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Type | Non profit organisation |
---|---|
Industry | Financial technology membership organisation |
Founded | 15 August 2014 |
Headquarters | 37 Sun Street, EC2M 2PL London, United Kingdom |
Products | Trade body |
Number of employees | 15-20 (2020) |
Website | innovatefinance.com |
Innovate Finance is an independent, non-profit membership-based organisation and industry body serving the United Kingdom's financial technology (FinTech) community.
Innovate Finance is an independent membership association that represents the UK’s global FinTech community. Founded in 2014 and supported by the City of London and Broadgate, Innovate Finance is a not-for-profit that advances the country’s leading position in the financial services sector by supporting technology-led financial services innovators.
At the launch of Innovate Finance, UK Chancellor George Osborne backed the initiative and promised to support efforts to promote the UK as a global fintech leader. [1] Osborne said: "It’s only by harnessing innovations in finance, alongside our existing world class knowledge and skills in financial services, that we’ll ensure Britain’s financial sector continues to meet the diverse needs of businesses and consumers, here and around the globe, and create the jobs and growth we all want to see in the future." [2]
It was launched with 50 founding members including Ratesetter, Transferwise, Azimo, Digital Shadows, HSBC, Barclays and IBM. [3] Each member pays a fee that is tiered depending on the size of the company.
Innovate Finance's work includes the following core activities:
Policy and Research
Events and Programmes
PR and Communications
Innovate Finance is a not-for-profit organisation. It is supported by the City of London Corporation, as well as via annual membership fees. [3] Membership fees vary based on revenue and capital raised by the organisations wishing to join, allowing Innovate Finance to cater to the smallest pre-seed startups as well as larger financial institutions.
The current CEO is Janine Hirt, who was previously COO at the company. Previous CEOs include Charlotte Crosswell and entrepreneur Lawrence Wintermeyer [4] who was one of the original driving forces for the organisation, along with Claire Cockerton, who was previously deputy head of the Level39 accelerator, based in Canary Wharf. [5]
The Innovate Finance board is composed of Louise Smith (Chair) and non-executive directors, Iain Anderson, Chairman of Cicero Group, Sue Hunter, Partner at Frog Capital, Danny Lopez, Yvonne Bajela of ImpactX Capital, and Kirsten English, CEO of Style Research.
Innovate Finance has been covered extensively in global publications including Bloomberg, [6] The Economist, [7] Fox Business News, [8] Australian Economic Review, [9] The Independent, [10] CNBC, [11] City AM, [12] The Guardian, [2] American Banker, [13] Euromoney, [14] and the BBC. [15]
eToro is an Israeli social trading and multi-asset investment company that focuses on providing financial and copy trading services. Its headquarters are located in Central Israel, and the company has registered offices in Cyprus, the United Kingdom, the United States, and Australia.
The Dubai International Financial Centre (DIFC) is a special economic zone in Dubai covering 110 ha, established in 2004 as a financial hub for companies operating throughout the Middle East, Africa and South Asia (MEASA) markets. DIFC is regulated by the Dubai Financial Services Authority, an independent regulator exclusive to the zone, and by its own court system, DIFC Courts, separate from the Emirate of Dubai's legal system and that of the federal government of the UAE. DIFC follows the common law framework and operates in English. The freezone houses financial institutions, and wealth funds in addition to retail and hotel space dedicated to the free zones.
MarketFinance Limited is a British business finance lender, specialising in invoice finance, business loans and corporate finance. MarketFinance was the first company to allow businesses to borrow against individual outstanding invoices.
Brett King is an Australian futurist, author, and co-founder of Moven, originally a New York-based mobile banking startup. He is regarded as an influencer in financial services globally, and his book Augmented was cited by Chinese leader Xi Jinping as recommended reading on artificial intelligence. His book Bank 4.0 was awarded Top Book by a Foreign Author in Russia for the year 2019, as judged by an independent panel audited by PricewaterhouseCoopers. He was inducted into the Fintech Hall of Fame in 2020 for his contribution to the industry.
LendInvest is a non-bank mortgage lender in the UK, and is a property lending and investing platform. As an alternative Fintech lender in the property market, LendInvest provides finance to property professionals and small and medium-sized businesses (SMEs) around the UK. It also makes it possible for individuals, corporates and institutions to invest in secured property loans originated and underwritten by its mortgage team.
