Cardiff based energy service provider Sero, amidst competition of more than 150 tech companies worldwide, has been selected as one of the eight strong cohort that will make up the newly launched FinTech Wales Foundry accelerator programme.
The FinTech Wales Foundry is the first of a kind no equity accelerator, which aims to scale the next generation of digital ventures in Wales.
This active collaboration between some of Wales’ biggest institutions and tech’s largest forces aims to build an ecosystem of innovation that can drive jobs, deals, and investment. Alongside founding partners Admiral Pioneer, Principality Building Society and Cardiff Capital Region, supporters include Google Cloud, IBM, Amazon Web Services, Innovate UK and Tech Nation.
Sero has been selected by partners to join the programmes with the overall aim to work towards establishing an ongoing relationship – such as partnership, investment or distribution – that can help bring new and innovative solutions to consumers.
Talking about Sero’s selection, Sarah Williams-Gardener, CEO of FinTech Wales said:
“Wales has been quietly building a thriving FinTech sector for many years, which was recognised in Ron Kalifa’s FinTech Report where it was identified as one of the UK’s emerging FinTech hubs. And today’s launch of the FinTech Wales accelerator, the UK's first non-equity based programme, puts us firmly on the path to becoming an established hub – if not a potential superhub.
“Fintech Wales will not only help to create jobs and nurture our existing ecosystem, it invites businesses globally to come and scale in Wales – bringing further job creation and growth to an already booming landscape. Having Sero in our first cohort truly embraces and highlights the potential offered through Open Banking, bringing financial services and customers the nett zero solutions by greening finance.”
This opportunity to boost the digital side of the business comes off the back of the work Sero is currently progressing to develop digital products to help support the financial sector to decarbonise homes across the UK. This includes the Whole Home Survey and Pathways to Zero digital toolkit, that together will be able to identify the current energy status of a home and map out the retrofit works required to reach net carbon zero.
This work has potential to support Government ambition for lenders to have a role in building a market for energy performance improvements, with the UK Committee on Climate Change estimating that £250 billion needs to be invested in UK home upgrades to meet net zero 2050 targets.
Sero is also currently working on the VALUER research project, supported by The Department for Business, Energy and Industrial Strategy, alongside project partners including RICS, Rightmove and Monmouthshire Building Society which aims to develop understanding, and demonstrate the emerging difference in value, between low and high energy homes.
James Williams, CEO at Sero commented:
“We're delighted to have won a place in the Fintech Wales Foundry and to have been selected by Principality Building Society, working together to provide green finance solutions that help our housing sector reach Net Zero. Sero has gained recognition within the energy sector for our innovation in home energy management and service led customer propositions, it’s now vital that we collaborate closely with the finance sector as we believe this is one of the key drivers in reaching our climate targets. Having the Foundry in Wales is the perfect opportunity to bring together key industry partners like Principality, helping accelerate us to a greener future.”