected by Shell as the winner of a development competition for its downstream businesses. Join the discussion on #FinTech101 FinTech 101 BUSINESSCLOUD EDITION 11, Q3 2018 12 BUSINESSCLOUD.CO.UK FinTech 101 Arkera, London Arkera is an AI wealthtech platform empowering self-directed investors to make investment decisions by connecting news content to products. Its technology and expertise helps fi nancial institutions increase revenues by equipping clients with appropriate knowledge to drive investment activity. It has raised 8m investment to date. Atom Bank, Durham The UK's fi rst bank built exclusively for your smartphone or tablet, Atom Bank launched in 2016 with Fixed Saver accounts and mortgages. It's now recognised as one of the fastest- growing banking start-ups in Europe. BBVA made 85.4m investment into Atom earlier this year, bringing the total capital raised to 149m. It has lent more than 1.2bn through residential mortgages and business loans in less than a year. BCRemit, London With the goal of creating a 'marketplace' for migrant workers in Europe, BCRemit off ers disruptive online money transfer services via its mobile app, web and call centre. Mainly targeting the Southeast Asia send corridor, with more than $70bn in annual remittance transactions, it gives users access to value-added services such as eCommerce, bills payment, mobile top- up and even fast food delivery. The site aims to provide the lowest transfer fees in the market, and last year partnered with identity confi rmation provider HooYu to help customers get approved faster. Blukudu, London Helen Mitchell co- founded collaboration builder Blukudu in 2012 to help create partnerships between incumbent fi nancial services, investors and SMEs in partnership with governments. The company has operated a profi t every year since it was founded. Mitchell has been involved in bringing 220m+ equity investment into the UK tech sector. Brolly, London Phoebe Hugh is changing the way insurance works with Brolly. Powered by AI, it helps people understand what insurance they need, fi nds the best policies and then helps manage them simply and easily. Hugh started her career at Aviva, where she worked as an underwriter and product manager before leaving to start her own company. She has raised 1m in seed funding. By Miles, London By Miles is revolutionising car insurance with its pay-per-mile black box and mobile app. Members pay a small subscription fee to cover fi re and theft while the car is stationary; after that, each trip is logged and charged via a monthly statement. It raised 1m in a seed round led by JamJar Investments, the venture capital fund of the Innocent drinks founders. Capitalise, London Capitalise helps fi nancial advisers fi nd fi nance for their SME clients from more than 100 institutional and FinTech lenders throughout the UK. It uses in-house tech and data analytics to identify the best fi nancing options available. Supported by both the Microsoft Accelerator and Microsoft Growth programme, it was recently identifi ed by global innovation foundation NESTA as one of the top ten FinTechs that could shape the future of small business banking. Capnovum, London For fi nancial institutions that struggle to keep up with ever-changing regulations, RegTech start-up Capnovum has made things a whole lot easier. Automating the process with AI, the platform helps businesses fi nd out what they need to do to stay compliant in a complex fi nancial landscape. Choon, Wiltshire Internationally renowned DJ Gareth Emery created Choon to pay artists fairly and immediately in cryptocurrency. Independent artists can use it to upload their music, share it with others and directly be paid 80 per cent of the proceeds from the streaming of their material. Currently in beta, it features mostly electronic music to date. Azimo, London International transfer service Azimo makes it easier and cheaper to send money around the world. Japanese eCommerce giant Rakuten has just invested a $20m Series C round into the company, leaving it valued at several hundred million dollars. With over 1.5m registered customers, the company saw triple-digit growth in 2017. BUSINESSCLOUD EDITION 11, Q3 2018 13 @BCLOUDUK FinTech 101 Clearsettle, London Clearsettle's payment gateway makes it easy for businesses to make and accept payments from more than 140 countries through hundreds of diff erent methods. With a single integration, payment service providers and merchants can instantly connect to its networks. Cleo, London While many banks move toward an app-based service, AI chatbot Cleo will help you get rid