Finance Monthly FinTech Awards 2023. Netherlands 2
Finance Monthly FinTech Awards 2023. Introduction 3 FinTech Awards2023 FM Welcome to one of the highlights of our Awards calendar, the 2023 Finance Monthly FinTech Awards. This publication represents an annual celebration of the innovative leaders, forwardthinking businesses, and revolutionary technologies driving the FinTech sector forward. The rapid progression in this sector, particularly over the past few years, has proven just how pivotal FinTech is in shaping our financial future. It has become impossible to ignore the surge in innovative platforms and services that are democratizing finance and banking, reshaping business models, and pioneering change in our approach to traditional financial systems. In this special issue, we spotlight the companies and individuals at the forefront of this transformation. The awardees have been chosen following a rigorous selection process, where we considered the degree of innovation, strategy, influence, and potential for impact on the financial industry. Their inspiring stories showcase not just the disruption but the endless possibilities FinTech provides. From novel payment solutions to blockchain advancements and artificial intelligence to cybersecurity, the awarded entities are the ones making ripples today for a wave of change tomorrow. In these pages, we dive into the accomplishments of the winners, highlighting the industry trends they’re setting and the successes they’ve garnered in the year that was. Their achievements are a testament to the spirit of innovation that drives the FinTech sector, and we are proud to honour them in these awards. As we look forward to the rest of 2023, we continue to watch the FinTech space with excitement, anticipating the further evolution of this vibrant sector. The future of finance is being written here and now, and these award winners are holding the pens. Enjoy the journey through these pages of insights, innovation, and inspiration.
FINTECH INNOVATOR OF THE YEAR Netherlands 4 Finance Monthly FinTech Awards 2023. Firm Profile Factris is a fintech company on a mission to provide quick, lowcost working capital to European SMEs via financial technology with personalized guidance. Since 2017, Amsterdam-based Factris has sought to use the latest technology to solve the hurdles of providing financing to SMEs. This includes developing their own proprietary platform for customers to manage their financing, known as FAB, or Finance Automation for Business, as well as pioneering the use of an AI-powered risk-management system–all to improve the speed, quality, and availability of SME financing. At the same time, Factris has always maintained a human touch thanks to a personal account manager assigned to each client. This account manager is there to answer any questions, assist in making decisions, and provide guidance at each step of the client’s journey. All of this has come together to create a successful, fresh approach to financing European SMEs. Having just surpassed financing €1 billion worth of invoices, Factris has continued expanding its financing reach throughout the EU by offering its financing products and services in five European countries with plans to add two more before the end of 2023. Contact T: +31 20 50 50 333 E: info@factris.com LinkedIn: Factris www.factris.com
An Interview with Brian Reaves, Founder and CEO of Factris Factris is a pioneering financial technology company that has been transforming the landscape of invoice financing. What is the inspiration behind Factris, and what do you think sets it apart from other invoice financing platforms in the market? Like all great innovations, Factris was born out of necessity. We recognized the need to provide a better way to finance SMEs. Previously, accessing financing options for SMEs was complicated, expensive, and timeconsuming. So in 2017, we decided to rethink how SMEs receive working capital by directly financing invoices via ‘factoring’– a tried-and-true form of financing, but with a new-age twist. Thanks to the use of our tech tools with factoring, we made financing faster, more readily available, and easier for SMEs to access. This new way to finance SMEs was further improved by providing personalized help along the way in order to harness the power of technology while still maintaining a personal touch. However, this product was only the beginning for us, as we’ll soon embark on product expansion. Can you walk us through your vision for the future of Factris, and how do you plan on achieving this in the coming years? Having honed our recipe for SME financing success in select EU markets over the past six years, we’re now in the process of a pan-European expansion in the coming years as we become a licensed financial services provider. This progress will continue to be possible thanks to strategic funding partnerships from origination and institutional investors who can provide capital at the best cost, allowing us to expand our lending products while growing our profit margins. What challenges have you faced while growing Factris, and how have you overcome them? If you had told us everything we would face when we started back in 2017, I’m not sure we would have had the courage to begin. Yet, in just six years, we have already successfully weathered the economic fallout of a global pandemic, war, Brexit, trade wars, sanctions, record inflation, and rapid interest rate hikes. That Factris continues to grow despite these challenges is a testament to how well our products fit the SME financing market–as opposed to banks, who pull out during a recession. How do you see the invoice financing industry evolving in the next 5-10 years, and how do you plan to stay ahead of the curve to ensure Factris remains competitive and relevant? The true source of our success hasn’t been just invoice financing. Instead, the source of our success always has been–and always will be–our role as partners for SMEs. It’s what gave Factris our initial financing edge via tech-powered factoring six years ago, and it’s what will continue to help us as we plan to grow as a source of financing for SMEs. This unflinching attention to the financing needs of SMEs will also guide our ongoing innovation since the process will always remain the same: • Address SMEs’ pain points. • Understand what they need. • Use those insights to develop new products and services that help SMEs succeed. We are already a leader in the SME lending space and will further leverage this position to attack other parts of the SME value chain. Finance Monthly FinTech Awards 2023. Netherlands 5
FinTech companies are moving into the automotive space, and for good reason: the financing of auto purchases fails to meet the consumer’s expectations. What’s more, these tech companies realise that by innovating the finance process, they can build life-long relationships with consumers. Auto brands with financing arms should take note. Eddie Chin Vice President, Products & Solutions Lead for Financial Services & Insurance at Rightpoint The Next Big Innovation in Auto Manufacturing? FINANCE Special Feature 6 Finance Monthly FinTech Awards 2023.
