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Three Welsh Firms to Join Tech Nation’s Fintech Programme

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Tech Nation, the growth platform for tech companies and leaders, announces the 31 tech companies that have been selected to join the Fintech Cohort 3.0, including Coincover, Credas and Moneyshake based in Wales.

The cohort includes companies from across the fintech sector; operating in areas such as: insurance, regtech, open banking and digital ID. This year’s cohort features a high proportion of insurtechs, at 20%; with this being the first year that insurtech companies qualified for the programme. It reflects the strong growth of insurtech as a sub-segment of fintech in recent years.

The 6-month fintech programme is tailor-made to support founders and the wider leadership team for UK fintechs. It consists of insights sessions delivered by some of the most established fintech entrepreneurs, investors and partners, covering topics such as sales, partnerships with incumbents and expanding internationally and to give companies and founders the tools and knowledge they need to scale.

60% of companies joining the programme are from outside of London, highlighting the strength of fintech hubs across the UK and the maturity of the fintech sector outside of traditional financial services centres. On average the companies have raised £3.3m and employ 18 people.

Coincover, Cardiff, protects the contents of digital wallets. Delivering security and assurance in cryptocurrency for individual investors, fund managers, professional traders and corporate customers, it provides deposit protection, crypto key storage and recovery, lost key protection, cryptocurrency wills, and cryptocurrency theft cover, all underwritten by Lloyds of London Insurers. Sharon Henley, CPO, Coincover, comments: “Coincover has seen tremendous traction and growth in 2020. We are thrilled to be part of this year's cohort. It is a great opportunity for us to build our network, collaborate with, and learn from the greatest minds in FinTech. With the resources, support and encouragement our participation in the programme will bring, we can't wait to take the opportunity to drive Coincover's continued growth.”

Credas, Cardiff, provides a combination of biometric facial recognition, document authentication, client engagement, data capture and eSign technologies to a range of markets and sectors. Typically supporting the regulated space to date, with KYC, AML, Right to Rent and Right to Work checks. Rhys David, CEO, Credas, comments: “This is a fantastic opportunity for Credas to grow and learn from other businesses, as well as collaborate and network with the other founders and experts in their fields. The Tech Nation programme looks set to be a fantastic mix of support and advice, which is perfectly placed for us on this next stage of our journey.”

Moneyshake, Newport, has developed price competition technology. Rather than one-dimensional static comparison, Moneyshake’s technology allows product providers to bid for its customers’ business in unlimited volume and in real time. Initially launching in vehicle leasing, the business has helped thousands of people get the very best deal on their new car. Over the next 12 months, Moneyshake will add multiple finance options to its platform – creating the UK’s first competitive car finance marketplace. Eben Lovatt, CEO, Moneyshake, comments: “Moneyshake is extremely proud to be recognised as one of the most exciting and innovative businesses in the UK Fintech sector, and to be part of Tech Nation's esteemed FinTech 3.0 programme. What we're looking forward to most about being a part of the FinTech 3.0 programme is the invaluable networking with other FinTech founders. It's a chance to learn from other like-minded entrepreneurs.”

With the UK's historic strength in financial services, combined with world-leading policy and regulation in the space, such as Open Banking, the FCA Fintech Sandbox, and the new Fintech Pledge, it is hoped that these companies will contribute to building a world-renowned fintech powerhouse in the UK.

New data reveals that the UK continues to lead Europe for fintech VC investment. This year, $2.5bn has been invested in UK fintech companies so far, with investment levels peaking in July 2020 ($1bn). By comparison, German fintechs have raised $1.09bn and Swedish fintechs have raised $1.06bn this year to date. The UK also leads Europe for fintech unicorns, with 22 fintech unicorns, compared to 6 in the Netherlands, 4 in Sweden, 3 in France and 3 in Germany.

Liam Gray, Fintech Lead, Tech Nation comments:

“The UK fintech ecosystem is truly world leading and its strength is clearly demonstrated by the calibre of companies on this year's Tech Nation Fintech programme. Our third cohort will officially introduce insurtechs to the programme, a sub-segment of fintech that has matured significantly in recent years. This cohort will also be the most geographically diverse group of fintechs we've ever had, with 60% located outside of London, highlighting the growing prevalence of regional fintech hubs.”

Tech Nation received 143 applications for the programme, the most ever received and up by almost 20% from last year. Judges, mentors and advisors include many of the leading figures in the fintech sector.  Catherine Wines, Co-founder, WorldRemit, Richard Theo, Founder & CEO, Wealthify and Lou Smith, CDO, Lloyd’s. Tech Nation’s fintech programme has supported many of the UK’s leading fintech companies, including Kani, Credit Kudos, Funding Options, Sustainably, Good Box and Primary Bid.

Tech Nation is privileged to have Wilson Sonsini, Buckley and CBRE partnering on the Fintech 3.0 programme. Their experience and knowledge working alongside scaling companies will be invaluable for providing insight on international expansion, virtual banking and property management throughout the programme.