of them. The digital fi nancial assistant advises users on their spending and of deals in the marketplace while automatically placing money into a savings account based on what they can aff ord. Users can send money to their Facebook Messenger contacts via Cleo while it has backing from big-name investors including Zoopla founder Alex Chesterman. Cobalt, London Blockchain start-up Cobalt is helping businesses streamline the operational costs and minimise the risks related to processing foreign exchange trades. Instead of creating multiple records for the same transaction, Colbalt creates a single view stored on a shared ledger. It recently secured a strategic investment from Singapore Exchange, which operates Asia's largest foreign exchange. ComplyAdvantage, London Financial crime compliance experts ComplyAdvantage are building solutions to stop money laundering and terrorist fi nancing. The AI and Big Data-driven risk database raised $8.2m in Series A funding in 2016 and its real- time capability to update their list of individuals on watch-lists has led it to industry recognition. CreditLadder, London Asa Bentley set up CreditLadder in 2016 to help tenants add rent to their credit history. Working with Experian, his company scans on-time rental payments to improve users' credit. It has partnered with the likes of challenger banks Monzo, Metro Bank and Starling Bank and featured on the likes of Money Saving Expert and Radio 4. CrowdLords, Surrey CrowdLords exists to make investing in property easier and more accessible for more people. The start-up lets users crowdfund investment in rental properties or developments from as little as 1,000. More than 100,000 a week is already being invested on the platform, delivering returns averaging between six per cent and 15 per cent per annum. CUBE, London CUBE produces state-of-the-art solutions ensuring that banking customers remain the right side of the regulators. The company alerts its 1.5m user base in real-time when regulatory change occurs. It then helps them identify the impact on their policies and procedures, helping them return to a compliant state as quickly as possible. Currencycloud, London Currencycloud's platform makes it easy to send and receive payments. It builds tools for payment companies to use via its API, enabling remittances and money exchanges across borders. It raised 20m in a Series D funding round led by Google's GV, its fi rst FinTech investment in Europe, last year, taking its total to around $68m. Curve, London FinTech start-up Curve is aiming to revolutionise how people see, save and use money. It lets users move all spending into one easy-to-use card and app and is the brainchild of Shachar Bialick, formerly of Israel's Special Forces. Fully launched at the start of this year, 50,000 people signed up to its waitlist in addition to the 100,000 or so users who joined Curve in its beta phase. Delio, Cardiff Growing across the UK, Delio creates and delivers private asset platforms for some of the world's leading fi nancial institutions. The company recognises that exciting young entrepreneurs are desperate for a diff erent way of doing things. Focusing on high-net-worth clients, it helps traditional silos launch new products and has attracted $1.4m investment to date. EdAid, London Helping fi ght crippling study fees, EdAid lets students crowdfund their education. Founded in 2015 by Tom Woolf, a former professional athlete and a Nike ambassador, the platform off ers interest-free loans with students then giving a percentage of their early career earnings to their backers alongside a network connecting students with the best internships and jobs. It also launched QardHasan, the Sharia- compliant version of the platform, last year, which is led by Ismail Jeilani. Encompass, Glasgow Regtech company Encompass was founded in Sydney before moving to Scotland. It has raised 4.2m in investment as it targets the 'Know Your Customer' market and helps fi ght money laundering. It gives businesses real-time access to multiple sources of global company and personal data which it has uncovered through robotic search. Enforcd, London Helping businesses identify, manage and mitigate the conduct risks they face through its intelligence platform, regtech company Enforcd was a member of the Bank of England's FinTech accelerator. It is led by fi nancial services regulatory barrister Jane Walshe, who previously worked at JP Morgan. Join the discussion on #FinTech101 BUSINESSCLOUD EDITION 11, Q3 2018 14 BUSINESSCLOUD.CO.UK FinTech 101 Essentia Analytics, London In 2014 Essentia was named