Case Study: Pryme’s “Soft Landing” in Wales

Pryme Financial Ltd celebrates key milestones following their move to Newport via the Soft-Landing programme.

What is the Soft-Landing programme?

The Welsh Government-funded Soft-Landing programme, managed by Tramshed Tech and Newport City Council, provides an opportunity for international tech businesses to ‘soft-land’ their companies in Wales. It has been designed for tech businesses based outside of the UK who are looking to expand or relocate to Wales, and includes a 12-week business support programme as well as 6 months’ worth of office space at Tramshed Tech Innovation Station, Newport.

Who is Pryme Financial Ltd? 

Formerly known as OjirehPrime Financial Services Ltd, Pryme Financial Ltd offers a mobile-only banking platform delivering cost effective financial products that meet the needs of young Africans around the world.  Having operated in Nigeria for four years, Founder and CEO Edoka Idoko decided to scale his business operations in Wales via the Soft-Landing programme in November 2023.

How does FinTech Wales support the Soft-Landing programme? 

FinTech Wales is a huge advocate for the Soft-Landing programme and actively speaks to fintech businesses all over the world to encourage them to register for this significant support. In addition to the 12-week business support and 6 months’ worth of office space, fintech businesses who join the programme can also enjoy FinTech Wales membership for free for 12 months.

Sarah Kocianski, CEO, FinTech Wales, said: “The Soft-Landing programme is a huge attraction to businesses all over the world, and is a great part of Wales’ offering as an ideal destination for business owners looking to start or scale their operations.

“It is also a great example of how the Welsh ecosystem can work together to help grow and evolve the fintech industry here. We are so pleased to welcome Pryme Financial to Wales, and as a member of FinTech Wales, and we’re excited to be part of Edoka and his team’s journey.”

What has Pryme achieved since moving to Wales?  

Since soft-landing in Wales, Pryme has undergone a rebranding exercise for the UK market and made three significant senior appointments. Pryme is currently applying for an e-money transfer licence in the UK and a specialised banking licence in Lithuania, with its sights on entering the Asian market in Uzbekistan as it gears up for the next growth phase.

CEO of Pryme Financial Limited, Edoka Idoko said: “The Soft-Landing programme enabled Pryme to have a UK base which means the UK Fintech capital is right on the doorstep. We have benefitted from everything the Soft-Landing programme has to offer, including one-to-one sessions, in particular on Intellectual Property and Human Resources. The membership of  FinTech Wales also gives us the chance to access industry-specific support and resources as well as staying informed on market trends and regulations.”

How can other businesses apply for the Soft-Landing programme? 

Gino Brancazio, International Programmes Manager at Tramshed Tech, said: “We are delighted to be working with FinTech Wales to bring exciting and ambitious tech scale-ups into Wales from across the globe. FinTech Wales’s support has already shown massive benefits to Welsh companies it helps and it’s a wonderful opportunity for international companies to also benefit from their activity. With companies already on the programme from Nigeria, Paraguay, India, USA and Canada, we’re looking forward to finding more companies to join in and benefit from scaling their companies here in Wales.

“If you are an international tech business looking to expand or relocate, we invite you to take advantage of this one-of-a-kind opportunity. Apply today, and we will get in touch to discuss the next steps, ensuring that the Soft-Landing programme aligns with your aspirations. In addition, if you are an incubator/accelerator/hub for tech talent and you’d be interested in hosting a familiarisation event, we’d love to hear from you.”

If you’re an international tech business considering starting or scaling your organisation in Wales, you could qualify for the Soft-Landing programme.  Please click here to register.

To learn more about the Soft-Landing Programme, register now for the Scale in Wales event, hosted by Tramshed Tech.

This is an invite only event with limited capacity, so please email [email protected] to be added to the waiting list.

This exclusive event will spotlight why Wales is a prime destination to invest, locate and innovate. We will hear from key stakeholders plugged into the ecosystem as well as both national and international tech businesses who have successfully expanded or relocated to Wales. We will explore the support and funding available to tech businesses in Wales including the Soft-Landing Programme which helps international tech businesses ‘soft-land’ Wales.