Page 1

The FinTech50 2017


Tomorrow’s innovation today. With Innovation Labs in London, Sydney and Hong Kong, we offer dynamic spaces that enable faster ideation and collaboration than ever before. Understand our journey, interact with our latest innovations, explore ideas together and deliver new solutions with Commonwealth Bank of Australia global leaders in financial services innovation.* To experience the future, speak to us today on +44 20 7710 3999 or visit commbank.com.au/innovationlab

Things you should know: *Source: AFR 50 Most Innovative Companies of 2016. This flyer is published solely for information purposes for wholesale investors only. As this flyer has been prepared without considering your objectives, financial situation or needs, you should consider its appropriateness to your circumstances and if necessary seek the appropriate professional advice before acting on the information in this flyer. Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945. The Commonwealth Bank of Australia operates branches in London and Hong Kong which are authorised and regulated.


1

The FinTech50 2017 action.ai AdviceRobo Aire Algomi AQMetrics Atom bank Azimo BehavioSec bonify Clearmatics ClearScore ComplyAdvantage Contego Credit Benchmark Curve Cuvva Darktrace Digital Shadows Ethereum Featurespace Fenergo figo FundApps Iwoca Kantox

LendInvest Mambu MarketInvoice Meniga Monzo N26 NetGuardians Onfido OpenGamma PayKey Privitar Qumram Railsbank Raisin RateSetter Revolut Scalable Capital Seedrs SETL solarisBank Suade ThoughtMachine Traxpay Trussle wefox

The Hall of Fame

Adyen Currencycloud eToro Funding Circle iZettle Klarna Nutmeg TransferWise WorldFirst Zopa The Hot Ten 2017

10x Banking Bud ClearBank Cleo DataSine Deposify Governance.io Meteo Protect Nx’change Post-Quantum


2

The FinTech50

International Selection Panel We invite some of the biggest names in FinTech to select The FinTech50s - Europe and Asia

Alastair Lukies CBE Mariano Belinky Motive Partners Santander Innoventures

Rainer Deutschmann Reliance Jio

Julio Faura Santander

Santiago Tenorio Cascade Global

Jeppe Zink Northzone

Jan Hammer Index `Ventures

Marika Lulay GFT Group

Danny Gilligan Reinventure Fund

Dave Birch Consult Hyperion

Tiziana Bianco Innovation Labs Commonwealth Bank

Rory Picardo Department for International Trade Mark Whitcroft IlluminateFinancial

Nasir Zubairi The LHoFT

Stefan Tirtey CommerzVentures

Don Ginsel Holland FinTech

Laurent Nizri Paris FinTech

Sameer Kenkare Amazon Web Services

Mukund Umalkar Commonwealth Bank Innovation Lab London

Eddie Harding ICON Corporate Finance

John Hucker Swiss FinTech Association

Menno Van Leeuwen ABN AMRO Claudia Bate Engage

Ajay Subramaniam Zone Startups India

Joshua Barraclough JP Morgan


3

Nathalie Oestmann Samsung Europe

Markus Ferber The European Parliament

Chris Skinner The Finanser / 11:FS

Benoit Legrand ING Connie Chan Temasek

Markus Gnirck Tryb Asia Hitesh Sachdev ICICI Bank

Michael Leung China CITIC Bank International

Connie Leung Microsoft Navin Honagudi Kae Capital

Gerben Visser Singapore FinTech Consortium

Parul Kaul-Green Axa UK Group

Rohit Bodas American Express Jorge Ruiz Above & Beyond / FinConecta

Asoka Dissanayake American Express

Chris Wheatcroft AngelsDen

Richard Peers Microsoft

Jan MaartenMulder, Summer Capital

Oliver Bussmann Bussmann Advisory

Hisanori Ogawa Mitzuo Securities

Peter Oakes FinTech Ireland

Derrick Chan Fidelity International

Danny Gilligan CBA Innovation Lab, HK

Alex McCracken Silicon Valley Bank

Manish Patel Takahisa Ohira Henderson Global Deloitte Tomahatsu Investors


Congratulations to The FinTech50 2017 We know that legal advice is not “one size fits all�. Our wealth of experience and strong relationships with regulators, banks, insurers, funds and infrastructure and service providers mean that we understand the business issues and complex market conditions that affect every area of the financial technology ecosystem. This enables us to provide incisive and informed advice across the value chain. And, if faced with challenges we have not seen before, our lawyers also have delivered success in some of the most innovative deals in recent years.

7867_LIN_Fintech advert AD REF_ AD001_FINAL.indd 1

Proud to partner with FinTech50

01/06/2017 17:42


5

Introducing The FinTech50 2017

Our Partners

This year, The FinTech50 is five. We founded it back in 2012 as a guide to a then emerging landscape. Now, people tell us, it’s a guide to quality within a super crowded one. With over 1500+ companies across Europe on our long list (up from just 138 in year one) this was the most hotly contested FinTech50 ever. Twenty-four FinTechs are new to this year’s list - and for anyone wondering why some now familiar names are missing, see The Hall of Fame pp 18-19. We don’t rely on ‘entries’. Instead, we undertake our own research throughout the year to ensure that the list is truly representative of European innovation. Then we invite some of the biggest names in the sector to select their top 50. This year, we extended that invitation to over 60 leaders from Europe, the US and Asia. Their combined insight, deep market knowledge and individual views are what makes this list unique and this is very much their FinTech50. In one day in July, three of the FinTechs they selected for this year’s list raised $151M in funding between them. Panel members also brought a whole new approach to segmentation. In place of the usual industry verticals (payments, FX, regulation, etc), they created five rather more commercial parameters to select this year’s list: Access to Finance Agents of Change Efficiency Creators Essential Services Money Makers These categories are illustrated within the book by some of this year’s new entries, but to keep things simple we have showcased The FinTech50 in alphabetical order. pp 7-29). Thank yous must go to our partners (featured right) for helping us to keep the FinTech50 free of charge for all innovators; to our panel for their priceless insights, and to the endlessly enterprising FinTech community for their inspiration. You all know who you are. Julie Lake, CEO / Co-Founder The FinTech50 Nicky Cotter, Co-Founder The FinTech50 thefintech50.com

@thefintech50

Country partners


MONEYMAKERS “It struck us that retail financial services still seem to be operating in the stone age when technology has opened up so many opportunities. This disruption would ultimately mean that clients receive a better service. Our aim was to create a proposition that people truly deserved and that was not previously available. By specialising in one thing and doing it very well, FinTechs are building services that clients love. Traditional banks, which offer every product and service, are being disintermediated.� Adam French Co-Founder / CEO, Scalable Capital


7

AdviceRobo

action.ai

FOUNDED

2013

KEY PEOPLE

CEO: John Taylor Founders: John Taylor, Richard Tolcher

FOUNDED

2015 SECTORS

AI HEADQUARTERS

London, UK $ FUNDING Latest: $1.25M January 2017 ON TWITTER

@action_ai ON THE WEB

KEY PEOPLE

CEO: Diederick van Thiel Founders: Diederick van Thiel, Rosali Steenkamer

action.ai

action.ai solves the hardest part of building an Intelligent Chatbot – understanding users’ requests to enable human-like responses. action.ai has the only dedicated Chatbot technology that is capable of processing users’ language to a human-level of understanding.

SECTORS

Financial management HEADQUARTERS

Amsterdam, NL / London, UK $ FUNDING Total: $1.67M ON TWITTER

@AdviceRobo ON THE WEB

advicerobo.com

Netherlands-based AdviceRobo is a specialist in innovative risk scoring. It applies thousands of behavioural data points on its artificial intelligence platform to score credit risk. Products are (1) automated underwriting (2) thin file psychographic credit scoring and (3) near real-time risk tracking. AdviceRobo delivers over 1 million credit scores to banks and lenders from Sweden to Spain, to the UK and Poland. The business launched its platform onto the UK market in December 2016.


