FinTech Five – Hodge Bank, LexisNexis Risk Solutions, Optimum Credit, W2, & Monva
30 April, 2021
Welcome to this week’s FinTech Five, where we take a closer look at the best articles, news, and features from our FinTech Wales members.
This week we have Hodge Bank’s recent investment in Welsh FinTech Yoello, W2 adding new functionality to their service through an exciting partnership with Noto, Optimum Credit tackling industry misconceptions around second mortgages, LexisNexis Risk Solutions highlighting the benefits of visualisation of big data, and Monva smashing its most recent crowdfunding goal.
1.Hodge Invests In Award-Winning Welsh Fintech Yoello
First this week, the exciting news of Hodge Bank’s investment in fellow FinTech Wales member Yoello.
This announcement is yet another sign of Hodge’s commitment to innovation in the banking sector. By investing in the multi-award-winning PayTech Yoello, Hodge Bank aims to continue the evolution of its services and provide outstanding new banking solutions for users.
David Landen, CEO of Hodge Bank, commented:
“Innovation is at the heart of what we do here at Hodge. Although we have a long history in financial services, we know that modernisation and technology are key to progressing the sector and our business.
We hope this is the first of many investments Hodge will make to help support tech start-ups and cement our reputation for developing financial services businesses in Wales for the good of the economy and our customers.”
The investment is an example of the powerful opportunities available to innovators seeking to leverage the strengths and experience of the FinTech network in Wales.
2.W2 – Partners with NOTO To Enhance Transaction Monitoring Processes
Industry-leading Welsh RegTech, W2, has announced a strategic partnership with NOTO, a Bulgarian based financial crime prevention solution provider.
The Cardiff based company’s customers will now have access to NOTO’s market-leading transactional monitoring software to continually screen current clients and enhance W2’s all-in-one compliance proposition through the W2 portal. At the same time, Notolytix clients will benefit from W2’s best of breed PEPs and Sanctions data, seamlessly integrated with their current offering.
Warren Russell, CEO of W2, commented. “We are looking forward to working closely with NOTO and to making a significant improvement to W2’s transactional monitoring feature within the W2 portal”, adding, “We are also delighted to be providing NOTO with our PEPs and Sanctions data to improve their offering. It is clear that both parties have ambitious growth plans, and the collaboration this partnership will provide means that both are able to benefit.”
3.Optimum Credit – Why Second Charge Mortgages Are Not Just Designed for Those With Poor Credit Histories
Optimum Credit, the leading provider of second charge mortgages for homeowners in England, Wales and Scotland, has produced their second insights article on the common misconceptions surrounding second mortgages.
In the post, Optimum Credit looks closely at why second charge mortgages are not just for those with poor credit histories and how they can help brokers recognise suitable customers for their products.
Wholesale Director Craig Collins explains, “The reality of how people work, earn and manage money has changed dramatically in recent years. We see customers using a Second Charge to consolidate existing credit payments that may have been accrued during retraining for a change in career, or incurred when completing home improvements which are part of homeownership.”
4.LexisNexis Risk Solutions – Human Eye is a Powerful Statistical Tool: Visualisation of Mass Data for Insurance
Lexis Nexis Risk Solutions latest article from Heikki Vesanto, Manager GIS Data Science, Insurance, UK & Ireland, takes an insightful look at how visualisation tools are helping the insurance sector make “immediate sense” of the large amounts of data at their disposal.
Heikki Vesanto explains, “All this data can now be analysed, aggregated and visualised in map form for use within the insurance continuum: marketing, pricing, underwriting, claims. The reason this is so powerful may seem obvious, but it’s certainly non-trivial: data visualisation is a great way to tell a story with data. “
The article highlights how the visualisation of big data can improve price setting, claims management, and predict potential growth areas.
5.Monva Smash Crowdfunding Target on Crowdcube
Finally, this week, we have brilliant news from Wrexham-based FinTech Monva who have achieved 225% of their Crowdcube target.
Monva, who uses data & intelligent technology to personalise customer offers, launched in 2020 with a founding team from MoneySuperMarket.com & MBNA and have been raising investment for further product development & growth via Crowdcube.
Monva has raised £451,905 from 601 investors across on Crowdcube and beyond with the mission of reimagining financial price comparison for customers everywhere.
Their previous rounds of funding have seen developments such as hiring a team, launching an energy switching service, and building commercial relationships with big brands such as Nationwide and HSBC.
Funds from the most recent round will be used to continue building their intelligent comparison technology and secure further commercial partnerships.
Until Next Week
And that’s it for the FinTech Five this week. Thank you for reading, and don’t forget to join us next week for more of the best content from across our FinTech Wales membership.