FinTech companies see two main opportunities in the auto financing space. First, the financing experience is too arduous, with many brands requiring the wouldbe buyer to complete paperwork and submit copies of tax returns and pay stubs to the dealership itself. Yet consumers want a fully digital experience, one that allows them to secure financing first, and then select the car they want. The other is subscription services, which Tesla and BMW are pioneering. These brands have implemented services that allow for the activation of new features within a vehicle on a subscription basis. This paves the way for incar purchasing, which savvy auto financing companies can leverage to build long-term relationships with people. In-Vehicle Shopping Will Soon Be a Reality Right now the only way to make any purchase of goods and services from within a vehicle is via a mobile phone, but Apple CarPlay and Android Auto will change that. CarPlay allows users to connect their iPhone with their vehicle’s display or dashboard screen so that it looks and works just like the app screen of the phone itself. There are some safety features built into CarPlay. For instance, it won’t allow drivers to send or receive text messages from the screen. All in all, it is setting the stage for a vehicle’s display screen to become so much more than just a control panel for the car’s entertainment system. Imagine this scenario: a consumer applies for a loan from Honda Financial to purchase a car. At the same time, they apply for a line of Finance Monthly FinTech Awards 2023. Special Feature 7
credit or even a Honda-branded credit card. That card or line of credit can be used to pay for all in-car purchases, which can be made through the dashboard screen. What are borrowers likely to purchase? First, they can purchase services from Honda itself (think: BMW letting drivers activate heated seats for $18/month). There are a whole host of in-car features that consumers may want to use occasionally, such as cruise control when embarking on a road trip. A services model allows the Hondas of the world to continue nurturing the customer relationship long after the car has left the lot. Now imagine using that same line of credit or Honda-branded credit card for other purchases, such as gasoline, charging, or paying for drive-through meals. Imagine an app, selected from a Honda app store and accessible from the dashboard screen, that allows drivers to track miles and purchases for work, down to the client level, to streamline their expense reports or business tax filings. Imagine an app that tracks driving habits, which drivers can then send to their insurance companies in order to obtain better rates. People tend to stick with the same brand of mobile phones when they upgrade because they like and are accustomed to apps they’ve installed. I can see the same phenomenon occurring with cars once there is a robust apps store for each brand (a development that seems inevitable to me). In order for the Honda Financial organisations of the world to succeed, however, they must “The services and app-based models are still in their infancy, which means there’s still time for auto manufacturers to lead the innovation (and benefit from the opportunity to cement long-term relationships with consumers).” Special Feature 8 Finance Monthly FinTech Awards 2023.
first perfect the experience of applying for loans, and ultimately credit cards. What makes for a great experience? First and foremost, it’s one that is 100% digital from start to finish. If Honda Financial needs to see my tax return or pay stub, fine, but allow me to take a photo with my phone and send it that way. Next, adopt the Quicken Loans approach, where first I secure the financing and then I go shopping for a vehicle. Once I decide which car I want, the check is cut and sent to the appropriate dealer. This is far more relevant to the consumer than many in the industry may realise. Or, even better, integrate the financing into the checkout process. Manufacturers can follow established processes in retail, including an option to open an account in order to apply for quick financing using a Buy Now Pay Later (BNPL) model. Consumers can choose their car, hold it with their down payment (or an acceptable portion of it), and then start applying for financing. I see opportunities here for targeting in-house financing to consumers or partnering with traditional financing institutions to give consumers a menu of finance sources, all integrated into the single checkout process. Who Will Own Finance Experience? Auto brands are the natural owners of the finance experience, especially as they can tie in so tightly with the purchase process. However, banks are part of the new experience as well, particularly for those auto brands that either have established partnerships or plan to engage new partners to bring in necessary scale, buyers, or offerings. Going further, the combination of auto brand plus internal financing or partnering is what can ultimately activate the “Honda” card, points, or rewards, leading to payments loyalty. To lead the market, however, auto brands need more than finance innovation. Experience is equally important, meaning it will be the combination of finance and experience that differentiates the brand and cements customer loyalty. The services and app-based models are still in their infancy, which means there’s still time for auto manufacturers to lead the innovation (and benefit from the opportunity to cement long-term relationships with consumers). In a few years’ time, I’ll be ready to purchase a new car. Whether the check for it comes from the lending arm of a manufacturer, or a FinTech company that moves into the space, will depend on the lender’s appetite for innovation. Eddie Chin brings his 15 years of financial services consulting experience to the intersection of experience design, solution development, and financial services. In his role at Rightpoint, he helps his clients use experience and design to innovate and solve strategic and technology challenges. Eddie joined Rightpoint as part of its acquisition of TandemSeven, where. He led engagements with clients in consumer banking, commercial banking, wealth management, and corporate banking. Finance Monthly FinTech Awards 2023. Special Feature 9