8

Aire

KEY PEOPLE

CEO: Aneesh Varma Founders: Aneesh Varma, Jon Bundy, Dr Srini Sundaram FOUNDED

2014

AQMetrics

Algomi

SECTORS

Lending / Data London, UK

FOUNDED

ON TWITTER

@AireScore ON THE WEB

SECTORS

Trading

FUNDING

Total: $7M Latest: $2M October 2016 Lead Investor: White Star Capital

aire.io

Aire helps people to qualify for essential financial products by giving them a new credit score. The London-based business alorithmically generates a score factoring in the character and capacity of applicants by leveraging machine learning to emulate the power of human intelligence. This helps to supplement the thin credit history of applicants such as young adults, the self-employed or those who have recently moved country. A graduate of Techstars inaugural London cohort, Aire received regulatory approval by the FCA in October 2016, a first in its field, and raised a further funding round of $2M.

CEO: Stu Taylor Founders: Stu Taylor, Rob Howes, Usman Khan, Michael Schmidt

2012

HEADQUARTERS

$

KEY PEOPLE

HEADQUARTERS

London, UK $ FUNDING Latest: $10M Private Equity March 2017 ON TWITTER

@Algomi_Ltd ON THE WEB

algomi.com

Algomi creates a bond information network that enables all market participants to securely and intelligently harness data to make valuable financial trading connections. Its proprietary product, Honeycomb, is a network that allows buyside firms to find out which dealers are best placed to find matches for their bond orders. In March 2017 Algomi announced a $10M strategic investment from Euronext which will enable corporate bond traders to access Algomi’s innovative bond information network on a global basis.

KEY PEOPLE

CEO: Geraldine Gibson COO: Claire Savage FOUNDED

2012 SECTORS

Compliance, RegTech HEADQUARTERS

Kildare, Ireland $ FUNDING Latest: $3.25M 2016 LEAD INVESTOR Bluff Point Associates ON TWITTER

@aqmetrics ON THE WEB

aqmetrics.com

AQMetrics provides integrated capital markets surveillance and compliance solutions to alternative investment management and broker/dealer companies. Through its suite of cloud based solutions, AQMetrics supports a full range of global regulatory reporting for recent and emerging directives including MAD II, MiFID II and the AIFM Directive. The firm also provides a complete reporting solution that enables risk aggregation and is based on OPERA. AQMetrics proprietary risk analytics empowers the automation of traditionally resource-intensive and error-prone processes to ensure intuitive, fast, and cost effective electronic compliance risk management, regulatory reporting and document management.


9

Atom bank

CEO: Mark Mullen Chairman: Anthony Thomson FOUNDED

2014 SECTORS

Banking HEADQUARTERS

$

BehavioSec

KEY PEOPLE

Durham, UK

Azimo

FUNDING

Total: $ $306.1M Latest: $102M Venture Mar 2017 $30M Debt Financing June 17

ON THE WEB

atombank.co.uk

Atom was granted first a restricted licence in June 2015 and now a full unrestricted licence to offer personal and business banking services and opened doors to all UK customers in October 2016 . They now offer a range of products including Digital Mortgages by Atom, four marketleading Fixed Saver accounts and secured Business Lending to SMEs. CEO Mark Mullen has 25 years’ experience in the sector and was previously CEO at multi-award winning telephone and internet bank first direct. The non-exec board includes founder and Chairman Anthony Thomson, also the founder and former Chairman at Metro Bank. .

CEO: Michael Kent Founders: Michael Kent, Marta Kaplinski FOUNDED

2014 SECTORS

Payments

ON TWITTER

@atom_bank

KEY PEOPLE

HEADQUARTERS

London, UK $ FUNDING Total: $46.59M ON TWITTER

@Azimo ON THE WEB

azimo.com

Launched in October 2012, Londonbased Azimo is an online social money transfer service. The service enables customers to send money to any bank account, to a mobile wallet (MPESA) or to over 270,000 cash pick-up points around the world. In May 2016, it was the first money transfer operator to enable money transfers worldwide via Facebook Messenger. Azimo also closed a Venture round of $15M from Viber owner Rakuten.

KEY PEOPLE

CEO: Neil Costigan Founders: Olov Renberg, Peder NordstrĂśm FOUNDED

2007 SECTORS

Biometric Security HEADQUARTERS

Stockholm, Sweden $ FUNDING Total: $8.2M ON TWITTER

@BehavioSec ON THE WEB

behaviosec.com

Behaviosec transforms behaviour into a transparent additional layer of security by monitoring, in real-time, the way users interact with their devices. Its technology recognises if a conflicting user is operating a device by monitoring the environment, rhythms, and interaction patterns that are unique to each user. The solution is designed to enhance security without impacting the user experience. With offices in Europe, the US and Asia, BehavioSec currently protects over 5 billion transactions per year. In 2017, Behaviosec announced partnerships with fraud management platform Kount, mobile productivity platform Appdome and digital security provider Gemalto.


10

bonify

2015 SECTORS

Financial Data HEADQUARTERS

Berlin, Germany $ FUNDING Total: $5.84M Series A Feb2017 Lead Investor: Mosaic Ventures ON TWITTER

@bonify ON THE WEB

KEY PEOPLE

CEO: Gamal Moukabary Founders: Jan Ortmann, Andreas Bermig, Josef Korte, Gamal Moukabary FOUNDED

Clearmatics

bonify.de

bonify enables customers to benefit from their credit scoring and financial data. The Berlin-based start-up gives customers free access to their credit score and lets them upload additional relevant data. The company then offers tools and personalized recommendations to help optimize customers’ financial situation.

KEY PEOPLE

CEO: Robert Sams Founder: Robert Sams

ClearScore

FOUNDED

2015

FOUNDED

2014

SECTORS

Blockchain HEADQUARTERS

London, UK $ LATEST FUNDING Total: $1.26M Seed (2015) ON TWITTER

@clearmatics ON THE WEB

KEY PEOPLE

CEO: Justin Basini Founders: Justin Basini, Dan Cobley, Nigel Morris

SECTORS

Credit Reporting HEADQUARTERS

London, UK ON TWITTER

@ClearScore ON THE WEB

clearscore.com

clearmatics.com

Clearmatics’ “Distributed Virtual Machine” (DVM) combines logic with ledger to achieve true distributed automation of business processes. Leveraging the DVM will enable entrepreneurs in sectors across the economy to create new business models and redesign processes to drive innovation. Clearmatics already building out financial market applications with top tier financial services partners to streamline payments and clearing and settlement processes. Clearmatics’ advisors include Ethereum founder Vitalik Buterin.

Launched in 2015 by former Zapp CMO Justin Basini and ex Google UK MD Dan Cobley, ClearScore’s mission is to help people master their money by giving them 100% free access to an easy to understand credit report. ClearScore also shares clear, unbiased information about the best and cheapest financial products with the goal that no one ever overpays for their credit. Now with over 2M users, ClearScore launched its free “Coaching” service in March 2017 to give people practical steps they can take to make a real positive impact on their personal finances.


11

Comply Advantage

KEY PEOPLE

CEO: Charles Delingpole Founder: Charles Delingpole FOUNDED

2014 SECTORS

AML, Compliance, RegTech HEADQUARTERS

London, UK $ FUNDING Total: $8.2M (2016) Lead investor: Balderton Capital ON TWITTER

@ComplyAdvantage

Contego

KEY PEOPLE KEY PEOPLE

CEO: Adrian Black FOUNDED

2011 SECTORS

Data Identity, RegTech

ON TWITTER

@Contego ON THE WEB

complyadvantage.com

ComplyAdvantage helps firms make intelligent choices when complying with regulations relating to sanctions, money laundering (AML) and terrorist financing (CFT). They use Artificial Intelligence and machine learning to produce higher quality AML risk data on individuals, organizations and associated entities. Their solutions enable companies to improve how they onboard and monitor clients, screen payments and monitor transactions by reducing false positives and speeding up processes, all delivered by flexible modern APIs. Founded in 2014 with offices in London, UK and New York, USA ComplyAdvantage works globally with some 200 firms in the financial markets and other regulated high-risk sectors.

contego.com  

Contego believes that embracing RegTech solutions can have a transformative positive effect on business and should be seen as a competitive advantage. The company helps financial services, property and FinTech firms to improve and automate Anti-Money Laundering (AML) and Know Your Customer (KYC) checks and processes. Its single risk-scoring platform can handle complex, multi-entity fraud detection and compliance checks in real time, all delivered via a single API, which expedites and improves customer onboarding. With partnerships including IBM, Amazon Web Services, C6 Group, Contego has invested heavily to strengthen its international data sets. In December 2016, the RegTech acquired Working Status Ltd., the comprehensive software solution for Right-to-Work compliance and Human Resources management.

