The FinTech Five – 14th October 2022
Welcome to the FinTech Five, where we take a fortnightly look at the best articles, news, insights and features from our FinTech Wales members.
1. Department for International Trade Selects Welsh FinTechs Identitech and Yoello To Represent The UK in Atlanta Trade Mission.
First this week, The Department for International Trade (DIT), and Deluxe (NYSE: DLX), a payments and technology company headquartered in Atlanta, USA last week partnered together to host 10 innovative FinTech businesses from the UK.
The exercise, facilitated by the British Consulate in Atlanta, would allow UK FinTechs to showcase their products and expertise to the Deluxe leadership team.
The partnership between the DIT and Deluxe is designed to promote transatlantic collaboration and innovation in financial and business services, as well as to provide Deluxe with the opportunity to expand their global business offering with the introduction of complementary products and services.
As part of this process, 10 British FinTech companies were selected to showcase themselves, and had to undergo a rigorous and competitive recruitment process. Two of the successful companies are Welsh FinTechs; Identitech and Yoello.
As part of this opportunity, each of the companies involved were granted time to present their proposition and explore potential business opportunities with Deluxe and their leadership team.
Manoj Khetia, CEO of Identitech commented:
“We are extremely grateful to the Department for International Trade and the leadership team at Deluxe for selecting us to showcase Identitech and our capabilities. It was especially exciting for us to see the level of innovation that Deluxe recognised in us, alongside our delegation of other British FinTechs, and further validates the value our platform and the British FinTech ecosystem provides.”
2. Dynamo Cover wins Best European Business at the DIA Diamond awards in Munich
Next, Dynamo – the tech-driven insurance Broker for Motor, Home, Life, GAP, and Student Insurance, offering yearly checks on the best insurance at the best price to its customers – recently won ‘Best European Business’ DIA Diamond award in Munich, as voted for by Munich RE, Aviva, Generali, Allianz and more.
3. Development Bank of Wales joins Admiral Pioneer in backing Wagonex
Next this week, The Development Bank of Wales has confirmed its third equity investment in Wagonex, the UK’s leading mobility subscription platform provider – just one week after the announcement of a first strategic investment by Admiral Pioneer.
Launched in 2016, Wagonex designs, builds, and manages flexible, all-inclusive technology automotive subscription platforms, which enable vehicle suppliers to offer subscription options directly to consumers. They provide a seamless end-to-end customer journey, with an automated credit decision engine, creating flexible contracts inclusive of road tax, insurance, breakdown cover, and servicing.
Wagonex has delivered more than 120% year-on-year growth since relocating to Cardiff in 2019. This followed an initial equity investment by the Development Bank’s Technology Ventures team as part of a seed investment round.
Toby Kernon, founder and chief executive officer of Wagonex, said:
“These are exciting times for our business as we continue to capitalise on the opportunities in the car subscription market. The ongoing support of the Development Bank as our long-term institutional investor and the strategic investment by Admiral Pioneer demonstrates the strength of our business and gives us the necessary firepower to rapidly scale in the UK.”
4. Join ScaleUp institute and British Business Bank’s ScaleUp Finance Event for scaling businesses
This will provide latest market insights and thoughts on raising scaleup capital in 2022, including what this can mean in terms of investment readiness and business valuation.
Speakers will include leading financiers including BGF and the London Stock Exchange as well as the latest government view on finance options from the British Business Bank and the Development Bank of Wales.
5. Discover 2022’s Winners at the FinTech Awards Wales
Last but not least, The FinTech Wales Community had a fabulous evening attending the FinTech Awards Wales 2022 (6th October) at the Tramshed, Cardiff.
The Awards, which are designed to recognise the FinTech Professionals and companies of Wales and shine a light on the growing FinTech sector, are now in their third year and we’re so proud of all the success stories and achievements showcased – we really do have so much to shout about!
Until Next Time
And that’s it for the FinTech Five this week. Thank you for reading, and don’t forget to join us fortnightly for more of the best content from across our FinTech Wales membership.