EUROPE
Jurgen Vandenbroucke everyoneINVESTED Alessandro Foti FinecoBank Eugene Danilkis Mambu Marjon Wohlén Mitigram AB Guillaume Pousaz Checkout.com Rod Lockhart LendInvest 12 14 16 18 20 22
Belgium Finance Monthly FinTech Awards 2023. DIGITAL FINANCE FIRM OF THE YEAR JURGEN VANDENBROUCKE Director everyoneINVESTED www.everyoneinvested.com 12
Finance Monthly FinTech Awards 2023. Belgium 13 ABOUT everyoneINVESTED everyoneINVESTED is the former innovation team of KBC Asset Management and first wealthtech spin-off of KBC Group, an established Belgium-based bank-insurer and digital front-runner. The leader of the former innovation team Jurgen Vandenbroucke, PhD, heads the company. The SaaS platform of everyoneINVESTED offers technology that integrates into the digital channels of B2B clients, i.e. their mobile banking app or online banking platform, to boost net sales in investments. The key differentiator of everyoneINVESTED is twofold: - Content-driven innovation. Technology is not a goal in itself but the means for banks to expand their reach, also with respect to their investment offering. everyoneINVESTED increases the efficiency and effectiveness of digital investing by wrapping the human touch of advisors into technology. Jurgen Vandenbroucke continues to pioneer developments in this field through his affiliations at University of Antwerp, Belgium, as guest lecturer in financial engineering and as research associate at the Edhec-Risk Institute, France, in the program “big data, technology and artificial intelligence for investment solutions”. The sound methodologies that power everyoneINVESTED solutions are published in Journal of Behavioral Finance, Journal of Investment Management, Journal of Digital Banking and more. The expertise of everyoneINVESTED makes you the reference. - Proven value. The solutions of everyoneINVESTED are live in various countries. Their proven value made the business case to wrap the solutions in a SaaS platform. everyoneINVESTED solutions drastically improve rejuvenation (i.e. the ability to engage young and first investors), conversion (i.e. the ability to make users successfully complete the process without human encouragement) and retention (i.e. the ability to increase loyalty). The experience of everyoneINVESTED gives you a headstart. The strategic priority of financial institutions guides the commercial focus of everyoneINVESTED. In a digital context, with human encouragement lacking, the biggest hurdle proves to be onboarding and risk profiling. everyoneINVESTED offers technology components that turn banking clients into sticky investors based on cutting edge know-how in applied behavioral finance, choice architecture, investor engagement and onboarding. On its mission to get everyone invested all the time everyoneINVESTED joins forces with partners that accelerate their mission by adding complementary expertise. Solutions of everyoneINVESTED include: 1) The Rejuvenation Engine, an execution-only microinvesting application that rounds digital payments and diverts the roundings to a regular investment plan. At KBC, in 2021 awarded the best mobile banking app by independent researchers of SIA Partners, The Rejuvenation Engine accounts for 2/3 of the regular investment plan production. Users of the service are younger than existing investors and the majority invests for the first time ever. everyoneINVESTED partners with Mastercard to offer a joint API-solution that integrates into the mobile banking app of banks. 2) The Conversion Engine, technology enabling banks to launch hyper-personalized campaigns in their mobile app that turn costly deposits into investment fee business. The Conversion Engine builds a disruptive yet compliant advisory process that addresses wealthy savers who don’t hold any investment yet. everyoneINVESTED partners with Fincite in Germany and with Prometeia in Italy. The local embeddedness of its partners helps everyoneINVESTED accelerate savings conversion in those European markets where deposits peak, i.e. Germany and Italy. 3) The Profiler, a hyper personalised, compliant risk profiling application. Proven business evidence confirms that the solution generates more profiles, better profiles and more business. In contrast to classic questionnaires for investor onboarding which often lead to drop outs, the unique profiler solves this by being a highly interactive, personalised and gamified digital experience adding to investor retention. everyoneINVESTED partners with Objectway to embed this cutting edge know-how in stateof-the art wealth management technology.
DIGITAL BANKING FIRM OF THE YEAR ALESSANDRO FOTI CEO & General Manager FinecoBank www.it.finecobank.com Italy 14 Finance Monthly FinTech Awards 2023.
