Home / News / The FinTech Five – Top Stories in Welsh Fintech – 29th April 2024

The FinTech Five – Top Stories in Welsh Fintech – 29th April 2024

29 April, 2024

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.

Conversational AI insurtech PeppercornAI raises £3.25m

Conversational AI insurtech, PeppercornAI, has secured £3.25 million in its latest funding round, led by Wealth Club, EHE Capital, and Angels Invest Wales. Despite a downturn in fintech and insurtech investments last year, PeppercornAI’s oversubscribed round underscores investor confidence in its disruptive potential.

The company’s acclaimed conversational AI technology aims to revolutionize the insurance industry by reducing operational costs and enhancing customer experiences. Its platform, Pipr, garnered attention for its effectiveness in supporting the motor industry amid mounting cost pressures.

Nigel Lombard, CEO and Founder of PeppercornAI, emphasizes the transformative role of AI in modernizing insurance practices. With a focus on seamless integration and tangible results, PeppercornAI seeks to empower insurers to embrace technological advancements without being left behind.

Gayle Bowen of Wealth Club highlights PeppercornAI’s promising trajectory and its potential to reshape the insurance landscape. Similarly, Guy Remond of EHE Capital commends the company’s mission to streamline insurance administration through AI-powered solutions.

Tom Preene, operations manager for Angels Invest Wales, underscores PeppercornAI’s contribution to Wales’ burgeoning tech scene, exemplifying innovation in traditional industries.

PeppercornAI’s success in securing funding reflects its strong value proposition and the growing appetite for disruptive insurtech solutions. As the company expands its B2B offerings, it stands poised to drive significant efficiencies and advancements within the insurance sector.

Read the full story here on our website

Hodge launches innovative one-stop-shop for energy efficiency

Hodge, a specialist lender based in Cardiff, has partnered with Propflo, an award-winning PropTech startup, to promote energy efficiency and environmental sustainability among homeowners. The collaboration introduces Propflo’s innovative platform, GreenVal, to Hodge’s customers via intermediaries.

GreenVal simplifies the process of retrofitting properties for energy efficiency by offering data-backed recommendations tailored to property specifics and budgets. It provides homeowners with a comprehensive view of improvement options, including cost-benefit analyses, quotes from accredited suppliers, and DIY opportunities. Moreover, it evaluates factors like thermal comfort and air quality, enhancing personal wellbeing.

Amanda Davies, Hodge’s Proposition and Insight Manager, highlights the significance of GreenVal in engaging customers effectively. Luke Loveridge, CEO of Propflo, praises Hodge’s commitment to decarbonization and energy efficiency, noting their alignment with Propflo’s mission.

Read the full story here on the Propflo website

Investment of £520,000 brings fintech start-up Prosper to Cardiff

Investment and pension provider Prosper is expanding its operations by establishing a back office at Capital Quarter in Cardiff. This move comes after securing a significant investment of £520,000 from the Development Bank of Wales and a syndicate of 11 business angels.

Founded in 2021 by Nick Perrett and Ricky Knox, former collaborators on Tandem Bank, Prosper boasts a strong leadership team, including Phil Bungey, formerly of wealth-tech firm Nutmeg. With support from prominent figures like the founders of Monzo, Capital One, and Admiral, Prosper has raised over £4 million in pre-seed investment.

Lead investor Simon Bell, backed by the syndicate of business angels, emphasizes Prosper’s experienced leadership and track record in fintech entrepreneurship. The Wales Angel Co-investment Fund’s contribution further underscores the potential for Prosper’s growth and its positive impact on the Welsh economy.

Prosper distinguishes itself by offering zero-fee access to leading index funds and transparent fee structures for its pension, investment, and savings products. Ricky Knox, Chairman of Prosper, expresses confidence in the company’s mission and its growth prospects in Wales, aiming to create up to 100 jobs in the region.

Tom Preene, Operations Manager for Angels Invest Wales, highlights the collaborative effort between the Development Bank, angel investors, and Prosper to drive economic growth and job creation in Wales.

Managed by the Development Bank of Wales, the Wales Angel Co-investment Fund plays a crucial role in fostering angel investment activity, supporting promising ventures like Prosper and contributing to the development of the Welsh economy.

This investment marks a significant milestone for Prosper and underscores Wales’ growing stature as a hub for fintech innovation and entrepreneurship.

Read the full story here on the Development Bank of Wales Website

Swansea Finance Firms Prime Financial Solutions and Mortgages Ltd and Yumo Finance Announce Merger

Swansea-based financial firms Prime Financial Solutions and Mortgages Ltd and Yumo Finance have merged, forming a comprehensive portfolio of property and business finance solutions. Operating nationally, the partnership offers a wide range of financial services to home buyers, property investors, commercial developers, and businesses, all under one roof.

Prime Financial Solutions and Mortgages will focus exclusively on property-related services, including homeowner mortgages, buy-to-let arrangements, bridging and commercial finance, and insurance. Meanwhile, Yumo Finance will specialize in providing financial solutions for businesses, such as secured and unsecured business loans, invoice finance, asset finance, and more.

Led by joint partners Gareth Morgan and Mark Watts, the merger brings together complementary skill sets in residential and commercial property finance. Their combined expertise aims to simplify access to appropriate financial solutions for clients, regardless of their needs or the complexity of the transaction.

Gareth Morgan emphasizes that the merger enhances their ability to meet diverse financial needs and sets the stage for accelerated expansion. Mark Watts sees the merger as a strategic move towards greater synergy and efficiencies, enabling them to pursue growth opportunities and solidify their position in the financial services sector.

With ambitious growth plans and investments in new technologies, the merged business aims to provide individuals and businesses across the UK with the tools and solutions needed to thrive in today’s dynamic property and business landscape. Led by Gareth and Mark, who bring extensive financial industry expertise to the table, the merged business looks forward to a bright future of serving their clients effectively.

Fintech Wales Speak to Ogi About Their New High-Capacity Network

In the latest installment of Welsh Fintech in Focus, Sally-Anne Skinner, Chief Revenue Officer at Ogi, provides an illuminating discussion on the recent advancements in Wales’ digital infrastructure. Central to the conversation is Ogi’s collaboration with the Welsh Government to introduce a high-capacity fibre network in South Wales.

Exploring the practical implications of this initiative, Sally-Anne highlights its significance for businesses and the local economy. She delves into the challenges encountered during the implementation of the fib network and the innovative solutions deployed to overcome them.

Moreover, the discussion sheds light on how Ogi’s partnership with the Welsh Government is driving digital advancement in Wales, particularly benefiting sectors like fintech and media. Reliable connectivity is identified as a catalyst for enhanced business operations and growth opportunities.

Looking ahead, Sally-Anne shares insights into Ogi’s future plans and invites interested parties to stay informed about their progress. For those keen on understanding the evolving landscape of Welsh fintech and digital infrastructure, this episode offers valuable insights.

For more informative discussions and interviews with industry experts, read more here. To learn more about Ogi and their groundbreaking projects and services, visit their website at www.ogi.wales

Until Next Time

This concludes this week’s edition of FinTech Five. Remember to join us every two weeks for the latest news highlights from our FinTech Wales membership and wider FinTech ecosystem.