KEY PEOPLE KEY PEOPLE

Executive Chairman: Donal Smith Founder: Mark Faulkner, Donal Smith FOUNDED

HEADQUARTERS

Abingdon, UK $ FUNDING Total: $2.93M

ON THE WEB

Credit Benchmark 2012 SECTORS

Finance, Banking, Credit Risk, Capital Markets, Risk M’gement

HEADQUARTERS

London, UK $ FUNDING Total: $27M ON TWITTER

@creditbenchmark ON THE WEB

creditbenchmark.com  

Credit Benchmark delivers greater visibility into credit risk via an entirely new source of wholesale credit risk data. Using an innovative crowd-sourced approach, the company publishes monthly consensus credit indicators on Sovereigns, Financial Institutions, Corporates and SMEs by aggregating and anonymizing the internal credit risk assessments of the world’s leading banks. Practitioners in the capital markets benefit from greater transparency with unique credit indicators generated from actual risk takers in the marketplace, as well as access to otherwise unrated entities, including a large number of operating subsidiary companies.


AGENT OF CHANGE “Digital disruption should not be seen as a threat, but rather a healthy challenge, driving change and opening up exciting new possibilities. Far from resisting it, “Trussle is thebeUK’s first online banks should embracing this mortgage broker, helping opportunity to reach outside their buyers and save own walls, tohomeowners work with start-ups, time and money securingand a join innovation platforms mortgage on online. collaborate newOnce ideassecured, in ways thewould mortgage is monitored that of been unfathomable andago.” borrowers are alerted a daily decade when it makes sense to switch to a more suitable deal. With Oliver Bussmann, former Group overInformation £1bn of mortgages Chief Officer, UBS under management, Trussle is now focusing on helping the three million homeowners languishing on a Standard Variable Rate mortgage, unnecessarily paying a ‘mortgage mismanagement tax’ of up to £10bn more than they need to.” Ishaan Malhi Founder, CEO: Trussle


13

Curve

KEY PEOPLE

CEO: Shachar Bialick Founders: Shachar Bialick, Tom Foster-Carter FOUNDED

2015 SECTORS

Payments HEADQUARTERS

London, UK $ LATEST FUNDING Total: $13M Latest: $10M Series A 2017

Cuvva

FOUNDED

ON TWITTER

@imaginecurve

imaginecurve.com

Curve is on a mission to simplify the way people spend and save their money. With old banks, new banks, credit cards, travel cards, investment apps, loyalty schemes and more, people are inundated with choice in a fragmented financial world. Backed by a who’s who of VCs and FinTech influencers, the London-based startup is solving the problem by allowing users to combine their bank cards into one Curve MasterCard, and all of their banking services into one powerful mobile app. In July 2017, Curve announced a new feature which lets customers go back in time and ‘switch’ the card they used to make a transaction. In July 2017, Curve announced a Series A funding round of $10M.

2016 SECTORS

Insurance

ON THE WEB

KEY PEOPLE

CEO & Founder: Freddy Macnamara Co-Founder: James Billingham

HEADQUARTERS

Established: Scotland, UK HQ: London, UK $ LATEST FUNDING Total: $2.63M ON TWITTER

@Cuvva ON THE WEB

Cuvva.com

Cuvva is a new type of UK car insurance that allows drivers to get cover on a car for only as long as they need it. Its smart insurance fits around people, setting them free from rigid insurance restrictions. Customers can download, get verified and enter the number plate of the car they are borrowing. Then select how many hours they want to be insured for, pay and go.


14 14

Darktrace

KEY PEOPLE

CEO: Nicole Eagan CEO EMEA: Poppy Gustafsson Chairman: Robert S Webb QC FOUNDED

2011 SECTORS

Cyber Security

HEADQUARTERS

Cambridge, UK $ FUNDING Total: $179.5.5M Latest: $75M Series D July 2017 Lead investor: Insight Venture Partners (D Round)

Digital Shadows

CEO: Alastair Paterson Founder: Alastair Paterson, James Chappell

FOUNDED

2011 SECTORS

Cyber Security HEADQUARTERS

London, UK $ FUNDING Total: $22M Latest: $14M 2016 Lead Investor: Trinity Ventures

digitalshadows.com

darktrace.com  

One of the world’s fastest-growing cyber defence companies, Darktrace addresses the challenge of advanced cyber-attacks through its unique ability to detect previously unidentified threats in real time. Clients range from financial and legal services, to charities, healthcare organisations and pharmaceutical firms. In January, the Cambridgefounded business, which claims to have ‘banked’ $125M in three years, reported a surge in customer orders. Year-on-year revenue growth stands at an impressive 6 times - and customer renewals are at over at 90%. In July 2017, Darktrace announced a Series D funding round of $75M at a valuation of $825M.

KEY PEOPLE

CEO & Founder: Vitalik Buterin Co-Founders: Joseph Lubin, Gavin Wood FOUNDED

2014

ON THE WEB

ON THE WEB

Ethereum

ON TWITTER

@digitalshadows

ON TWITTER

@Darktrace

KEY PEOPLE

SECTORS

Platform / Blockchain ON TWITTER

Digital Shadows has come a long way since Accenture Innovation Lab London in 2011, announcing a $14M Series B funding round in February 2017. Its flagship product, SearchLight, is a continuous real-time scan of more than 100 million data sources online and on the deep and dark web — cross referencing customer specific data with the monitored sources to flag up instances where data might have inadvertently been posted online, for instance, or where a data breach or other unwanted disclosure might be occurring. The service also monitors any threat-related chatter about the company, such as potential hackers discussing specific attack vectors.

@ethereumproject ON THE WEB

ethereum.org

Ethereum is a platform and a programming language that makes it possible for any developer to build and publish next-generation distributed applications. Ethereum can be used to codify, decentralize, secure and trade just about anything: voting, domain names, financial exchanges, crowdfunding, company governance, contracts and agreements of most kind, intellectual property, and even smart property thanks to hardware integration.


15 1515 15

FeatureSpace

KEY PEOPLE

CEO: Martina King Founders: Bill Fitzgerald, David Excell FOUNDED

2012 SECTORS

Adaptive Behavioural Analytics

HEADQUARTERS

London, UK $ FUNDING Total: $16.37M Latest: $9M Venture May 2017 ON TWITTER

@FeaturespaceLtd ON THE WEB

featurespace.co.uk

Featurespace is developing data analysis “Adaptive Behavioural Analytics” to predict what an individual or group will do next, based on an understanding of normal patterns of behaviour. The company has developed a behaviour analytics engine (ARIC) – based on Bayesian statistics and research undertaken at Cambridge University that allows the real-time tracking of both individual and group behaviour by using advanced proprietary algorithms to exploit the vast amounts of customer interaction data that many companies collect, to deliver insights that can help to detect and prevent fraud, and prevent customer churn.

Fenergo

KEY PEOPLE

CEO & Founder: Marc Murphy FOUNDED

2009 SECTORS

Big Data

figo

HEADQUARTERS

Dublin, Ireland $ FUNDING Total: $80.32M Latest: $75M Private Equity 2015 ON TWITTER

@Fenergo ON THE WEB

fenergo.com

Dublin-based Fenergo helps institutions manage the end-toend regulatory onboarding and entity data management processes. In 2015, it received the biggest ever investment in an Irish tech company ($75M) and announced plans to float on Nasdaq by 2018. This year, the five-year old business announced a 3-way alliance with Markit and kyc. com to deliver a highly optimised client lifecycle management process that will help financial institutions to significantly improve regulatory and onboarding efficiencies and reduce operational costs. It also opened a Singapore office and signed Nikko Securities as a client.

KEY PEOPLE

CEO: André Bajorat Founder: André Bajorat FOUNDED

2012

SECTORS

Banking as a Service

HEADQUARTERS

Hamburg, Germany $ FUNDING Total: $10.97M Latest: undisclosed round 2017 ON TWITTER

@figoAPI ON THE WEB

figo.io

figo aggregates financial sources from over 3,100 banks and financial institutions to enable innovative services. As Europe’s first “BankingService-Provider”, the Hamburgbased business is PSD2 ready and its “Banking-as-a-Service” platform connects modern services with more than 50M online banking accounts.


