The Fintech Five – 15th July 2022 

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Welcome to the FinTech Five, the part of the week where we take a closer look at the best articles, news, and features from over the past week from our FinTech Wales members. 

1. Deloitte UK Technology Fast 50 awards opens entries for businesses based in Wales

First this week, Companies from across Wales that use proprietary technology are being urged to enter the Deloitte UK Technology Fast 50 awards, which is in its 25th year.

The awards rank and recognise the 50 fastest growing technology companies in the UK, based on the last four years of revenue growth.

Previous winners, including 79 winners from across Wales, are from both large and small companies and include some of the most dynamic players in all areas of technology sectors, including AdTech, BioTech, CleanTech, EdTech, FinTech, HealthTech, InsureTech, Communications and many more.

In the last decade 15 tech companies based in Wales have been ranked in the Fast 50, such as Swansea-based Vizolution and Dezrez, and Pontypridd-based Laser Wire Solutions.

Since 1998, the Deloitte Technology Fast 50 awards have showcased an increasingly innovative and diverse range of UK-based technology companies. Last year’s cohort of Fast 50 companies generated cumulative revenues of £2.92 billion in 2020/21, an impressive average growth rate of 3,337% and employed more than 19,000 people.

This year’s awards will see the launch of the new Fast 50 Women in Leadership Award, a ranking that will recognise those companies within the Technology Fast 50 that were either founded by a woman*, have a founding team comprised of at least 50% women or have a femaleCEO.  

Shaun Curtis, Tax partner and Fast 50 lead in Wales said: 

“The tech sector in Wales has shown resilience following the pandemic and it’s testament to the country’s tech businesses and entrepreneurs that this sector continues to grow.

“Tech businesses outside of London always have a show of strength in the Deloitte Technology Fast 50 awards – winners of the last two Fast 50 awards hailed from regions, demonstrating the continued success of start-ups outside of the capital.  

“Our annual Fast 50 awards, now in its 25th year, showcases the businesses that are making a real influence in their sectors. We look forward to seeing more companies from Wales in the 2022 ranking and, most exciting for this year, being able to celebrate the success of women in the technology sector through our new Women in Leadership Award.”

For full details and the entry form please visit: 

2. FinTech Wales members Delio and Sonovate listed in this year’s Fintech Power 50 

Next, The Fintech Power 50, a list of the 40 most innovative companies and 10 visionary personalities shaping the financial services industry, has been revealed for 2022, and we’re delighted to see two of our members – Delio and Sonovate – make the prestigious list. 

The exclusive annual program acts as a hub for driving change and creativity in the financial services industry, helping the sector innovate and grow. After more than 1,200 companies were nominated and over 18,000 votes cast, this year’s chosen 50 were revealed live on stage at Fintech Week London – the city’s biggest tech and finance event – on Monday 11 July 2022.

Announcing the final list, Mark Walker, co-founder and chief operating officer of The Fintech Power 50, said: 

“The Fintech Power 50 annual list acts as a much-needed reminder of all the great things we are achieving in the world of financial technology, and shines a spotlight on those who are transforming financial services for the better. 

“It’s fantastic to be here at Fintech Week London to announce this year’s fabulous 50. Our prestigious guide continues to go from strength to strength with a record number of nominations and votes for fintechs based across the globe.”

Gareth Lewis, chief executive and co-founder of Delio, says: 

“We are very proud to have been named as a member of the Fintech Power 50 for 2022; this illustrious list positions Delio amongst some of the most impressive companies operating in financial technology. It’s another validation of the quality of our technology and services, which are powering the private markets offerings of some of the world’s largest banks, wealth managers and angel networks.

“Our expansion, both in terms of global reach and the breadth of private markets solutions we can offer our clients, continues apace. I’m particularly proud of how quickly we’ve established ourselves as a credible and trusted partner to highly respected institutions in a variety of sectors and territories. The last 12 months have seen us achieve some significant milestones, most notably our recent growth investment led by Octopus Ventures, and I look forward to being able to announce further exciting developments in the coming months.”

Click here to see the full list of companies included in this year’s Fintech Power 50. 

3. Backbase releases Engagement Banking Revolution book

Next this week, Backbase, the engagement banking category-leader, has released The Engagement Banking Revolution book for sale on Amazon. The book is co-authored with experts and practitioners in the banking industry who have embarked on the paradigm shift to re-architect banking around the customer.

For too long, banks have had technology at the center and customers at the periphery. Like the dominant platform companies of this customer-first era (Netflix, Spotify, AirBnB), the authors explain what it takes to build a bank around a unified platform that places the customer, and their needs, at the center.