Ripple Labs, Inc. is an American technology company which develops the Ripple payment protocol and exchange network. Originally named Opencoin and renamed in 2015, the company was founded in 2012 and is based in San Francisco, California.
Fintech, a portmanteau of "financial technology", refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence, Blockchain, Cloud computing, and big data are regarded as the "ABCD" of FinTech. The use of smartphones for mobile banking, investing, borrowing services, and cryptocurrency are examples of technologies designed to make financial services more accessible to the general public. Financial technology companies consist of both startups and established financial institutions and technology companies trying to replace or enhance the usage of financial services provided by existing financial companies. A subset of fintech companies that focus on the insurance industry are collectively known as insurtech or insuretech companies.
Huobi is a Seychelles-based cryptocurrency exchange. Founded in China, the company now has offices in Hong Kong, South Korea, Japan and the United States. In August 2018 it became a publicly listed Hong Kong company.
Synechron Inc. is a New York-based information technology and consulting company focused on the financial services industry including capital markets, insurance, banking, cards & payments and digital.
FinTech Awards are several award ceremonies, most of them unrelated, which are held all over the world to recognize excellence in financial technology as assessed by either a public vote or panels of judges. There are typically many categories, winners and prizes. Hundreds of companies, mostly startups, participate as candidates.
Regulatory technology, Abrv: RegTech, is the use of information technology to enhance regulatory and compliance processes. RegTech is most usefully applied to heavily regulated industries and activities such as financial services, gaming, healthcare, pharmaceutical, energy and aviation. RegTech puts a particular emphasis on regulatory monitoring, reporting and compliance and aims to enhance transparency as well as consistency and to standardize regulatory processes, to remove ambiguity from regulations and provide higher quality outcomes at a lower cost.
EdAid is a funding platform for higher education. EdAid partners with university and professional schools to defer tuition payment, interest-free.
FinMkt, Inc. is a New York City-based financial technology company originally founded in 2014 as Crowdnetic and rebranding in 2016 to its current iteration, FinMkt. In September 2015, the company launched Lendvious.com, a multi-lender consumer loan marketplace using their Gateway Technology to seamlessly connect consumers to multiple lenders so that borrowers can compare prequalified offers from multiple lenders using one, universal application. FinMkt then pivoted the technology to build a premier SaaS, multi-lender, omni-channel, customizable point of sale financing platform that launched in the summer of 2020.
TransferMate is a B2B payments technology which was founded in 2010. It is headquartered in Kilkenny, Ireland, and has other offices in San Francisco, New York and Sydney. According to the company, as of late 2017, over $11 billion had been transferred through TransferMate's Technology. TransferMate's network of payment transfer systems is licensed and regulated in all 50 US states, Canada, Australia, New Zealand and in Europe.
Nuri is a blockchain banking service, headquartered in Berlin, Germany, that was founded by Jörg von Minckwitz, Jan Goslicki, and Benjamin P. Jones in October 2015.
Auka is a Norwegian, VC-backed financial technology company. Its PSD2 compliant technology platform enables banks to issue white label mobile payments products to their private and merchant customers.
EV is a technology company based in the United Kingdom providing digital, personal finance advice with products that combine actuarial knowledge, asset modelling and risk management. The company maintains its head office in Benyon House, Newbury Business Park, Berkshire, with a smaller office in London.
Tide is a UK financial technology company providing mobile-first banking services for small and medium-sized enterprises. It enables businesses to set up a current account and get instant access to various financial services. Established in 2015, Tide is one of the first digital-only finance platforms in the UK to provide current accounts for businesses. As of 2020, it had offices in London (headquarters), Sofia (Bulgaria) and Hyderabad (India).
ComplyAdvantage, founded in 2014, is a RegTech company that provides anti-money laundering technology. The company uses artificial intelligence, machine learning and natural language processing to help regulated organisations manage risk obligations and counteract financial crime.
Sir Rohinton Minoo "Ron" Kalifa OBE is a British entrepreneur. He is chairman of Network International, and formerly served as Chief Executive Officer of Worldpay Group for over ten years from 2002 to 2013 and then continued as Vice Chairman. He was appointed an OBE in the Queen's New Year 2018 Honours List for financial services and technology. He later received his knighthood in Her Majesty’s Platinum Jubilee 2022 Honours List.