16

FundApps

FOUNDED

2010 SECTORS

Regtech, Compliance

HEADQUARTERS

London, UK $ FUNDING Total: self funded ON TWITTER

@FundApps ON THE WEB

fundapps.co

FundApps makes compliance simple for some of the world’s largest financial institutions, including asset managers, hedge funds, pension funds and banks. Blending innovative technology with regulatory insight, FundApps’ team of compliance experts write and maintain over 500 rules in more than 90 jurisdictions so its clients don’t have to. Over $2.5 trillion in client assets are analysed by FundApps every day. FundApps provides three services: Shareholding Disclosure, Position Limits and Investment Restrictions.

KEY PEOPLE

CEO: Christoph Riech Founders: Christoph Riech, James Dear

KEY PEOPLE

CEO: Andrew White Founders: Andrew White, James Crowley

Iwoca FOUNDED

2011 SECTORS

Lending

HEADQUARTERS

London, UK $ FUNDING Total: $58.57M Latest: $27.1M Venture Oct 2016

Kantox

KEY PEOPLE

CEO: Philippe Gelis Founders: Philippe Gelis , Antonio Rami, John Carbajal FOUNDED

2011 SECTORS

FX HEADQUARTERS

ON TWITTER

@iwoca ON THE WEB

iwoca.co.uk

iwoca is one of Europe’s fastest growing credit providers, offering short-term credit facilities of up to £100,000. Iwoca’s proprietary risk model allows it to make fair, fast and flexible decisions, cutting underwriting costs by 90% whilst increasing approval rates and offering a simpler customer experience. Since launch, Iwoca has issued over £200M to businesses across the UK, Germany, Spain and Poland and is opening its“creditas-a-service” platform to strategic partners such as Alibaba, allowing them to finance their customers directly. In May 2017, the lender announced a strategic collaboration with Poland’s PayU to make it easier for small and medium-sized entrepreneurs to obtain financing for growth.

London, UK $ FUNDING Total: $21.12M ON TWITTER

@Kantox ON THE WEB

kantox.com

Having taken three and a half years to hit $1bn in transactions, Kantox hit its next billion dollars in just eight months. The London-based business also saw £100M traded through its new API, which connects Kantox’s platform to clients’ cERP or TMS, in its first six months. With more than 2000 clients, 70+ employees and growth of over 200%, Kantox was also the first financial institution to integrate free and automatic SWIFT messaging into its service, allowing complete traceability of funds transferred. In late 2016, the FX solution was ranked (by Deloitte) as the six fastest growing technology firms in the UK.


17

LendInvest

Mambu

KEY PEOPLE

CEO: Christian Faes Founders: Christian Faes, Ian Thomas

CEO: Eugene Danilkis Founders: Eugene Danilkis, Frederik Pfisterer, Sofia Nunes

FOUNDED

2013

FOUNDED

2011

SECTORS

Alternative Lending

ON TWITTER

@LendInvest ON THE WEB

SECTORS

Banking

HEADQUARTERS

London, UK $ FUNDING Total $58.62M Latest: $24.35M (2016) Lead Investor: Atomico

lendinvest.com

The UK’s leading marketplace for property finance, LendInvest turned a profit (£3.4m) for the third time in three years of trading in 2016. LendInvest spun out of Montello, an offline short-term mortgage lender, in 2013 to improve the process of getting a mortgage, and to make mortgages an accessible asset class for every investor. Today LendInvest investors have lent over £1bn to help borrowers buy, build or renovate almost 4,000 properties making LendInvest one of the fastestgrowing online lending businesses in the world. The company also has significant institutional backing, including a £17M ($25M) Series B investment from Atomico, the VC fund led by Skype founder, Niklas Zennstrom.

KEY PEOPLE

HEADQUARTERS

Berlin, Germany $ FUNDING Total: $13.1M Latest: $8.73M January 2016 ON TWITTER

@Mambu_com ON THE WEB

mambu.com

Mambu is the core engine powering digital first banking and lending. The lean SaaS alternative to cumbersome core banking systems, Mambu helps clients to successfully start new business ventures, transform existing operations, launch new products and expand into new markets. It provides financial institutions of all sizes with the agility to rapidly design, launch, service and scale their banking and lending portfolio. Its technology powers over 5000 loan and deposit products which serve over 3M end customers. With more than 180 live operations in over 40 countries, Mambu is helping financial institutions evolve and thrive in the digital age. In 2017 it received Amazon Web Services accreditation, started operations in Singapore and opened a US office in Miami.

MarketInvoice

KEY PEOPLE

CEO: Anil Stocker Founders: Anil Stocker, Ilya Kondrashov, FOUNDED

2011 SECTORS

Lending

HEADQUARTERS

London, UK $ FUNDING Total: $29.7M Latest: $9.51M July 2016 Lead investors: MCI Capital SA, Northzone ON TWITTER

@MarketInvoice ON THE WEB

marketinvoice.com

MarketInvoice is the world’s largest peer-to-peer invoice finance platform. Launched in 2011, based in London and Manchester, MarketInvoice has funded over 70,000 invoices worth £1.3bn to thousands of UK businesses (at 1st June 2017). In March 2017, the business appointed Zopa founder Giles Andrews as chairman and announced its intent to move into the factoring business, providing larger firms with a credit line against their order pipeline. In May 2017, MarketInvoice announced an agreement with Banco BNI Europa (BNI), which will now provide £45M in funding annually on the marketplace to fund working capital for MarketInvoice customers.


The FinTech50 HALL OF FAME

Ten FinTechs have featured on the 50 since 2012. Some have listed three years in a row; all are still innovating. In recognition of their pioneering spirit and competitive staying power, we created a special place for them within a list of remarkable game-changers.

Adyen

The quiet achiever Founded in 2006, Adyen now has a presence on six continents, over 300 employees and provides advanced payment solutions to customers including Facebook, Airbnb and Netflix. In June 2017, Adyen announced a pan-European banking licence that allows it to bypass banks and process crossborder payments directly for its merchant customers. adyen.com

Currencycloud For powering global payments Currencycloud has processed in excess of $25bn in payments since its 2012 launch and counts FinTechs such as Azimo, and TransferWise amongst its hundres of clients. Following a $25M Series D funding round, Currencycloud announced an exclusive partnership with Korea’s Hyndai Card in June 2017, marking a significant move into the Asian market. currencycloud.com


Klarna eToro

For socialising trading eToro created the first global marketplace for people to trade currencies, commodities, indices and CFD stocks online and today has over 6M registered traders. Investors include CommerzVentures and Ping An Ventures. etoro.com

Funding Circle

For funding SMEs (to the tune of $3bn)

For simplifying buying and selling Klarna was founded in Stockholm in 2005 with the idea of simplifying buying. Today, it has more than 1,500 employees, serves 60 million end consumers and works with 70,000 merchants. In June 2017, Klarna became the largest European FinTech to secure a fulll banking license. klarna.com

Nutmeg

For taking investments online

FundingCircle has lent more than $3bn to 25,000 businesses in the UK, USA, Germany, Spain and the Netherlands. Since 2010 it has raised $372M equity capital from some of the most sophisticated investors in the world and in 2017 strengthened its leadership team to continue its expansion into the US. fundingcircle.com

Nutmeg launched the UK’s first online discretionary wealth manager in 2011, paving the way for a new generation of FinTechs delivering automated, algorithmdriven financial planning. In late 2016, Nutmeg secured $30M investment from Schroders and Hong-Kong based Convoy Partners to further its expansion. In June 2017, Nutmeg launched a lifetime ISA. nutmeg.com

iZettle

TransferWise

For imagining a wallet-free world

For services to the Revolution

1,000 new shops across Europe and South America join Swedish mPos pioneer iZettle every day. In June 2017, iZettle announced it would enable users across Europe to register local mobile payments and send invoices through its point of sale app. izettle.com

The original FinTech revolutionary TransferWise continues to innovate, opening up services to China and forging a partnership with Germany’s Number26. In 2017 it launhed a borderless account for business and opened a regional HQ in Singapore. transferwise.com

