The FinTech Five – 30th April 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. FinTech Wales Foundry Accelerator Showcase 2022

First this week, join us Wednesday 4th May 2022, 6pm – 8pm as we celebrate the exceptional achievements of 2022’s FinTech Wales Foundry Accelerator Cohort at the FinTech Wales Foundry Accelerator Showcase 2022. 

The Season 2 cohort have successfully been raising £7.2m, and even relocating to Wales from around the UK and Europe, to drive them on their world-changing missions. 

Join us at Techniquest (yes, you will be able to play with all the exhibits!) as we hear from the cohort, and network with our incredibly innovative startups, partners, & investors.

Cohort Summary:

TropoGo — Building Google Maps for 30ft to 3000Ft to build a data layer for Low Altitude Aerial Mobility and Insurance.

QuoteOnSite – QuoteOnSite is a cloud-based platform that saves SME’s time and money by automating the process of creating, sending, tracking and analysing their quotes, proposals, contracts and other digital documents.

Yacooba – Mixing blockchain ticketing protocol with a one-click-buy travel marketplace to generate more revenue for promoters and rewards for audiences.

Finalrentals – Powering local car rental companies to unlock the power of the internet with online bookings, insurance, e-payments, and an international voice (AdTech meets FinTech)

BOMADU – Helping first-time buyers finance property deposits in an innovative way.

AGAM – AI-powered credit-scoring platform connecting customers to banks for accessing instant credit.

Cufflink – helping businesses limit the likelihood, impacts and costs of a personal data breach.

Everknock – A concierge to manage every aspect of your home-buying journey.

Click here to reserve your tickets. 

2. Peppercorn secures £1.8m investment with EHE Capital

Next, Insurtech MGA Peppercorn has secured seven-figure seed funding from EHE Capital to support its entry into the UK private car insurance market.

Peppercorn aims to transform the car insurance market by combining tech, data and AI to create an automated self-serve platform that will cut out bureaucracy, streamlines services and ultimately lowers premiums for customers. 

They’re also transforming the front end customer experience by giving the customer a self-serve platform they can access anywhere meaning customers can choose how and when to interact with their car insurance provider, providing an end to frustrating call centre experiences and lengthy on hold times. 

Nigel Lombard, CEO and Founder of Peppercorn said:

“when we spoke to EHE Capital they really brought into the vision of Peppercorn, but also understood the importance of people, it felt like they were really aligned to my personal values and that was really important to me and the rest of the team.”

“I didn’t know that EHE stood for ‘Entrepreneurs Helping Entrepreneurs’ but when I found out the penny dropped, the interaction we had with them really captured that spirit and we had help, support and guidance from the whole team throughout the investment process.”

“If we’re going to challenge the status quo we’re going all in we want to turn insurance on its head, attract the best people, keep breaking new ground – and make the biggest impact we can. With the support of EHE Capital I’m confident we’re well on the way.”

Read the full announcement on Peppercorn’s website here. 

3. Registration Open for FCA CryptoSprint

Next this week, the FCA (Financial Conduct Authority) is hosting a two-day CryptoSprint on 10 and 11 May, exploring how the evolving world of cryptopassets could be regulated within the UK .

What is a CryptoSprint?

Unlike a TechSprint which is focused on developing solutions to regulatory problems, the CRyptoSprint will focus on informing regulatory policy changes on evolving technologies. The FCA is seeking applications from innovators, academics, regulators, technologists and subject-matter experts who will collaborate intensively to help inform future FCA policy decisions in a safe and inclusive way. They also welcome applications fron non-technical leaders from the financial services industry. 

The FCA will work on three specific problem statements to explore the challenges facing the industry and provide an opportunity to collaborate on policy developments. 

This is the first time the FCA will gather views from industry in this format. The FCA sees this as an excellent opportunity for organisations across the financial services ecosystem and beyond to work with them to help inform policy.

The event is set to take place on the 10th & 11th of May 2022, at 30 Euston Square, London, NW1 2FB (Virtual attendance available). 

Visit the FCA’s event webpage for full details and to apply to take part in the CyptoSprint.

4. FinTech Wales membership opportunity to interview Cardiff University Students at Careers Event. 

Fintech Wales smembers are being given the opportunity to Interview Cardiff University Students completing the following courses: BSc Computer Science, MSc Computing, MSc Computing & IT Management and MSc Data Science & Analytic. There are smaller numbers on BSc Applied Software Engineering, MSc Cybersecurity and MSc AI may be in attendance too.

This Careers’ Event is set to take place on the 4th of May 2022 between 11:00 – 14:00 pm, at Abacws, Senghennydd Road, Cardiff. 

Event Format:

  • CVs will be shared with companies beforehand so they can choose who they would like to speak to.
  • Two sessions with an informal networking lunch in between.
  • Session 1: Interview rooms are provided in Abacws building, there is breakout space too
  • Session 2: Gives students’ chance to impress and choose who they want to be interviewed by.

Companies can bring a pull-up banner and some small give-aways, that would be appreciated but is not essential.

Fintech Wales members can click here to Register. 

For queries contact Amy direct on [email protected]

5. Sonovate boosts technology

Last but not least this week, Sonovate, the fintech lender that provides finance and technology services to businesses that engage contractors and freelancers, has launched brand-new cloud-native, API-first features to support its expanding number of enterprise* customers and enhance its embedded finance offering.

This enterprise-grade invoice platform will provide instant funding decisions and credit limits, variable advance and facility management, increased automation and enhanced reporting, allowing it to serve even more businesses.

The platform also improves the user experience and useability of several services that Sonovate customers rely on to achieve greater efficiency and productivity.

Some of those are:

– Faster onboarding: Simpler setup and visibility over virtual and confidential bank accounts as well as enhanced connectivity to customers’ accounting systems to simplify day to day financial management tasks.

– Step by step KYC wizard to support customers’ compliance processes.

– More flexible withdrawal of funds, enabling customers to get funding as and when they need it, therefore allowing for better cashflow and working capital management.

– API enabled connectivity offering customers more visibility across systems to streamline debt management and reduce the need to reconcile across different platforms.

Richard Prime, co-founder and co-CEO at Sonovate, said: 

“As the demand for flexible working increases, our customer needs have become more sophisticated. Our aim has always been to grow and enhance our offering and our cutting-edge tech now offers customers greater flexibility in managing their funding requirements, facilitating cashflow so they can focus on running their businesses. Our new platform will not only strengthen our lending service, but enable us to expand into new geographies and fund more types of businesses, especially larger businesses.”

Read the full press release on Sonovate’s website here. 

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.