ABOUT FINECO BANK FinecoBank is one of the most important FinTech banks in Europe. Listed on the FTSE MIB, Fineco offers a unique business model in Europe, combining the best platforms with an extensive network of financial advisors. It offers banking, credit, trading and investment services from a single account through transactional and advisory platforms developed with proprietary technologies. EFFICIENCY Fintech DNA: strong focus on IT & Operations, more flexibility, lower costs. INNOVATION Quality offer for happy and satisfied clients. TRANSPARENCY Fairness, respect for all our Stakeholders and zero performance fees. SUSTAINABILITY IS OUR INVESTMENT IN THE FUTURE Sustainability has always been a part of Fineco and represents a fundamental element of our path to creating long-term value for our current and future stakeholders. We operate by pursuing our corporate purpose: “to support clients in the responsible management of their savings in order to create the conditions for a more prosperous and fairer society” and we do this by following the path of transparency, simplicity and innovation, offering clients excellent services and products at a fair price within the three integrated business areas of banking, investing and brokerage. ABOUT ALESSANDRO FOTI Alessandro graduated with honours in Business and Economics from the Bocconi University of Milan in 1984. He began his professional career in the Financial Management Office of IBM in 1985. After three years of experience in Montedison S.p.A., where he became Head of financial coordination of the group’s affiliate companies, in 1989 he joined Fin-Eco Holding S.p.A., with responsibility for capital market operations. In 1993 he became the Head of the operational section for administration, asset management and trading of Fin-Eco Sim S.p.A.. After being appointed as a member of the Board of Directors, General Manager and Managing Director, in 2002 he became Chairman of Fin-Eco Sim S.p.A.. After three years of experience as a member of the Management Committee of Assosim, in October 1999 he was appointed as a member of the Board of Directors of FinecoBank. In 2001, he became a member of the Supervisory Board of Entrium Direct Bankers AG. From 2003 to 2005, he was a member of the Board of Directors of Ducati Motors Holding S.p.A. and General Manager of FinecoGroup S.p.A. (a company listed on the Midex segment of the Milan Stock Exchange). From October 1999 to December 2000 he was a member of the Board of Directors of FinecoBank. From December 2000 to date he has served as Chief Executive Officer of FinecoBank and from July 2014 also as General ManagerFrom May 2010 to January 2015 he was Vice Chairman of the Supervisory Board of DAB Bank AG. From April 2012 to April 2014 he was a member of the Management Committee of Assoreti. From 2013 to 2019 he has been a member of the Executive Management Committee of UniCredit Group .Since April 2014 he has been Director and Vice Chairman of Assoreti. He has been a member of the Board of Directors of Borsa Italiana S.p.A. from July 2014 to October 2020. In 2017, 2018, 2019 and 2022 he was awarded by Institutional Investor as best CEO in Europe in the banking industry for the Small&Mid Cap category. “Fineco offers a unique business model in Europe, combining the best platforms with an extensive network of financial advisors.” Finance Monthly FinTech Awards 2023. Italy 15
www.mambu.com CLOUD BANKING FIRM OF THE YEAR EUGENE DANILKIS Co-Founder Mambu Netherlands 16 Finance Monthly FinTech Awards 2023.
ABOUT MAMBU We started with the ambition to bring banking and financial services technology into the digital-first world and to make it accessible for all. Dreaming big but wisely, Mambu began with servicing microfinance institutions and fintech startups. Within two years our engine was adopted by 100 microfinance organisations, in 26 countries worldwide. Mambu exists to empower our customers to deliver great modern financial experiences easily to everyone around the world. Who are these people that we want to empower? They are the developers, the architects, the business analysts, the innovators of our customers. They work with our platform, our teams, and our services to create great outcomes for their millions of customers - be they entrepreneurs in NYC, farmers in Kenya or SMEs in Brazil. Today our customer list includes fintech start-ups, telcos and top tier banks. We operate on six continents and help customers constantly change the way financial institutions operate and innovate. As the industry leader in cloud banking and fintech, we service more than 280 customers with over 110M end users. Our cloud banking platform The best financial brands in the world are powered by Mambu’s cloud banking platform. We enable our customers to build great banking experiences that their customers love; in a faster and more flexible way than ever before. Customers want better ways to manage their money. They are looking for choice and convenience, and all this means change. Our cloud banking platform helps make financial change happen. Differentiate, collaborate and breathe new life into services. With Mambu at the core of your banking or lending architecture you get a composable technology foundation where you can build customercentric experiences that you fully control. Our extensive partner ecosystem connects you to independent services and solutions for the creation of differentiated financial offerings. To be competitive, you need a high-velocity operating model only made possible with Mambu. Our go lives are measured in days and weeks, not years. Plus, Mambu’s low-code process, single code base, publicly available APIs and regular releases have you future-proofed, so you continuously iterate with zero disruption. ABOUT EUGENE DANILKIS Eugene, the co-founder and former CEO of Mambu, played a pivotal role in driving the company to the forefront of the cloud banking and fintech industry. Guiding an international team, Eugene successfully cultivated a thriving business that serves hundreds of customers, empowering tens of millions of end users with innovative financial solutions. “The best financial brands in the world are powered by Mambu’s cloud banking platform.” Finance Monthly FinTech Awards 2023. Netherlands 17
DIGITAL TRADING PLATFORM OF THE YEAR Founder & Chief Product Officer Mitigram AB MARJON WOHLÉN ABOUT MITIGRAM AB Back in 2014, a team of hugely experienced Treasury, Transaction Banking, and Technology experts were frustrated. They saw a need to streamline and augment global trade by opening up a closed market. And to transform the industry for the digital age. The result is Mitigram. At Mitigram, we create the best possible access and execution in global trade financing. Backed by Nordic institutional investors we are fully independent. And on a mission to remove friction from trade financing, so every business can trade freely. www.mitigram.com The global leader in Bitcoin and blockchain technology Sweden 18 Finance Monthly FinTech Awards 2023.