WorldRemit For reinventing remittances

Worldwide, WorldRemit customers send 600,000 transfers every month, with around 25% being moved to mobile money wallets. WorldRemit has raised nearly $150M in funding (+ $45M debt funding). In June 2017 it announced plans to enable mobile to mobile payments via Android Pay. worldremit.com

Zopa For starting the ball rolling in 2004 Giles Andrews launched Zopa in 2004 with the idea of creating the ‘e-bay for money’. In 2017, Zopa raised £32M as it prepares to launch as a ‘next generation bank’ offering loans, a range of P2P products for investors, and protected deposit accounts for savers. In June 2017. Zopa launched a Barcelona hub. zopa.com


“Customer first - that’s AQMetrics’ mantra. Our talented team of seasoned industry professionals have walked in our customers’ shoes before, so we know how best to delight our customers. The mantra has served us well and word is out that AQMetrics is 100% customer and quality focused. As a result the future is bright for AQMetrics customers and employees alike, as AQMetrics is now an award winning leader in the RegTech space and intends to remain so going forward.” Geraldine Gibson Founder / CEO AQMetrics

EFFICIENCYCREATOR


21

Meniga

KEY PEOPLE

CEO: Georg Ludviksson Founders: Georg Ludviksson, Viggo Asgeirsson FOUNDED

2009 SECTORS

Banking

HEADQUARTERS

Founded: Reykjavik, Iceland HQ: London, UK $ FUNDING Total: $22.75M Latest: $7.98M Venture April 2017 Lead investor: Industrifonden ON TWITTER

@meniga ON THE WEB

meniga.com

Meniga is the European market leader of white-label Personal Finance Management (PFM) and next-generation online banking solutions. Meniga helps multiple retail banks across the world create mutually beneficial digital relationships with their customers by dramatically improving their online and mobile banking user experience. In April 2017, Meniga raised $7.98M in new funding, bringing the total raised to $22.7M. In June 2017, Meniga announced that Íslandsbanki, one of Iceland’s leading banks, has deployed its Card Linked Offer (CLO) program to provide their digital banking customers with personalized and relevant discounts from local merchants.

Monzo

KEY PEOPLE

CEO: Tom Blomfield Founders: Tom Blomfield, Gary Dolman, Paul Rippon, Jonas Huckestein, Jason Bates FOUNDED

2015 SECTORS

Banking HEADQUARTERS

London, UK $ FUNDING Total: $44.95M Latest: $19.5M Series C / $2.39M Equity Crowdfuding - 2017 Lead Investor: Thrive Capital ON TWITTER

@monzo ON THE WEB

monzo.com

Digital bank and FinTech favourite Monzo hit some personal milestones this year, winning 200k customers, achieving £250M spent on Monzo cards (by May 2017) and reaching $44.93M total funding, including £3M equity crowdfunding on Crowdcube. Its biggest achievement came in April 2017 when the London-based start-up announced that its banking licence restrictions had been lifted, making Monzo a “fully authorised, unrestricted bank”. In June 2017, Monzo announced a partnership with digital ID specialist Jumio to help verify customers who are moving from its prepaid card service.


22

N26

KEY PEOPLE

CEO: Valentin Stalf Founders: Valentin Stalf, Maximilian Tayenthal FOUNDED

2013 SECTORS

Banking

HEADQUARTERS

Berlin, Germany $ FUNDING Total: $52.73M Latest: $40M Series B 2016 ON TWITTER

@n26 ON THE WEB

n26.com

N26 is Europe’s first Mobile Bank with a full European banking license. Founded in 2013 by Valentin Stalf and Maximilian Tayenthal, N26 now has 200 employees and tripled its user base in the past year to over 300,000 customers in 17 countries across Europe. Since January 2015, N26 has been available for Android, iOS and desktop. In its mission to create “a modern mobile-first bank”, N26 has partnered with other leading FinTechs including TransferWise and Raisin, giving customers in-app access to cheaper money transfer and a savings account. In June 2017, N26 announced its move into insurance with a partnership witn Berlin-based Clark.

Onfido

NetGuardians

KEY PEOPLE

CEO: Joel Winteregg Founders: Joel Winteregg, Raffael Maio FOUNDED

2011 SECTORS

Compliance, Cyber Security

ON TWITTER

@netguardians ON THE WEB

netguardians.ch

NetGuardians is dedicated to making the world a safer place by developing cutting-edge analytics technology. Named a Gartner Cool Vendor in 2015, NetGuardians is a Swiss FinTech company enabling banks to beat fraud and automate compliance. Its software leverages Big Data to correlate and analyze user behaviors across the entire bank system – not just at the transaction level. NetGuardians has a growing client base in Europe, the Middle East, Africa, and Asia, with offices in Switzerland, Singapore, Kenya and Poland.

KEY PEOPLE

CEO: Husayn Kassai Founders: Husayn Kassai, Eamon Jubbawy, Ruhul Amin FOUNDED

2012 SECTORS

Compliance, Risk & Regulation HEADQUARTERS

London, UK $ FUNDING Total: $30.45M Latest: $153.8k Venture Dec 2016 ON TWITTER

HEADQUARTERS

Yverdon-les-Bains, Switzerland $ FUNDING Total: $14.16M Latest: $8.7M May 2017

@Onfido ON THE WEB

onfido.com

Onfido believes that there should no longer be any reason for people to be excluded from the world economy because of their identity. Powered by machine-learning technology, Onfido enables companies to verify users by combining identity document, facial recognition and geo-location checks. The multi-award winner, which started in 2012 with a £20,000 seed funding from Oxford Univiersity, is now active in the UK, Europe, the US and India and has experienced 5 times year-on-year revenue growth every year since launch. Now based in London, the business services 1,500 clients worldwide, including market leaders Deliveroo, Uber, JustGiving, Tesco and Care UK. It has also secured several seven-figure contracts and seen its team grow by more than a third to 150, including a 70-strong technology team.


23

OpenGamma

KEY PEOPLE

CEO: Peter Rippon COO: Maxime Jeanniard Du Dot FOUNDED

2009 SECTORS

Analytics / Risk Management

HEADQUARTERS

London, UK $ FUNDING Total: $37.45M Latest: $13.3M Series D $1M Venture Feb 2017 Lead Investor: Accel ON TWITTER

@OpenGamma ON THE WEB

opengamma.com

PayKey

KEY PEOPLE

CEO & Founder: Daniel Peled, Co-Founder: Offer Markovich FOUNDED

2014 SECTORS

Payments

ON TWITTER

@getPayKey

paykey.com

PayKey describes itself as the “world’s first payment keyboard” and uses patent-pending technology that works with messenger apps. The Tel-Aviv based business lets bank customers transfer money instantly using popular social networks and messaging apps such as Facebook’s Messenger, WhatsApp and Twitter. Users tap the “$” key to unlock payment mode directly within the app to transfer funds. In 2017 PayKey raised $6M in Series B funding, led by MizMaa, a US and Chinese backed venture capital fund. Previous investors include e-ventures, Magma, CommerzVentures, Santander InnoVentures and Leaders Ventures.

KEY PEOPLE

CEO: Jason du Preez Founders: Jason du Preez, Gerard Buggy, John Taysom

HEADQUARTERS

Tel Aviv, Israel $ FUNDING Total: $12.4M Latest: $6M Series B June 2017

ON THE WEB

OpenGamma is a financial technology company delivering unique analytics for the needs of over-the-counter (OTC) or privatelynegotiated derivatives contracts, a $493 trillion marketplace, according to the Bank for International Settlements. The London-based business now counts amongst their rapidly growing client base 4 of the 5 largest clearing houses in the world, 11 buy-side firms & 4 Tier 1 banks. In the view of one panel member, OpenGamma continues to reshape risk management in the industry, in turn becoming core to the capital markets infrastructure. OpenGamma raised $13.3M in October 2016 and in January this year announced a minority investment of $1M from the Japan Exchange Group.

