Scaling up FinTech startups will have an opportunity to grow in Wales, PwC’s FinTech Scale up programme will support nine ambitious WealthTech startups… It seems like accelerators are getting back to normal. And what else happened in FinTech lately? Find out!

Weekly FinTech news digest: 20—26 April 2021

Weekly FinTech news digest: 20—26 April 2021

Foundry, a FinTech Wales accelerator programme, launched

The initiative invites global startups to come ‘scale in Wales’

Do you represent a startup that already has a working solution and is ready to scale? Then you’re invited to Wales! FinTech Wales Foundry, a new initiative announced at the UK FinTech Week 2021, is an accelerator programme designed to connect global startups with Welsh organisations. The goal? Creating new jobs, driving investments in the sector, and scaling innovative solutions that will contribute to solving the societal and business challenges in Wales. The applicants will get access to tools, mentorship and other perks, and will have a chance to work with leading Welsh institutions such as the Welsh Government, Cardiff Capital Region, Cardiff University or Angels Invest Wales. The Foundry is accepting applications until 7 June, so hurry up!

Read more about the top FinTech accelerators in London

UK-based hits £40 million valuation after raising £3 million

The startup helps corporates accept and manage bank transfers in foreign markets

The £3 million Series B funding round was led by TMT Investments, reported Finextra. Therefore, the startup that has grown revenues fourfold since the start of the Covid-19 pandemic is now valued at £40 million. With offices in London, Dubai, Amsterdam, Luxembourg and Riga, and clients in over 190 countries, allows businesses to accept and make international payments using a multi-currency account. The funding will be used to further grow the company’s headcount and to expand to new markets.

Read more about the leading payment startups

SteelEye to tackle market abuse with new lexicon technology

The solution will help avoid false positives thanks to AI

SteelEye, a compliance and financial data analytics software company, unveiled the details of its brand new market abuse and communications monitoring product based on an improved lexicon technology. According to Chief Product Officer Matt Storey, firms using legacy lexicons face the problem of high values of false positives because these solutions don’t consider the context of the communication. At the same time, the number of search terms that trigger alerts is limited. The new lexicon technology developed by SteelEye is powered by AI and therefore, is context-aware and can capture selected terms with all the variations, abbreviations and even typos.

Read more about the use of AI to battle financial crime

Wealth Tech 2021 programme launched by PwC UK

The programme will support the growth of nine WealthTech businesses

Exciting news from PwC: the FinTech Scale up programme is back! The company has announced the latest cohort of WealthTech businesses that will get the opportunity to accelerate growth and gain new connections in the sector during the 10-week programme. Nine innovative startups were selected to take part in the initiative: Datactics, providing tools for data quality; Creative Mass, a wealth platform based on Salesforce; Novastone, a secure messaging solution for financial services; Tiller, a provider of client journey solutions for wealth industry; Conser, a third-party ESG verifier; My Compliance Centre, a provider of a compliance platform; Opus Nebula, a reporting system provider, 3rd Eyes Analytics, focused on goal-based investing; and Clear Macro, an investment data analysis company. Congratulations to all the startups selected for the programme!

Read more about asset management software development

Ionburst Cloud expands in the UK by launching its platform in the AWS London region

The product boasts promising initial traction in the technology and FinTech sectors

Ionburst’s object storage cloud platform, widely used by FinTech businesses, is now generally available in the Amazon Web Services London region. The platform assures a high level of data privacy, bridging the data protection gap in cloud services. Ionburst’s solution allows businesses to meet the strictest privacy requirements such as GDPR or EU-US Data Privacy Shield. UK businesses that want to level up their data security game can now find the Ionburst Cloud on the AWS Marketplace with an extra bonus: a 5GB free tier.

Read more about the security standards in FinTech

FinTech Wire, your trusted source of FinTech updates

Have you ever felt that it’s tough to stay abreast of all the market news? There’s a lot going on in FinTech every single day, so it’s totally understandable! But no worries: we come to the rescue with the carefully curated selection of essential FinTech news published on our social media channels and blog. Follow us to be the first to receive them!