The FinTech Five – 12th of January 2024

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Welcome to Fintech Five, a fortnightly look at the best articles, news and insights from FinTech Wales members and the Financial Services industry across the UK.

1. de Novo Solutions Launches New Development Centre in India 

Leading Oracle Cloud and ServiceNow digital transformation consultancy, de Novo Solutions, has unveiled the launch of its new development centre in Chennai, India. This strategic move aligns with the company’s unwavering commitment to growth and innovation, positioning the new centre as an innovation hub driving the development of its new industry cloud solutions and increasing its delivery and support capability.

Since its official launch in 2021, the fast-growing consultancy has successfully developed and introduced a range of new solutions to market. This includes its next generation managed services offering, ‘Value as a Service™’ [VaaS™] for Oracle Cloud and ServiceNow applications. Additionally, the company has introduced its innovative industry cloud solutions, Odyssea™, driven by Oracle Cloud and designed to meet the needs of a range of sectors such as Local, Central Government and Education Sector – Multi-Academy Trusts.

Tim Warner, Founder and Chairman of de Novo Solutions, said: “We are incredibly excited to unveil the launch of our new development centre in Chennai, India. Not only will this strategic move enable us to drive continued growth and allow us to scale internationally, but more importantly, reinforces our commitment to upholding high standards of quality and excellence. This investment not only increases our delivery capability allowing us to scale but also ensures that we continue to provide our customers with cutting-edge solutions, helping them stay ahead in their respective industries by leveraging Oracle Cloud and ServiceNow technology platforms”.

Read more about De-Novo Solutions’s New Development Centre

2. OneID® Partners with Credit Reference Agency AperiData

The new partnership combines the unique bank verified identification of OneID® with the transformative real-time consumer credit insights of AperiData that power instant, responsible and ethical credit decisions.

Both companies share in the goal of creating simplicity and security for the customer, combining ID capabilities with the risk insights provided by open banking to enable customers to know the consumer, as well as understanding the consumer’s financial position. Real-time identity checks combined with real-time affordability checks achieves exactly this, enabling lenders to make quick and fair decisions, giving both the company and consumer more confidence, they are making the right decision.

“We are excited at the possibilities that will be unlocked for many sectors by working together to offer a powerful blend of AperiData’s real-time financial and risk insights with OneID’s innovative customer authentication capabilities”  said Stephen Ashworth, CEO of AperiData.

Read more about the partnership

3. Capalona teams up with Caernarfon Town FC in Academy player sponsorship deal

Capalona proudly unveils its official sponsorship of an Academy player at Caernarfon Town Football Club, marking a significant stride in supporting grassroots sports.

Renowned for its rich history and dedicated fanbase, Caernarfon Town FC stands as a pillar in Welsh football. The sponsorship deal not only demonstrates Capalona’s commitment to supporting local sports but also emphasises the company’s dedication to nurturing talent and fostering community development.

Speaking about the sponsorship, Richard Wilcock, Director and Co-Founder of Capalona said, “We are thrilled to sponsor an Academy player at Caernarfon Town FC. Supporting the club and its players aligns perfectly with our ethos of empowering communities and nurturing potential.”

Read more about Capalona’s sponsorship

4. Private Markets being Transformed through Innovative Investment Vehicles

Delio, the provider of configurable technology and deal structuring solutions has released a report exploring how investment vehicles are driving innovation and democratisation in private markets.

Delio’s research has found that changing market dynamics and increased demand from clients wishing to access private market opportunities have meant that financial institutions have had little choice but to adapt their propositions. Offering access to alternative assets is now essential for financial institutions wanting to stay ahead of the curve.

Gareth Lewis, Delio’s Chief Executive comments: “While multiple approaches may be taken to do this, the ultimate focus lies in creating opportunities in unlisted assets that do not require investors to deploy hundreds of thousands to benefit from the types of returns that make them so attractive. It is about opening private markets to a new wave of modern investors who understand the unique intricacies of alternative assets, the risks associated with them, and the potential for long-term returns if utilised correctly as part of a diversified portfolio.”

Read the full insight

5. UK Remains Second for Fintech Funding Despite Downturn

UK fintech funding decreased by 66% last year to $5.1bn (£4bn). The funding was spread across 409 deals, down from 592 deals in 2022.

Globally, fintech companies secured $51.2bn in 2023 – a 48% year-on-year drop. Investment was spread over 3,973 deals, down from 6,397 in 2022.

They show that the UK ranked only behind the US for fintech funding and massively outpaced the rest of Europe by securing more capital than the next 28 European countries combined.

The largest fintech funding round globally in 2023 was the $6.5bn raised by US firm Stripe at a sharply reduced valuation. This was followed by the $300m raised by UK and US-headquartered Rapyd.

Janine Hirt, CEO of Innovate Finance, said: “While economic headwinds presented a significant challenge for fintechs globally in 2023, it is encouraging to see how the UK fintech sector has shown great resilience by maintaining its position as a global hub for investment, second in the world behind only the US, and maintaining the leading position in Europe.”

Read more 


Until Next Time

That concludes this edition of FinTech Five. We appreciate your readership, and remember to join us every two weeks for the latest and greatest news highlights from our esteemed FinTech Wales membership.