The Mitigram platform is built with two things in mind. Users. And usability. Our precise application of advanced technology results in a system that is intelligent, expandable and refreshingly user-friendly. The technology that gives us our edge Mitigram uses the latest Al / Natural Language Processing technology to interpret and structure data. In all your documents. In all your communication flows. In all your formats. Mitigram uses API-based connectivity to communicate with your counterparties, over web, email, SWIFT or other partner channels. Your banks don’t even need to use Mitigram to transact. Mitigram has the most advanced MIS tools (Microsoft PowerBI) embedded in the platform, for superior data analysis and delivery of intelligent reports. The messaging structure in the Trade Finance ecosystem is highly diverse. Extensive retyping of information takes place between systems. Mitigram changes that. Our implemented backbone of Google Search and BERT Deep Learning, on top of our client-adjustable regex framework, minimises the need to manually enter data. Regardless of the format. With Mitigram, you can automatically understand and create transactions from any data, be it structured SWIFT-message or an unstructured document. You can even teach the system to populate missing data for you. Different counterparties demand different communication channels. Our adaptable messaging structure supports them all. By using the API connectivity provided by Mitigram Transport Protocol (MTP) messages are sent via SWIFT, web, email or calls to other systems and networks. As the trade finance ecosystem expands, Mitigram hands you a single point of communication with all your counterparties. Regardless of their preferred channel. ABOUT MARJON WOHLÉN Marjon founded Mitigram in 2014, where is she is now leading product strategy and implementation as Chief Product Officer. Marjon envisioned a more digitalised Trade Finance having 20 years of experience in a number of leading FinTech companies and a proven track record of streamlining corporate treasuries’ business processes through software solutions. She holds a BS in Business Administration obtained at Haze University of Applied Sciences, Groningen. Data in the trade process is too often held in silos. Unstructured. Inaccessible. Usually locked in that email which when found, is too late. But Mitigram gives you the analysis toolkit you need for highlevel reporting. By consolidating business data to a single source and utilising our application embedded PowerBI reporting server, Mitigram helps identify future trends and spot otherwise missed details. All in a plug-and-play web interface with no need for any separate analytics software. Highest regulatory compliance. Highest service availability. Mitigram combines European GDPR compliance with cloudequivalent availability. Both the platform and your data hosted datacenters in Stockholm, with full redundancy in system components and internet connectivity. For extra flexibility, MitiManager data can also be stored in your preferred cloud solution. Finance Monthly FinTech Awards 2023. Sweden 19
www.checkout.com PAYMENT SOLUTIONS SERVICE OF THE YEAR GUILLAUME POUSAZ Founder & CEO Checkout.com United Kingdom 20 Finance Monthly FinTech Awards 2023.
ABOUT CHECKOUT.COM When Checkout.com launched as a cloud-based payments platform in 2012, even our founder Guillaume Pousaz could not foresee the speed of global digitization. From the ecommerce boom and our growing obsession with digital experiences, through the rise of web3 and cryptocurrency to the dawn of the metaverse, the transformation is real – and the pace of change is only accelerating. Checkout.com’s mission is to enable businesses and their communities to thrive in the digital economy. This mission inspires us to deliver innovative solutions that flex to your needs, valuable insights that help you get smart about your payments’ performance, and expertise you can count on as you navigate the complexities of an ever-shifting world. We are partners, not providers to our clients. In the last decade, we’ve grown to over 1700 employees in 19 global offices, each one of us passionate about helping thousands of businesses worldwide grow through our next-generation payments platform. Customer-centric to the core Solving for the customer We put customers at the heart of the development process. It’s our founding principle for building world-class solutions that meet your business needs, today and tomorrow. Focused on the long term Our next-generation technology doesn’t simply give businesses the ability to accept payments. It seamlessly brings solutions, systems and providers together for the long term. Dedicated to your success We provide our clients with a dedicated solutions engineer, with deep knowledge of their industry. That way we can precisely understand what you want to accomplish. Abstracting complexity Our technology and expertise helps our partners navigate the complexities of local payment methods, regulation and compliance. So you can focus on growing your core business. Building winning relationships We invite our merchants to share their perspectives on market trends and the payment experiences that their communities want. So we can help them accomplish their goals as their business evolves. Support that never stops Every interaction with a merchant has the potential to spark new ideas and unlock new opportunities. Which is why we work side-by-side as partners at every step. ABOUT GUILLAUME POUSAZ Fueled by the desire to enable businesses to create better payments experiences for their communities, Guillaume founded Checkout.com in 2012. Over the last decade, the company has delivered high-performance payments solutions to thousands of large enterprise merchants, and has grown to more than 1700 people in 19 countries—although he still describes it as being in ‘chapter zero’. Growing up in Switzerland, Guillaume was fascinated by street art (seen in our offices), technology and numbers—and started programming at the age of eight. This mix of creativity and logic laid the foundation for his future career and ultimately for building the preferred payments partner for digital businesses around the world. In 2021, employee reviews put Guillaume on Glassdoor’s list of top UK CEOs. Guillaume studied at Ecole Polytechnique and HEC Lausanne. As a philanthropist, his current focus is on improving access and outcomes in education. He is also a keen startup investor and a mentor for the Endeavor network. Finance Monthly FinTech Awards 2023. United Kingdom 21
LENDING SERVICES OF THE YEAR ROD LOCKHART CEO LendInvest “For more than 12 years we’ve been making it our mission to make property finance simple” United Kingdom 22 Finance Monthly FinTech Awards 2023.