“This book represents insights drawn from decades of banking experience and technology leadership, distilled into a clear pathway to move banking into the customer-first era,” said Jouk Pleiter, CEO, Backbase and one of the co-authors. 

“We believe there’s a better way for banks to engage with their customers – as do all of our distinguished co-authors –  and we’re excited to share what we’ve learned.”

In addition to Backbase executives, the co-authors come from Standard Bank Group, Washington State Employees Credit Union, Salesforce, IBM, and Platformation Labs. 

Chapters cover topics, such as:

  • Why do people love platform businesses? 
  • Platform economics: how to increase banking revenue and delight customers
  • The path to business model innovation
  • Discarding old biases and norms to embrace disruption
  • Defining the KPIs for Engagement Banking transformation success
  • Five crucial decisions: how to successfully start your Engagement Banking transformation
  • Culture: the driving force of your bank’s transformation
  • The technology choices that empower change
  • How the digital officer can drive sustainable Engagement Banking transformation

To learn more about the book, visit Backbase’s landing page.

4. Sonovate announces £165 million securitisation with BNP Paribas and M&G Investments

Next, Sonovate, the leading provider of embedded finance and payment solutions for the contingent workforce, today announced that it has completed a new securitisation deal with BNP Paribas and M&G Investments, adding £165 million to its funding structure. 

The deal is an endorsement of Sonovate’s position as a fintech industry leader and reinforces its high-growth trajectory, enabling it to lend over £1.3 billion in invoices this year alone. The company is projected to fund another £2 billion in 2023, with further plans for growth in subsequent years.

Demica, the market-leading working capital focussed fintech, acted as adviser and reporting agent on the transaction, working closely with both Sonovate and BNP Paribas. M&G Investments, Sonovate’s long term funding partner, also took part in the agreement, with a £15 million investment.

As a result of this securitisation, Sonovate will increase its capital efficiency and expand its customer base, especially in the enterprise space. It will also deliver added flexibility for export financing.

Richard Prime, CEO and Co-Founder of Sonovate said:

“Sonovate’s vision is to be the funding platform for the future of work. As we scale, we will continue to integrate into the wider ecosystem with the aim of constantly adding value in our market. Deals such as this one provide us an exceptional level of flexibility, which we can extend to our customers, enabling them to access innovative funding solutions via a state-of-the-art platform.”

Increasingly, technology is transforming the world of finance, providing businesses with new opportunities to manage their working capital and move beyond traditional funding options.

Renaud Chalmet, Deputy Head of Corporate Receivables Securitisation, BNP Paribas, said: 

“This securitisation is designed to support the new world of flexible working. It is scalable, adaptive, and provides stability in the long term. We are excited to be working with Sonovate, supporting them as they continue to deliver rapid growth and empower the contingent labour marketplace with innovative solutions.” 

Click here to read the full announcement on Sonovate’s website. 

5. Currencycloud Partners With Superapp Bank To Simplify Finance For Australia’s Gen Z

Last but not least this week, Currencycloud, the experts in simplifying business in a multi-currency world, has been chosen by Bano, the new Australia-based financial superapp aimed at making finances easier for Millennials and GenZ internationals, to launch its FX Converter to make remittance easier and less costly for its users and their families. 

The newly-launched FX Converter is integral to Bano’s goal of simplifying finances for Millennials and GenZers and their friends and family, wherever they are. Its all-inclusive financial superapp gives people the ability to split bills with friends, make requests for payments, use a physical or digital Bano Visa card, use an overdraft feature and take advantage of the new stock trading function. In line with Bano’s customer-first approach, the superapp offers its users bonuses such as cashback, rewards, and promotions. For example, when a person makes a payment with their Bano VISA card, they receive up to 1.8% cashback, a fee most banks keep. 

By partnering with Currencycloud and integrating its APIs directly into its financial superapp, Bano has access to Currencycloud’s low FX rates, providing its users with some of the lowest FX rates in Australia, and the lowest AUD to USD conversion rates in the country. The low rate means Bano can offer Australians the lowest cost for US Stock Trading through its investment product. The easy-to-set-up superapp is ideal for travellers visiting from abroad, with users able to access more than 35 currencies which they can easily send and receive within the app in real-time, commission-free. They can convert any of these currencies instantly into Australian Dollars or vice versa.

Rohit Narang, Managing Director of APAC at Currencycloud commented:

“Bano wants to create an easier financial life for Australians and the internationals living there. Like Bano, we are committed to making finance accessible to everyone. The FX Converter helps people instantly access funds without high fees, and we are delighted to be part of this solution.” 

Click here to read the full announcement on Currencycloud’s website. 

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.

If you want to join our dynamic FinTech Wales community, then click here to learn more about the exclusive benefits FinTech Wales membership has to offer.