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.
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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
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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
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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
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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
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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
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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
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