Guardian 'start-up of the year' after signing up some of the world's biggest hedge funds in its fi rst 18 months. The company specialises in investment behaviour analytics software that helps investors ignore their internal biases and boost their portfolio. Everledger, London Diamonds are one of the biggest purchases most people make but certifi cates are often forged. Everledger is the fi rst company to track diamonds throughout the supply chain using blockchain technology, ensuring they are authentic and ethically traded. Fidessa, London Known as one of the 'grandfathers' of the UK fi nancial market, Fidessa provides software and services to 85 per cent of the world's top fi nancial institutions. $20 trillion worth of transactions fl ow across its network each year and a 1.5bn takeover of the fi rm by Ion Investment Group was recently approved by the Financial Conduct Authority. Fiinu, Surrey 'Neobank' app Fiinu aims to launch at the beginning of 2019 to provide access to credit to "the lower half of the UK's population" which could feel pressured to take out a payday loan. Its CEO Marko Sjoblom has pledged to save UK consumers a total of 1bn annually on overdraft fees within fi ve years through an automated lending robot named Fiinuscore. Finimize, London Max Rofagha is the founder of Finimize, the start-up that's making fi nance accessible for millennials. Backed by VC Passion Capital, the company was originally created as a newsletter which simplifi ed fi nancial news. With more than 200,000 subscribers and growing fast, it has since morphed into an end-to-end fi nancial planning platform. FINkit, London FINkit's toolkit is making it easier for banks and fi nancial services to integrate FinTech solutions into their systems. Developed by Monitise International and Mastercard, and now part of Finserv following a 70m acquisition, the platform is being used to help compliance in open banking. Eileen Burbidge It's easy to see why UK Treasury special envoy for FinTech Eileen Burbidge has been dubbed 'Queen of British VCs'. Since earning her stripes at prestigious companies including Yahoo!, Skype and Apple, she has become a partner at venture capital fi rm Passion Capital and is co-founder of tech start-up hub White Bear Yard. Fiona Ghosh Fiona Ghosh is a partner at law fi rm Addleshaw Goddard specialising in complex FinTech arrangements in the fi nancial services sector. She heads AG's FinTech Group, acting for fi nancial institutions in bringing new payment solutions, including ApplePay, Samsung Pay and Android Pay, to market. Liz Lumley FinTech legend Liz Lumley is a global specialist commentator across the sector. She has spent more than 20 years working in the fi nancial technology space, most recently as managing director at Startupbootcamp FinTech London and as an editor at fi nancial services and technology newswire, Finextra. Louise Brett Former banker Louise Brett leads Deloitte's FinTech operations in the UK, working with everyone from fi nancial services clients to government bodies and the broader FinTech community. She sits on the board of Deloitte's EMEA FinTech Accelerator. Richard Crook RBS's head of emerging technology Richard Crook is turning his attention to the application of distributed ledger technology, including blockchain. Throughout his career he has specialised in the building of fi nancial ledgers and regulatory reporting for the largest fi nancial service institutions. 5 FinTech champions BUSINESSCLOUD EDITION 11, Q3 2018 15 @BCLOUDUK FinTech 101 FloodFlash, London FloodFlash uses an algorithm to provide fl ood insurance which is fairly priced even in some of the highest-risk locations around the world. Customers receive a pre-agreed settlement as soon as sensors detects that waters have exceeded a critical depth. It recently raised 1.9m for a nationwide launch, including funds from previous backer and incubator InsurTech Gateway. Fluidly, London Helping young companies manage their fi nances more easily, Fluidly analyses and learns from transactions to highlight threats and maximise opportunities. Combining AI with fi nancial modelling to off er automated cash forecasting, last year it closed a 2m seed round. Form3, London Payment services provider Form3 helps users move money faster, delivering real-time payments processing. Last year Barclays and Angel CoFund backed the company to the tune of $5m in Series A funding and it has also partnered with Starling Bank and Tandem Bank. Friendlyscore, London FriendlyScore off ers free credit scores and reports based on users' social media profi les. Crowned most exciting