ABOUT LENDINVEST We offer short-term, development and buy-to-let mortgages to intermediaries, landlords and developers across the UK. For more than 12 years we’ve been making it our mission to make property finance simple. As a result, technology underpins everything we do. We have built an asset management platform designed to make the process of getting a mortgage simpler: reducing the form-filling, increasing the speed to get a ‘yes’, and creating a better customer experience for our borrowers, intermediaries, and investors. Since starting out in 2008 we’ve lent more than £3 billion of mortgages and have helped to put thousands of new or improved homes into the UK housing market. In that time we’ve built a truly international capital base. Today, our funders and investors include pension funds, insurers and global institutions like HSBC, J.P. Morgan, Citigroup and National Australia Bank. And in 2019 we became the first UK Fintech to securitise a portfolio of buy-to-let mortgages. We are a multiple award-winning company and have been proudly profitable since 2015. Our Strategy The UK property finance market represents approximately £1.6 trillion of outstanding residential mortgage balances, however the process of applying for a mortgage in all segments remains one of the poorest consumer experiences. We have built technology to transform the market by making processes easier and more efficient. By digitising mortgages, delivering a better customer experience and driving operational efficiency, we make property finance simple for everyone. Our proprietary technology platform provides our investors with opportunities to gain exposure to the UK property finance market, and is also the gateway for brokers and borrowers to efficiently access our mortgage products. Our Technology We have built a highly scalable platform that brings to market a new proposition for our customers. Our proprietary loan origination, management and investment software bring simplicity, speed and certainty to both borrowers and investors. www.lendinvest.com ABOUT ROD LOCKHART Rod joined LendInvest in 2015 to lead the business’ Capital Markets and Fund Management division. Within that time Rod has overseen LendInvest’s AUM grow from £100m to £1.8bn and managed the launch of its listed Retail bond and RMBS programmes. Rod became Chief Executive Officer of LendInvest in January 2020. Rod is a Chartered Surveyor with 17 years’ experience in property and property finance. He was previously Senior Director and a board member of the Investment Advisory Committee for CBRE. There, as well as advising LendInvest on its Real Estate Opportunity Fund, he advised UK and global institutional clients and managed a range of property and property debt portfolios. Rod is passionate about property, alternative finance and prop-tech. He has lectured on property finance at the University of Reading and regularly advocates for the sector at conferences globally. Finance Monthly FinTech Awards 2023. United Kingdom 23
Special Feature 24 Finance Monthly FinTech Awards 2023.
HOW CAN THE BoE MAKE SURE STRIKES THE RIGHT NOTES? The Bank of England has set a deadline of 2030 for the development of a central bank digital currency (CBDC) in the UK. This would be a new type of money issued by the BoE for everyone to use in day-to-day spending. It isn’t designed to replace cash. Its value will be directly bound to sterling. It’s a ‘digital’ pound. Or better yet, a Britcoin, as many have now dubbed it. All of this points to innovation in financial services and payments systems. Cryptocurrencies like Bitcoin became world-renowned flag bearers for the ongoing digitisation of cash. Technology is changing what is possible across industries - shifting consumer behaviours, preferences and expectations in the process. But designing and creating a new type of currency isn’t easy. Rebecca Bezzina SVP Managing Director R/GA London Finance Monthly FinTech Awards 2023. Special Feature 25
Building in digital society The UK isn’t the first country to develop its own digital currency. Hundreds of countries have explored the idea of digital currencies issued by central banks. - including some with massive populations, such as China, India and Nigeria - all rolling out centralised digital monies. China’s E-CNY currency already reaches 260 million people and is set to continue expanding this year. There is a lot we can learn from these rollouts. A major challenge facing any digital currency is bridging generational gaps. There is still a ‘digital divide’ in most societies, where significant portions of a population will have limited access to (or understanding of) digital technologies. In many cases these divides grew stronger in the pandemic era. Many businesses, practices and services moved online - and then stayed there. We’re now seeing another wave of socio-economic exclusion in the cost-of-living crisis. Lloyds’ Consumer Digital Index found that by May 2022 an estimated 35% of the population reported that the rising cost of living was impacting their ability to go online. There is a lot of education that needs to be done to make Britcoin work for everyone. For most people, cryptocurrency exists in a different universe to that of sterling. It belongs with NFTs in the Metaverse, as opposed to with the Queen in our wallets. But a digital pound will have the same tangible value as its realworld counterpart. These people face societal and financial exclusion if they are not supported by government policies and intelligently designed services from banks and financial services brands. So how can the treasury and BoE strike the right notes? Banking on tech Banking and financial services brands are getting better at learning from other markets and sectors. Banks have caught up with helping meet customer expectations with the transition and move from bricks and mortar to digital banks over the past decade. Look at UX. Digital banking apps have taken notes from AirBnb, Uber and Tinder as much as they have from their rivals. And it works because it reflects what users want. Understanding the needs and expectations of users is central to creating behaviours which stick. We know that younger generations think digital-first, with research finding that 98% of Millennials and 99% of Gen Zers use digital banking apps – whereas engagement for Gen X and Boomers stands at 86.5% and 69.8%, respectively. Young generations view money as a way to express themselves, represent their beliefs and serve their needs. Financial services need to focus on becoming relationship-driven so that their products and services align with China’s E-CNY currency already reaches 260 million people and is set to continue expanding this year.” 26 Finance Monthly FinTech Awards 2023. Special Feature
