Fintech entrepreneurs are lined up for success
AN accelerator initiative that pairs global fintechs with leading financial institutions has completed its 2022 programme just six month since the last cohort.
Eight companies selected from more than 150 applicants completed this year’s FinTech Wales Foundry programme - The Foundry: Validate Raise & Scale.
The eight companies were:
■ TropoGo — which builds Google maps between 30 to 3,000 ft for low altitude aerial mobility and insurance;
■ QuoteOnSite – a cloud-based platform that saves SME’s time and money by automating the process of creating, sending, tracking and analysing their quotes, proposals, contracts and other digital documents;
■ Yacooba - which mixes blockchain ticketing protocol with a oneclick-buy travel marketplace to generate more revenue for promoters and rewards for audiences;
■ Finalrentals – which enables local car rental companies to unlock the power of internet with online bookings, insurance and e-payments;
■ Bomadu - Helping first-time buyers finance property deposits in an innovative way;
■ AGAM - a AI powered creditscoring platform provider connecting customers to banks for accessing instant credit;
■ Cufflink - which helps businesses limit the likelihood, impacts and costs of a personal data breach; and
■ EverKnock - that provide a concierge service to manage every aspect of your home-buying journey.
Sponsored by Principality Building Society, Admiral Money and supported by the Cardiff Capital Region City Deal, this year’s accelerator concluded on 4 May at a showcase event held at Techniquest in Cardiff Bay.
The 12-week programme completed with a pledge to create more than £70m in revenue and more than 100 jobs in Wales collectively between all eight companies over the next three years.
Four out of the eight businesses which were non-Welsh start ups - including businesses from Portugal and Poland - have now registered a presence in Wales with plans to create jobs in the country.
Last year’s group collectively raised more than £9m in investment and created over 20 jobs. Business alumni Sero, a Cardiff-based energy tech firm which was part of the 2021 programme, secured a £5.5m equity investment boost to support its growth plans from financial institutions Hodge and Legal & General.
The programme ran in person this year after Covid-19 lockdown restrictions came to an end, with master classes and support to help founders validate their early stage ideas, raise investment and create a plan to scale.
Programme director of the 2022 FinTech Wales Foundry, Neil Cocker said: “This year’s cohort represents some of the most forward-thinking start-ups in areas such as data security, blockchain and insurance. It’s been incredible to work with such innovative companies that are really making strides in new and developing areas of FinTech.”
Mr Cocker added: “It’s imperative that, for Wales to become a leading global FinTech hub, that we are encouraging these innovative businesses to Scale in Wales and with even the international startups on the programme committed to relocating and growing their businesses in Wales, I feel like we’ve made real in-roads which can only lead to more success for this thriving sector in Wales.”
FinTech Wales chief executive Sarah Williams-Gardener said: “The work of the Foundry is fast-becoming a key part of our vision to establish Wales as a leading global hub for FinTech. From the applications we receive from all over the world, to the eventual eight companies who make up the cohort, we get a snapshot into the talent that’s out there, and the innovations taking place in fintech.”
She added: “As the organisation championing FinTech in Wales, we absolutely cannot let this talent go elsewhere and by encouraging these companies to not only stay in Wales, but also relocate, we are helping to create jobs, promoting innovation, showing that Wales is THE place to scale if you are a burgeoning business in FinTech.”
Ammar Akhtar, founder and chief executive at Finalrentals Group said: “FinTech Wales accelerator has been an eye-opening programme for me, it is like you graduate as an entrepreneur from a program that is designed and delivered by the entrepreneurs for the entrepreneurs.”
Mr Akhtar added: “It has also shown the potential of Wales’ FinTech and Tech ecosystem, and I believe there is no better place than Wales to set up Finalrentals Global HQ.”
The FinTech Wales Foundry operates as the accelerator arm of FinTech Wales and is the only accelerator of its kind in Wales. A not-for-profit collaboration between financial institutions, big tech and a growing number of supporting organisations from various industries to promote deals, jobs, and investments in the country.
FinTech Wales is a global association for Welsh-based FinTech and the financial service industry. It aims to establish Wales as a rapidly emerging pillar of the global fintech economy.