Privitar FOUNDED

2014 SECTORS

Privacy, Data Analytics

HEADQUARTERS

London, UK $ FUNDING Total: $5.17M Latest: $3.97M August 2016 Lead Investor: Illuminate Financial ON TWITTER

@privitarglobal ON THE WEB

privitar.com

Privitar is a privacy engineering software company, that enables organisations to use, share and derive insight data safely. Privitar’s mission is to help companies achieve broader use of data while adopting an uncompromising approach to protecting confidential information. The London-based company is delivering data privacy and anonymisation software solutions to a global client-base across Europe, North America and Asia.


24

Qumram

KEY PEOPLE

CEO: Patrick Barnert Founders: Mathias Wegmüller, Simon Scheurer FOUNDED

2011 SECTORS

RegTech

HEADQUARTERS

Zurich, Switzerland $ FUNDING Total: $4.66M Latest: $1.67M Dec 2016 ON TWITTER

@QumramAG ON THE WEB

qumram.com

Qumram is a global provider of digital compliance, risk management and RegTech solutions. The awardwinner creates an indisputable audit trail that ensures 100% compliance with digital recordkeeping regulations (e.g. MIFID-II, FFSA, SEC 17a-4, DOL, and more). Qumram does this by recording and allowing on-demand replay of all digital activity, across all channels (web, social, mobile), and retaining these recordings in accordance with regulatory requirements (3-10 years). Qumram also mitigates conduct risk, governs employee actions, prevents fraud, and improves customer service effectiveness, and can convert big data collected and retained for compliance purposes, into smart data that delivers deep customer insight.

Railsbank

Raisin

KEY PEOPLE

CEO: Nigel Verdon Founders: Nigel Verdon, Clive Mitchell

FOUNDED

2016 $ FUNDING Seed Dec 2016

HEADQUARTERS

London, UK ON TWITTER

FOUNDED

SECTORS

Savings HEADQUARTERS

Berlin, Germany $ FUNDING Total: $64.16M Latest: $32.17M January 2017

@railsbank ON THE WEB

ON TWITTER

railsbank.com

Having founded one FinTech giant, Currencycloud (see The FinTech50 Hall of Fame p18), Nigel Verdon co-founded Railsbank in 2016 with Clive Mitchell. The two have been friends since they were 13 years old. Railsbank provides an open banking and compliance platform that will give companies access to global wholesale banking services with 5 lines of code. Railsbank signed its first partner (Arkea Banking Services) in January 2017 and aims to have a pan-european banking network delivered by the end of 2017. In June 2017, Railsbank announced its partnership with payments group Secure Trading

CEO : Tamaz Georgadze Founders: Tamaz `Georgadze Frank Freund, Michael Stephan

2013

SECTORS

Banking

KEY PEOPLE

@weltsparen, @raisin_EN ON THE WEB

raisin.com

Berlin-based Raisin’s vision is to offer the most attractive deposit products from across Europe, delivered through a single platform. Since launch in 2013, geographical expansion, together with growth in customer and partner bank numbers, has enabled it to channel a total of over €3bn in savings to its partner banks. In the last 1.5 years, the number of customers has tripled to over 75,000 (April 2017). By investing in Raisin deposits, customers earned around €2M in interest they would have not earned in term deposits under local market conditions.


25

Revolut RateSetter

CEO: Rhydian Lewis Founders: Rhydian Lewis, Peter Behrens FOUNDED

SECTORS

Lending

ON TWITTER

@RateSetter ON THE WEB

ratesetter.com

RateSetter is an online marketplace where interest rates are set by investors and borrowers. It hit a number of significant milestones in 2017, including reaching approximately £2bn of cumulative lending to borrowers across the UK, collecting £1bn of repayments, and delivering more than £75M in total interest to investors. In May 2017, the London-based lender raised a further $16.67M in funding as it prepares to launch its ‘innovative ISA’, which provides a tax-free wrapper for investors’ returns.

KEY PEOPLE

CEO: Nikolay Storonsky Founder: Nikolay Storonsky, Vlad Yatsenko

Scalable Capital

FOUNDED

SECTORS

Banking HEADQUARTERS

London, UK $ FUNDING Total: $81.06M Latest: $66M Series B Lead Investor: Index Ventures

HEADQUARTERS

London, UK $ FUNDING Total: $63.52M Latest: $16.69M May 2017

2014

KEY PEOPLE

2009

FOUNDED

2016 SECTORS

ON TWITTER

@RevolutApp ON THE WEB

revolut.com

Revolut’s mobile foreign exchange solves a major pain point for consumers through its free, nofee foreign currency exchange at the interbank rate. The app + card combination currently supports over 120 currencies and (as at June 2017) has over 650k active users. In 2017 Revolut launched a UK current account, and when it announced a product designed to help companies manage international payroll, suppliers and corporate travel over 2000 companies pre-registered within 24hrs. In March 2017, Revolut launched a premium subscription service followed in June by a business service, with reported interest from major European corporates. In July 2017, Revolut announced a Series B funding round of $66M..

KEY PEOPLE

Joint CEOs: Adam French / Erik Podzuweit Co-Founders: Patrick Pöschl, Ella Rabener, Florian Prucker, Stefan Mittnik

Wealth Management

HEADQUARTERS

Munich, Germany $ FUNDING Total $45.77M Latest: $30.5M Series B June 2017 ON TWITTER

@ScalableCapital ON THE WEB

scalable.capital

Former Goldman Sachs Executive Director Adam French co-founded digital investment manager Scalable with colleagues in 2016 to make investment management more accessible to retail investors. Just 12 months later, Scalable Capital is the fastest-growing digital wealth manager in Europe, with over €200 million assets under management (at April 2017) for its 5000+ customers. Now growing by more than €1M a day, Scalable Capital operates in Germany, the UK and Austria.


ACCESSTOFINANCE

“wefox is the marketplace to connect insurance companies to the strongest distribution channel globally: insurance brokers. wefox supports brokers to serve their customers in a digital/hybrid way by offering a best-in-class broker portal + services. wefox is becoming the modern insurance pooler for Europe.� Julian Teicke, Co-Founder / CEO, wefox


27

SETL

KEY PEOPLE

CEO: Peter Randall Founder: Peter Randall FOUNDED

2015

Seedrs

KEY PEOPLE

CEO: Jeff Lynn Founders: Jeff Lynn, Carlos Silva FOUNDED

2009 SECTORS

Equity Crowdfunding HEADQUARTERS

London, UK ON TWITTER

@Seedrs ON THE WEB

seedrs.com

Seedrs allows all types of investors to invest in businesses they believe in and share in their success. And it allows growth-focused businesses in all sectors to raise capital efficiently through an online process. Seedrs reported a record-breaking 2016, which saw £85M invested in 159 different deals and 45,000 individual investments made from 65 different countries. FinTech FreeAgent, which raised £1.2M on Seedrs in 2015, IPOed on LSE’s AIM. Since its launch in 2012, Seedrs has raised £220M for 500 listed investment opportunities.

SECTORS

Payments, Blockchain

HEADQUARTERS

London, UK $ FUNDING Total: $39M ON TWITTER

@Setl_io ON THE WEB

setl.io

SETL is an initiative to deploy a multi-asset, multi-currency institutional payment and settlements infrastructure based on blockchain technology. The SETL system maintains a permissioned distributed ledger of ownership and transaction records, simplifying the process of matching, settlement, custody, registration and transaction reporting. In July 2016, Rachel Lomax, the former deputy governor of the Bank of England, and Ed Richards, the former chief executive of broadcast regulator Ofcom joined ex-Barclays chairman Sir David Walker on the board. In February 2017 Setl opened an office in Paris to bring its blockchain offering to the French market. The firm says that the move will improve its capacity to deal with any future regulatory or other changes in the EU financial markets.


28 28

solarisBank

Thought Machine

KEY PEOPLE

CEO: Roland Folz Founders: Roland Folz, Andreas Bittner, Marko Wenthin FOUNDED

2016 SECTORS

Banking HEADQUARTERS

Berlin, Germany $ FUNDING Total: $41.65M Latest: $28.06M March 2017 ON TWITTER

@solarisBank ON THE WEB

solarisbank.de

Suade

FOUNDED

2014 SECTORS

Compliance, Risk & Regulation

A tech company with a German banking license, solarisBank has built an API-accessible banking platform which enables digital companies to offer their own financial solutions. Partners can access the solarisBank modules in the field of e-money, instant credit and digital banking as well as services from third-party providers integrated on the platform via API. In March, the Berlin-based start-up raised €26.3M to expand its banking platform to Asia and named a former Deutsche Bank exec as its new CEO. solarisBank has 16 customers live on its platform, a team of 80 and and currently operates across six countries in Europe. In June 2017 solarisBank announced a partnership with Berlin-based finance provider Billfront.