Fintechs are already seeing that older generations are willing to jump on board. Revolut notes that it is seeing a year-on-year increase of 128% 55 to 64 year olds and136% of 65 to 74 year olds within its customer base. This has been done by building a user friendly product that creates confidence for all users. So Britcoin may be coming our way and money is entering a new chapter which all in all is exciting to see. There is a lot to balance; privacy will be a major factor and then ensuring consumer uptake, but this creates a brilliant opportunity. people’s purpose and empower them to achieve their goals. Gen Z and Millennials have a different relationship with convenience. With tech companies like Apple and Google creating services such as digital wallets that are easy to use and instantaneous, younger people’s expectations have heightened. We helped Brazil’s largest bank, Bradesco, to launch a full-service digital bank “Next” targeting, challenging and influencing younger people through their specific needs. It grew from zero to ten million customers in four years. We also recently worked with the National Bank of Kuwait (NBK) to create and launch Weyay, Kuwait’s first fully-digital bank, which is designed to serve the evolving financial and lifestyle needs of young Kuwaitis. From fully digital account management, to saving pots and even brand partnerships, the service humanises technology and eliminating friction creates stronger relationships through the brand experience. Britcoin can learn from global innovations like these to meet the needs of younger, digitally native audiences. But to make a digital pound useful to older demographics, brands and government agencies will need to ensure they bring them on the journey too. 98% of 99% of Gen Zers use digital banking apps – whereas engagement for Gen X and Boomers stands at 86.5% & 69.8% Millennials and Finance Monthly FinTech Awards 2023. 27 Special Feature
AMERICAS
30 32 34 36 Dr Adam Back Blockstream Julien Brault Hardbacon Jeremy Almond Paystand Luvleen Sidhu BM Technologies Inc
O BLOCKCHAIN TECHNOLOGY FIRM OF THE YEAR Co-Founder & CEO Blockstream DR. ADAM BACK ABOUT BLOCKSTREAM Blockstream is the global leader in Bitcoin and blockchain technology. Our products and services form the foundations for the financial infrastructure of the future. Founded in 2014, Blockstream has been the leading provider of blockchain technologies and has remained on the forefront of work in cryptography and distributed systems. Our suite of technologies enhances the Bitcoin ecosystem, making it easier for individuals and businesses to secure and transact their digital assets. www.blockstream.com The global leader in Bitcoin and blockchain technology Canada 30 Finance Monthly FinTech Awards 2023.
Blockstream’s mission is to create the financial infrastructure of the future. We build cryptofinancial infrastructure based on Bitcoin, the most robust and secure blockchain. Applying cutting-edge cryptography and security engineering, we’re building the technology that makes financial markets more efficient by reducing reliance on trust. With a long-term outlook on delivering robust and scalable solutions, we invest heavily in research and development to strengthen the Bitcoin ecosystem and protocol. Peer-to-peer, open-network finance holds the promise to change the world for the benefit of all. Blockstream is proud to be making this a reality. Our Services An Open Financial System, on Bitcoin The Liquid Network is a Bitcoin layer-2 enabling the issuance of security tokens and other digital assets. Execute trustless swaps using non-custodial orderbooks and protect your financial privacy through confidential transactions. In a hyperbitcoinized future, having financial products and services on Bitcoin layer-2 is the only way to achieve the same trust minimization in centralized financial actors that bitcoin has achieved for central banks. Our CEO and co-founder, Dr. Adam Back, invented the algorithm that Bitcoin mining is based on, proof of work (cited in the Bitcoin whitepaper). Blockstream Mining provides enterprise-class Bitcoin mining services to institutions and investors around the world. Our mining services reduces risk and lower the barriers to entry, making it easier for you or your business to participate in Bitcoin’s proof of work, improving the network’s decentralization. ABOUT DR. ADAM BACK Co-founder and CEO of Blockstream, Dr. Adam Back, invented Hashcash, the proof-of-work algorithm cited by Satoshi Nakamoto in the Bitcoin whitepaper, as the future basis for its mining function. Throughout his twodecade-long vocation as an applied cryptographer and security architect, he has held senior roles with a number of technology companies, including Microsoft, EMC, PI, VMware, and Zero-Knowledge Systems, as well as advised many more companies on cryptography and peer-to-peer finance. Dr. Adam Back holds a computer science Ph.D. in distributed systems from the University of Exeter. A new frontier for Bitcoin mining investments The Blockstream Mining Note (BMN) provides qualified investors with access to Bitcoin hashrate at our enterprise-grade facilities. Normally, Bitcoin mining involves high-risk investments in specialized hardware and facilities. The BMN lowers the barriers to entry for qualified investors, providing exposure to Bitcoin mining through a simple token purchase. By securitizing hashrate on the Liquid Network, investors can adjust their exposure to Bitcoin mining based on market conditions by trading the BMN tokens on the secondary market. Your mining investment is in safe hands. Blockstream’s highly-optimized and secure facilities are already trusted by some of the Bitcoin industry’s leading institutions for their mining colocation needs. Finance Monthly FinTech Awards 2023. Canada 31
www.hardbacon.ca FINANCIAL ADVISORY & BUDGETING SOFTWARE SERVICE OF THE YEAR JULIEN BRAULT Founder & CEO Hardbacon Canada 32 Finance Monthly FinTech Awards 2023.
