The FinTech Five – 26th May 2023

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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. Sero partners with Virgin Money and Rightmove 

First this week, Sero partners with Virgin Money and Rightmove to support customers in their quest for greener homes as part of a new Government project.

Sero is partnering with top 6 lender, Virgin Money and the UKs number 1 property portal, Rightmove to help customers make their homes more energy efficient.  

Virgin Money is acting as lead organisation for the POWER (Partnership Outputs Working to Enable Retrofit) project, working alongside project managers Sero and project partners Rightmove. The project is now in its discovery phase, and it aims to educate customers on the bespoke retrofit options available to decarbonise their home and the benefits of doing so, while also providing affordable finance options to implement the changes.    

Cerys Williams, Finance Partnerships Manager at Sero said: 

“We’re very excited to be back working with Rightmove following our collaboration on the VALUER project (supported by the 2020 Green Home Finance Innovation fund). We’re equally thrilled to be venturing on a new partnership with forward thinking bank,Virgin Money. Through the Green Home Finance Accelerator fund, the collaboration aims to remove the upfront cost barrier facing many homeowners seeking to install appropriate retrofit measures within their home.” 

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

2. LexisNexis Risk Solutions Helps U.K. Brokers Get Data Clever at BIBA Conference 2023



Next, IBA Associate Member, LexisNexis® Risk Solutions, the data, advanced analytics and technology provider to the U.K insurance sector, will be using this year’s BIBA Conference to demonstrate the value of its innovative data enrichment solution, Broker Intelligence, to brokers such as Apricot Insurance Services. Broker Intelligence offers a comprehensive suite of data attributes designed to help small to medium sized U.K. brokers price more effectively, cut operational costs and improve the customer journey in personal lines as brokers ready themselves for the FCA’s Consumer Dutyi rules and guidelines.

Dan Cicchetti, sr. director of insurance client engagement, U.K. and Ireland, at LexisNexis Risk Solutions said: 

“Broker Intelligence helps brokers price more effectively, based on a better understanding of the lifetime value of the customer at the point of quote, thus improving retention rates while helping brokers deliver the right risks to their insurance partners in a market prone to fraud.  At the same time, it makes the quote process far more efficient for the broker and more streamlined for the customer. Finally, by better understanding the needs of individual customers, brokers can help ensure they are delivering on the consumer outcomesii, as defined and required by the FCA.

Click here to read more on LexisNexis’ website. 

3. Sonovate launches new platform to significantly enhance its offering for large, multinational recruitment organisations

Next this week, Sonovate, the leading provider of embedded finance and payment solutions for the contingent workforce has significantly enhanced its funding technology platform to enable it to better serve large, multinational recruitment businesses and launch new lines of products in the future as it continues to grow and expand its customer base.

The new platform gives customers the ability to optimise cash flow, allowing them to access funding in multiple-currencies and across multiple-sectors, with tailored pricing based on the risk profile of the industry being served to allow customers to secure the best possible rates. It also provides enhanced operational efficiencies with far faster onboarding, meaning funds can be accessed in a matter of days and firms can offer access to the liquidity that their clients need, while still offering attractive terms.

Richard Prime, Co-CEO and Co-Founder, Sonovate, comments: 

“In uncertain economic times, ensuring a stable cash flow for a rapidly growing organisation can be challenging, even more so when operating in multiple markets. At Sonovate, we take ownership of that challenge on a customer’s behalf, providing them with the fast, flexible funding they need to grow and succeed.”

Click here to read more on Sonovate’s website. 

4. Wealthify Dispels investment myths as new research shows 66% of Brits are nervous about investing

Next, Wealthify have surveyed 2,000 people from the British public that have £5,000+ in savings but haven’t invested before1, looking to uncover the main reasons why people don’t invest — and to help clarify the numerous misconceptions surrounding investing.

The research reveals that preference to put money in a savings account was one of the main investment barriers, with 85% of Brits sharing this belief.

The findings show that 52% of people haven’t even considered investing in the past year, with older age groups being the least likely to invest their money. Just 20% of those aged 66+ have considered investing in the past year. In comparison, 68% of Gen-Z have considered investing, showing a clear generational divide when it comes to investing.

Andy Russell, CEO at Wealthify:

“Many people believe that you need a substantial amount of money to start investing, but this simply isn’t true. We know taking that first step can feel daunting; which is why, with online investment services like Wealthify, you can invest from £1, and access a team of experts who’ll manage and invest your money in a diversified portfolio suited to your risk — all at a low cost.”

Click here to read more about some of the main barriers to investing and more on Wealthify’s website. 

5. Backbase shortlisted for “Banking Tech of the Year” at European Fintech Awards 2023

Last but not least this week, Backbase, the leading global engagement banking platform provider, has been shortlisted for “Banking Tech of the Year” at the European Fintech Awards. This is the latest in a series of awards and recognition for Backbase globally.

Backbase has been shortlisted for its engagement banking platform. In today’s banking landscape, customers increasingly expect a seamless digital experience. Backbase’s powerful and cloud-native platform empowers banks to quickly design and launch new customer journeys. This allows banks both to meet and consistently adapt to the evolving customer expectations and gain an edge on the competition. 

“We’re so proud of the incredible platform we’ve built and it’s exciting to be shortlisted for this award,” said Jouk Pleiter, Founder and CEO of Backbase. “We continue to invest in R&D, in Europe and globally, to ensure our engagement banking platform continues to set the standard for the seamless banking experiences European customers demand.”

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

Until Next Time

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.

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