FinTech start-up at WebSummit in 2017, its biggest market is currently India, where 21 per cent of world's 'unbanked' people reside. Funding Circle, London Peer-to-peer lender Funding Circle links investors up with small businesses, having arranged 3.4bn of loans to almost 36,000 SMEs since 2010. With a 2bn fl otation on the horizon, it's backed by some of the world's leading VC fi rms and earlier this year the unicorn appointed Bank of America to lead one of the biggest-ever listings of a British FinTech company. Funding Options, London A matchmaking site for small businesses and lenders, Funding Options has won multiple industry awards. Backed by the British Business Bank, the site has helped fi rms from across the UK source tens of millions of pounds in fi nance in the last year alone. GoodBox, Manchester Social impact start-up GoodBox builds contactless payment devices which are intended to replace traditional cash buckets. Working with the likes of the Natural History Museum and Help for Heroes, GoodBox hardware doubled fundraising revenues during trials. Hello Soda, Manchester With more data than ever at our fi ngertips it seems like a natural step to use it to help people get credit scores. Hello Soda helps businesses with identity verifi cation, fraud and personalisation by letting customers connect their digital footprint such as their social media profi le as part of an application or payment process. Rapid year- on-year growth and an expanding presence in the US marks it out as a key player. HUBX, London HUBX technology powers the London Stock Exchange Group's ELITE private placement platform connecting high-growth companies with its global institutional investor network. HUBX empowers investment professionals to manage their workfl ows and relationships with insight, intelligence and control. InMyBag, London InsurTech start-up InMyBag is protecting a mobile generation. Partnering with heavyweight companies such as Amazon and Apple, it protects users' belongings and also off ers Crashplan data recovery service, which automatically backs up all data stored on a computer. The new streamlined model will replace consumers' lost or stolen belongings within four hours, wherever they are in the world. Investec Click & Invest, London Global wealth management giant Investec launched 'Click & Invest' last year as an easy way for people to invest amounts of 10,000 or more. The platform provides users of all levels of experience with specialist managers to help them take care of their investments online. Invstr, London Invstr is a micro-investing app that allows users to learn about the fi nancial markets and trade in a fun way. Downloaded more than 500,000 times across 192 countries, it off ers a virtual investment game for newcomers and veterans alike, detailed stock market and crypto market news, data feeds and an in-app portal for fractional share trading. iwoca, London iwoca lets small businesses borrow 1,000-150,000 in a couple of clicks, basing its decisions on a business' performance rather than just a credit score. In the fi rst quarter of 2018 alone it has approved 3,500 small businesses for credit facilities, far more than any other challenger bank, and nearly matching HSBC's or Barclays' business overdraft approvals. It has reached profi tability. Landbay, London Having recently received investment from Andy Murray, Landbay is proving that property is still thriving. The proptech fi rm has raised a total of 6.4m funding in six crowdfunding rounds on Seedrs and passed the 100m lending milestone. It seeks to optimise the opportunities presented by peer-to-peer lending. Join the discussion on #FinTech101 BUSINESSCLOUD EDITION 11, Q3 2018 16 BUSINESSCLOUD.CO.UK FinTech 101 Lendable, London Peer-to-peer fi nance fi rm Lendable is the fastest-growing lending platform in Europe and has raised a mammoth 302.5m to date from investors including Eileen Burbidge. It provides borrowers with decisions on loans within 15 minutes by using automation and technology. LendInvest, London Property fi nance marketplace LendInvest off ers simple mortgages and smart property loan investments. The site has facilitated 1.2bn of loans made to borrowers who have bought, built or renovated 4,000 residential properties in more than 120 towns and cities across the UK. This year it grew over 90 per cent after launching mainstream mortgages. MarketInvoice, London Founded in 2011, peer-to-peer lender MarketInvoice makes it quick and easy for entrepreneurs to access invoice fi nance and business loans. Over

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