ABOUT HARDBACON Hardbacon was co-founded in 2017 by current CEO Julien Brault as an app for retail investors and transformed into a budgeting app for all Canadians to take control of their personal finances. In 2020, at the height of the COVID-19 pandemic, Hardbacon worked with passion to help Canadians face the economic downturn by becoming a free app and releasing financial products comparison tools. And so, the company developed an application that combines planning, budgeting and financial products comparison tools. More than 200,000 monthly active users later, Hardbacon is proudly helping Canadians on the road to financial independence. Today, Hardbacon is constantly improving its web and mobile app offering and is working on new tools to further help Canadians, including an AI based stocks rating system, the addition of credit scores, as well as the introduction of a web version of the Hardbacon app. Our growing team continues to be dedicated to our mission and aim to provide professional and trustworthy information with passion. As we continue to grow our company, our objective will remain the same: to help Canadians make better financial decisions and in turn bring home the bacon. At Hardbacon, we are on a mission to help Canadians make better financial decisions and in turn bring home the bacon to lead wealthier and more financially secure lives. We provide the tools, information, and insight everyone needs to navigate their finances with confidence and ease. Hardbacon connects to your bank accounts and credit cards, allowing you to gain a complete picture of your finances. It works as a planning app where you can add financial goals and turn your ambitions into realities; as a budgeting app that allows you to track how and where you spend your money and finally as a savings app with special comparison tools for financial products. Our comparison tools help people save on recurring services, from credit cards to insurance policies, including bank accounts and roboadvisors. As users sync their accounts with Hardbacon for budgeting, we can easily help identify the best and most affordable products. ABOUT JULIEN BRAULT As the CEO of Hardbacon, Julien aims to guide his team with collaborative leadership. He co-founded Hardbacon to help Canadians make better investment decisions and has since raised over two million dollars and landed strategic partnerships with financial institutions all over the country. Before launching Hardbacon, Julien shared his passion for finance and technology as a business reporter for Les Affaires. He also served as Director of Growth for a fintech investment fund. “We are on a mission to help Canadians make better financial decisions and in turn bring home the bacon to lead wealthier and more financially secure lives.” Finance Monthly FinTech Awards 2023. Canada 33
www.paystand.com B2B PAYMENT SOLUTIONS FIRM OF THE YEAR JEREMY ALMOND CEO & Co-Founder Paystand USA 34 Finance Monthly FinTech Awards 2023.
ABOUT PAYSTAND Paystand is on a mission to create a more open financial system, starting with B2B payments. Using blockchain and cloud technology, we pioneered Payments-as-a-Service to digitize and automate your entire cash lifecycle. Our software makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue. For the past century, business payments have struggled to keep up with digitization. Every other part of the enterprise has gone digital, yet commercial finance has been left behind in an analog world plagued by costly fees, inefficient systems, and paper-driven processes. It’s time for a more seamless, simple, and intuitive way to manage transactions. We created Paystand to eliminate fees, digitize the cash cycle, and create a self-driving money experience for businesses. In 2013, Paystand dove headfirst into the uncharted waters of reinventing commercial finance. Inspired by pioneers taking sales and marketing into the cloud to become faster and more efficient, it was easy to imagine a better financial system where making a transaction was as simple, fast, and intuitive as calling an Uber or Lyft. One where artificial intelligence could analyze an entire business and recommend customized improvements for each customer, based on their payments history. Unfortunately, most payments solutions drain time and revenue. They charge outrageous fees, are hampered down by hidden costs and gatekeepers, and distract you from the important tasks that scale revenue. We asked ourselves one simple question: what would business payments look like if we built them from scratch today? #NoPaper How can you empower revenue and build an innovative business if paper-driven processes are limiting your potential? #NoFees You shouldn’t be penalized every time you make a sale. It’s time to replace transaction fees with one flat monthly rate. #OpenIndustry Removing gatekeepers will advance our industry and lead to lower costs, better security, and nearly instant transactions. So we’re building a solution that changes that. ABOUT JEREMY ALMOND Jeremy has spent the last 15 years in the tech-industry as a serial entrepreneur, startup adviser, and occasional investor. Jeremy has helped dozens of B2B companies drive adoption of digital commerce, and is still an active board member at a number of fintech companies. He started his career in technology as an engineer at nanotech startup Digital Instruments, which was acquired by Veeco (NASDAQ: VECO). At Veeco he led architecture, helping the company shrink massive computers down to devices that now fit in our pockets. He also led their global ERP implementation (15 years ago) where he got his first glimpse into the challenges of enterprise payments. He’s been thinking about how to use technology to innovate in B2B financial services ever since. Jeremy holds a BS in Computer Engineering from the University of California and a Masters in Business from the University of Massachusetts. Finance Monthly FinTech Awards 2023. USA 35
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