HEADQUARTERS

London, UK ON TWITTER

@SuadeLabs ON THE WEB

suade.org

Suade’s regulatory software allows banks to achieve continuous compliance, manage their costs and easily conduct regulatory analysis. In 2016 it launched the FIRE Data Format, an open source project to create a standard for regulatory data, sponsored by the European Commission and the ODI. The London-based RegTech pioneer keeps growing its team and increasing its revenue. Suade is bridging the regulatory gap through modern technology that allows for new methods of supervision.

KEY PEOPLE

CEO & Founder: Paul Taylor FOUNDED

2014

KEY PEOPLE

CEO & Founder: Diana Paredes Co-Founder: Murat Abur

SECTORS

Banking HEADQUARTERS

London, UK ON TWITTER

@thoughtmachine_ ON THE WEB

thoughtmachine.net

ThoughtMachine set out to solve the hardest problem in banking: fixing the core. Its solution is Vault OS, a first ‘next-generation’ operating system for banks established by a core of ex-Google engineers with a team of 50 based in east London. VaultOS supports a full array of bank services, such as current accounts, mortgages, loans, credit cards and is fundamentally secure due to private blockchain-style technology and cryptographic ledgers. For bank customers, the benefits are real-time transaction information, a comprehensive overview of all personal finances and genuinely. bespoke financial services such as ‘payment holidays.


29

Trussle

Traxpay

FOUNDED

2012

ON TWITTER

@Trussle

ON TWITTER

@traxpay ON THE WEB

traxpay.com

Traxpay moves real money in real time, delivering the rich data businesses need to get transparency and control over their transactions. It is integrated directly into existing ERP, purchasing and invoicing systems, enabling a complete end-to-end solution for B2B transactions. Traders on B2B networks using its solution can change any and every element of a payment transaction at any stage of the process, from the moment a payment instruction is initiated, straight through to final settlement and clearing.

trussle.com

Trussle helps first-time buyers and existing homeowners to save time and money securing a great-value mortgage online. It’s been estimated that one in two mortgage holders in the UK are losing £4,000 each year by not switching to better deals; representing a £29bn headache for the country’s homeowners. The Trussle service doesn’t end once a new mortgage deal is secure. The start-up continue to monitor the market for the lifetime of a customer’s mortgage, helping people to switch to a better deal later on. Trussle is backed by some of Europe’s leading technology investors including Ed Wray (founder of Betfair), Ian Hogarth (founder of Songkick), and Zoopla.

2013 SECTORS

InsurTech HEADQUARTERS

Berlin, Germany $ FUNDING Total: $33.5M (2016)

ON THE WEB

KEY PEOPLE

CEO: Julian Teicke Founders: Julian Teicke, Dario Fazlic, Fabian Wesemann, Florian Eismann, Jonathan Seoane, Teodoro Martino FOUNDED

HEADQUARTERS

HEADQUARTERS

Frankfurt, Germany $ FUNDING Total: $19M

Lending, Mortgages

London, UK $ FUNDING Latest: $5.64M Venture Jan 2017

SECTORS

Payments

2015

SECTORS

KEY PEOPLE

CEO: Markus Rupprecht

KEY PEOPLE

CEO: Ishaan Malhi Founders: Ishaan Malhi, Jonathan Galore FOUNDED

wefox

ON TWITTER

@wefoxHQ ON THE WEB

wefox.com

wefox was founded in Switzerland in 2014 under the name FinanceFox. The service platform allows customers, brokers and, insurance companies, to manage their insurance and financial products intelligently and efficiently. The service brings together the benefits of the online and offline world, combining modern technology and consulting know-how from the traditional insurance business. Since launching in Switzerland in September 2015, in Germany in October 2015 and in Austria in March 2017, wefox has secured more than 100,000 policyholders. With more than 100 employees, the company is continuously expanding its network and preparing its rollout to further European countries.


30

THE HOT TEN this year’s ones to watch With 1500 FinTechs to review, there is room to look to the future. Here are ten early contenders for The FinTech50 2018

Bud London, UK thisisbud.com / @this_is_bud Co-founders: Ed Maslaveckas, George Dunning

Bud is aiming to make disparate financial services and apps work better together. The London-based start-up wants to make it easier to move money around from one supported service to another without ever leaving the Bud app. An app and website, Bud has partnered with FinTechs such as Nutmeg, Azimo and PensionBee, in addition to some of the larger players, including Western Union.

10x Banking ClearBank London, UK 10xbanking.com / @10xbanking Founder / CEO: Antony Jenkins Unveiled in 2016 by the former CEO of Barclays, Antony Jenkins, 10x promises to radically shake up the banking world, optimizing advanced technology to transform how banks operate and engage with customers. Revealing its first client as renowned challenger bank, Virgin Money, 10x aims to drive a new standard in customer experience and be a catalyst for change in the industry.

London, UK clearbank.com / @Clear_Bank Founder / CEO: Nick Ogden

ClearBank®, founded by WorldPay founder Nick Ogden, is the UK’s first new clearing bank in more than 250 years. Described as a “bank for banks,” ClearBank will not offer services to consumers, but will instead offer payment processing and core banking services to FinTech start-ups, credit unions, building societies, and other challenger banks.


31

Deposify Dublin, Ireland deposify.com / @Deposify Founder / CEO: Jon Bayle

In the US and Ireland, security deposits cause problems for everybody involved when renting property – from landlords and tenants to leasing agents and property managers. Deposify is an escrow service for security deposits that lets landlords and tenants manage and control how and when deposits are paid and resolve deposit related disputes quickly and cheaply.

Cleo London, UK meetcleo.com / @meet_cleo Co-founders: Barney Hussey-Yeo, EB Aleksandra Wozniak

Cleo wants to reduce the complexity and increase the transparency of financial services for a new generation. Cleo is a chatbot accessed via the Cleo app or Facebook Messenger and through integration with Amazon’s Alexa and Google Home.

DataSine London, UK datasine.com / @Data_Sine Founder / CEO: Igor Volzhanin DataSine offers a client segmentation tool combining Big Data and psychometrics to help financial institutions understand their clients. It seeks to revolutionise the way financial institutions evaluate clients, build portfolios and measure risk.

Governance.io Luxembourg Governance.io / @governance.io Co-founders: Bert Boerman, Rob Boerman

Governance.io enables investment fund professionals to deal with regulatory requirements effortlessly, making it simple for customers to collect, connect and control any data or document. Clients benefit from complete data flexibility and frequent updates with new features and enhancements that can be deployed on-premise or in a private cloud without any interruption of business operations.

Nx’change Amsterdam, The Netherlands nxchange.com / @nxchange Founder / CEO: Marleen Evertsz

Nx’change introduces a next generation stock exchange for direct trading in securities between companies and investors. The Amsterdam start-up operates under a licence issued by the Dutch Ministry of Finance as a regulated market. Nxchange makes it possible to place and trade securities on a regulated platform without the intervention of a bank or broker.

MeteoProtect Paris, France meteoprotect.com / @meteoprotect_en CEO: Gabriel Gross

Meteo Protect provides companies around the globe with customized insurance solutions to help offset the financial impact of climate change. The French start-up monitors weather and analyses its history to help businesses adjust their insurance models. Clients range from agriculture to the financial sector and it helps wind energy utilities to cover the risk of low average wind speed.

PostQuantum London, UK post-quantum.com / @Post_Quantum CEO: Andersen Cheng

A member of Barclays Techstars original London Accelerator, PostQuantum’s mission is to protect the world’s information against today’s threats and tomorrow’s challenges. By embedding its unique cocktail of micro service modules into a system, the London-based start-up offers end-to-end quantum-safe security to clients including the UK government, Nato, Barclays and other financial services companies against cyber attacks.


