First International Fintech Conference
Following our success at the Accenture fintech innovation lab and working with a number of key banks, we at Akoni were delighted to be selected to exhibit at the first international conference for global investors, regulators, and UK fintech companies, organised by HM Treasury and the Department for International Trade.
Chancellor, Phillip Hammond, said:
“Britain is the best place in the world to start and grow a fintech company. These events are a great opportunity to show why. The first ever International fintech conference brings together dynamic UK firms with an exciting vision of the future, and global investors who can support their future growth.”
Over 100 UK fintech companies were represented, with investors attending from every continent. Akoni was one of the few early stage machine B2B fintechs selected.
Asia is seen as the most exciting destination for market expansion and the UK government is working with India to create a fintech Bridge to serve China, Singapore and other markets.
Our Head of Finance & Analytics, Cinthia Danove, said: “The Department for International Trade are making huge efforts to bring Chinese money into UK, and we saw many Chinese funds walking around. UK regulators are the only ones that have Innovation as part of their mandate. They are outstanding at doing that.”
Speakers on the packed agenda included:
- Philip Hammond, Chancellor of the Exchequer
- Mark Carney, Governor, Bank of England
- Simon Kirby MP, Economic Secretary to the Treasury
- Eileen Burbidge, HM Treasury’s Special Envoy for FinTech
- Alastair Lukies, Founding Partner, Motive Partners & Prime Minister’s Business Ambassador – FinTech
We also heard from representatives of TransferWise, Funding Circle and HSBC, as well as many more.
We learned that Barclays plans to open a fintech flagship Hub next month, with 500 workspaces for startups, further cementing London as a leading fintech powerhouse.
The event was held in London on 12 April as part of a whole week dedicated to UK fintech, aiming to promote the success of the sector and attract more investment. To find out more, please follow #IFTC2017 on Twitter, visit internationalfintechconference.com or watch the video below.
UK is number one in fintech
The UK has been rated the number one global fintech hub twice in the last year. With a workforce of 600,000, the sector adds almost £7 billion to the economy each year. UK fintech is really shaking up the competition and challenging more established players to up their game – resulting in improved services to customers.
We’re proud to play a part in this revolution.
Akoni highlights to date
Large companies can pay for treasurers and treasury management systems. Akoni uses technology so that smaller businesses and SMEs can get the same benefits, but without the cost. By acting as a hub between business and banking partners, Akoni disrupts traditional banking and benefits businesses.
CEO and co-founder, Felicia Meyerowitz Singh, explains: “Scientific tools are changing the way we work in financial services, right down to conventional cash management activities that are traditionally based on Excel and TMS. Akoni plans to be a key leader and driver in delivering these changes. At last, corporates and SME businesses have access to similar facilities as global institutions do.”
The platform is also available to banks on a white-label basis, leveraging emerging Open Banking standards to provide game-changing liquidity management, customer stickiness and cost savings.
Deputy Chairman, Yann Gindre, says: “SME cash is currently non-profit making for banks, so Akoni could be a game changer.”
Having delivered cash portfolio optimisation, the Akoni R&D team are in the process of building groundbreaking cash prediction capabilities, leveraging statistical forecasting combined with Machine Learning and Neural Networks. This provides SMEs with more accurate predictions of their future cashflows as well as in-depth analytics, personalised insights and tailored prompts, aligned to their own accounting and forecasts.
CTO and co-founder, Panos Savvas, says: “Akoni will leverage data science and machine learning to forecast cashflows. By recognising historical patterns and categorising transactions, Akoni will create more accurate forecasts for SMEs and businesses.”
Having successfully completed our second round of seed investment, we have progressed to live product launch. The investment round is led by our Chairman, Duncan Goldie-Morrison, previously Chairman of Newedge Limited; CEO Credit Agricole The Americas and Head of Global Markets Group and Asia, Bank of America.
We’re also proud that Akoni was selected as a finalist of the Accenture fintech innovation lab in London, leading fintech startups in Retail Banking, working with large global banks including RBS, Lloyds, HSBC, Barclays, etc, and presented amongst the top three retail stream fintech startups.
The government is planning another international fintech conference in October. We look forward to taking part there too.