Helping Fintech companies realise their potential As the leading chartered accountants and business advisers to the Fintech sector, we work with clients to understand their potential and ambitions, and provide all the information, strategic and technical advice, and specialist support they need to achieve them.

To help you achieve your objectives, please get in touch with us on Twitter or through our website.

@KSFintech

www.ks.co.uk/fintech


ACCELERATING ADOPTION OF DISTRIBUTED LEDGERS

33

Consortiums are very active in the distributed ledger marketplace, encouraging key participants (banks, market data providers, clearing and settlement entities etc) to collaborate on Blockchain innovation. R3 is perhaps one of the most high-profile consortiums, although there are a number of others based on shared interests, technologies or market sectors.

Marika Lulay: CEO, GFT The shared distributed ledger technology commonly known as ‘Blockchain’ has the potential to completely transform the financial services industry. Enthusiasm for it stems from the ability to allow digital assets to be securely transferred from one party to another, whilst reducing the reliance on central counterparties to manage trust. With banks urgently seeking to reduce costs, the potential security and efficiency benefits being suggested are driving intense interest in potential use cases in the race towards Blockchain adoption. However, the high levels of hope and expectation associated with the technology have not as yet been matched by many real life use cases, with some notable exceptions, such as the Royal Bank of Scotland’s (RBS) Emerald payments solution proven to scale by GFT on Google’s cloud platform. Blockchain remains in the ‘Peak of Inflated Expectation’ phase according to the Hype Cycle on Emerging Technologies published in 2016 by Gartner. Scalability for certain use cases continues to be a barrier to adoption, whilst interoperability and developments in establishing standards, governance and regulation also need improvement. Future Blockchain adoption will undoubtedly be driven by further collaboration and partnerships. It is difficult to create a successful Blockchain solution in isolation – success needs participation. Within the market there is extensive expertise; with market participants, developer communities and consultancies all adding value in defining and developing the functional building blocks needed for robust Blockchain solutions. Incumbent centralised utilities also bring expertise and understanding of the business requirements needed to drive adoption, with many collaborating in an industrywide effort to evolve open source Blockchain technology.

The FinTech community is also playing a very significant role in the steady progression from ‘proofs-of-concepts’ towards more real life use cases, providing the rapid and intense innovation required to bring new distributed ledger concepts to market. A key role that GFT is able to play is connecting the FinTech community with banks and other firms who can leverage the benefits, given GFT’s deep and long-term relationships with many of the established global financial players. Working with Etherium on the RBS Emerald project is a great example where GFT was able to help bring a Blockchain use-case out of the Lab, and into the real world. In 2017 we have witnessed further examples of this willingness to collaborate on Blockchain projects. In January, seven major European banks signed up to the Digital Trade Chain (DTC), a Blockchain based trade finance platform based on an earlier proof of concept developed by the Belgian bank KBC. The Depository Trust & Clearing Corporation (DTCC) also announced a distributed ledger framework to drive improvements in post-trade lifecycle events for derivatives. Most recently another R3 initiative has been announced with a number of banks applying distributed ledger technology to the global syndicated loans market. Momentum certainly seems to be building throughout 2017, driving the need for essential close collaboration to make Blockchain solutions work across the market. The potential for distributed ledger solutions to reduce operating costs continues to be one of the biggest incentives in moving from proofs-of-concepts towards real life use cases and the open source business model approach has proven to be most popular method for building a growing community focused on Blockchain. GFT is in conversation with our established banking clients and a number of Blockchain-focused FinTechs in order to foster the required levels of collaboration that are essential to bring exciting new Blockchain services to market in 2017 and beyond.

WWW.GFT.COM

@GFT_EN


EuropEaN FiNTECH M&a 2016-2017 Payments was by far the most active vertical within European FinTech M&A deals, and the pace of exits is no surprise, given the weight of funding that has gone into the sector. RegTech deals are also on the rise, hitting a 5 year high. We are also seeing big moves in Wealth Management and Banking M&A. Highlights 2016/2017 include: • MasterCard officially completed the acquisition of payment platform VocaLink for $920m in May 2017

• Kalixa Payments Group acquired from GVC Holdings by Singapore’s global payments operator Senjo Group for $30m in Dec 2016

• Swedish payment pioneer Klarna’s acquisition of two German companies: leading online payment provider BillPay for $75m in Feb 2017 and a talent hire of P2P payment Startup, Cookies App in Nov 2016

• BNP Paribas’ acquisition in April 2017 of Paris-based alternative bank Compte Nickel for $216m

insureTech/regTech TarGET

aCQuirEr

TarGET CouNTrY

SECTor

Disruptive Capital Finance

UK

Risk & RegTech Compliance Management

Travelers Insurance

UK

Insurance Broker / Claims Tracking Portal, Mi-Claim

CPP Group

Ireland

B2C Platform Travel Insurance

Wüstenrot & Württembergische

Germany

B2C Platform for Finance & Insurance

Applied Systems

Ireland

InsurTech – Insurance Automation Software

Verisk Analytics

Ireland

RegTech & Fraud Detection for Insurers

aCQuirEr

TarGET CouNTrY

SECTor

BNP Paribas

France

Banking

Nordic Capital

Sweden

Share Trading Platform

InvestCloud Inc

UK

Processing Trading Platform

BinckBank

The Netherlands

Robo Advisory Platform

Selected Deals TarGET

ICON Corporate Finance – unrivalled knowledge of FinTech Funding & M&A. ICON acts exclusively for fast growth FinTech companies. Its clients are changing the world and ICON works with them to secure funding to build great companies and to realise maximum value when they come to sell. ICON has recently iconcorpfin.co.uk sold companies to NTT Com, Telstra, Visma, RWE, Thomson Reuters, Accenture and Aberdeen Asset Management and has raised capital from leading global private equity and vc funds.


35

payments TarGET

aCQuirEr

TarGET CouNTrY

SECTor

DOCAPOST

France

Payment Cards

Mswipe Technologies

The Netherlands

Payment Services

Swedbank

Sweden

Payment Services

Valitor

UK

Secure Payments

Klarna

Sweden

Payment Provider

AnaCap

Germany

Payment Processing

Worldline [Euronext]

The Netherlands

Payment Processing

MasterCard

UK

Payment Platform

Daimler Financial Services

Luxembourg

Payment Platform

Euronet Worldwide

UK

Payments - ATMs

TerraPay

UK

B2C Remittance

Seamless Distribution

Norway

Contactless Payments

AirPlus

Belgium

Payments Corporate Cards

TCV

UK

Payments

Klarna

Germany

P2P Payments

Senja Group

Austria

Payments

Concardis

Germany

Secure Payments

Global Reach Pts

UK

FX Trade & Retail

Klik & Pay

Germany

Payments Gateway

IBID Group

Bucharest

Payments Gateway

CableCom Networking

UK

Bill Sharing

CashFlows

UK

Virtual Payments

Netcetera AG

Austria

Mobile Wallets

Bain Capital

Germany

Card Payments

Natixis

France

Secure Payments e-Merchants

Multinet UP

Turkey

Payment Services for the Unbanked

Optal

UK

B2B Payments

Ding

France

Mobile Top-up Payments

Nicky Cotter +44 (0) 207 152 6375 nicky@iconcorpfin.co.uk www.iconcorpfin.co.uk @ICONcorpfin


36

Fintech Lawyers We are a full service, international law firm that advise some of the biggest names in the industry, as well as the rapidly growing start-ups. We have a dedicated tech focused corporate finance team that act for founders, companies and investors, including private wealth, funds and banks. We are able to advise clients at every stage of their journey from early financing to exits. We are here to help you fund, scale and protect your global fintech business. Tim Leeson

David Willbe

Partner

Partner

+44 (0)20 7074 8401

+44 (0)20 7074 8487

timothy.leeson@lewissilkin.com

david.willbe@lewissilkin.com

www.lewissilkin.com


2018 TITLES THE FINTECH50 EUROPE DEADLINE: 31/12/2017

THE FINTECH50 ASIA DEADLINE: 31/10/2017

ACCESS TO FINANCE 50 GLOBAL DEADLINE: 31/09/2017

Discover how to get involved at thefintech50.com


Our partners

Country partners

www.thefintech50.com

The FinTech50 2017  
Read more
Read more
Similar to
Popular now
Just for you