Akoni selected for the Accenture Fintech Innovation Lab

The Akoni team is excited to announce we are one of five Retail Banking fintech startups selected for the Accenture Fintech Innovation Lab in London, amongst the cohort of twenty across categories including CIB, Insuretech and Tech4Tech.    The Lab is a three month accelerator and mentorship programme uniting fintech startups with global financial services institutions, including HSBC, Barclays, RBS, Lloyds Banking Group, Citibank, Santander, Credit Suisse, Goldman Sachs, amongst others.      The programme focuses on meeting the top execs and decision-makers at partner banks as well as legal, pitching and proof of concept mentoring.

Further information on the programme and the other startups selected can be found at https://newsroom.accenture.com/news/fintech-innovation-lab-london-kicks-off-largest-programme-in-its-five-year-history.htm

The Akoni team is ensconced in our new offices, and surrounded by an awesome environment and passionate teams, with the bonus of incredible London views.    We are looking forward to the acceleration of the experience!    Our team is working on several product releases and collaborating with various new partners over the next few months, aiming to deliver value for the UK’s 5.3 million businesses!   We are already thoroughly enjoying the shared experiences with other startups, the awesome Accenture lab team and our mentors and banks.

About Akoni:

Akoni is an innovative fintech startup which aims to improve financial outcomes for businesses while at the same time providing banks with benefits including customer loyalty and increased margin through Basel III LCR reductions.

The Akoni platform is a digital cash treasury manager and uses technology and data science to provide customers a cash portfolio manager, business marketplace which is updated daily, and personalised cash report and dashboard, as well as innovative cashflow projection tools including algorithm-based allocations, automated monitoring and utilising statistical techniques and neural networks for projection outcomes.

Akoni’s chairman and lead investor, Duncan Goldie-Morrison, is a seasoned banking CEO and Chairman. Mr. Goldie-Morrison  was previously CEO of The Americas Credit Agricole CIB, Head of Global Markets and Asia, Bank of America, Chairman of Newedge Group SA and Newedge UK, President Ritchie Capital Management and Director Kleinwort Benson Bank. The business is further supported by the Deputy Chairman, Yann Gindre, previously CEO of Natixis UK and the Americas and financial services veteran.

Founder and CEO, 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 in Excel.  Akoni plans to be a key leader and driver in delivering these changes. At last, corporates and SME businesses have access to similar cash management facilities to institutions with in-house treasurers and Treasury management systems. We are delighted to be part of the Accenture fintech lab, working with people and organisations of such calibre and looking forward to the programme innovation drive for our business.” 

Banking sector undergoes disruption

The UK banking sector is already facing a range of issues, including ‘banking as a service’, ongoing cost reduction pressures, opportunities and challenges as a result of CMA requirements, open APIs and PSD2, and the Challenger Banks bringing a new approach to services and customer solutions. Businesses are part of this change, with the latest Accenture 2020 SME Banking report showing that 70% of businesses are prepared to pay non-banking customers for financial services.

To date, fintech innovation has been focused primarily on consumer banking for B2C and lending for B2B. Now, for the first time, Akoni brings technology benefits to UK SMEs and businesses for cash treasury management, with further business products planned in future roadmap.

For more information, please contact Felicia@akonihub.com

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

Inspiring Women in Tech: Ada Lovelace, first Computer Programmer

Another worthy addition to our blog series on Inspirational Women in Tech, today we focus on Ada Lovelace – as today is  Ada Lovelace Day, which was started in Britain in 2009 as part of #DayoftheGirl. At Akoni we are inspired by women in technology and hope to see more women enter the sector drive innovation – just as she did.

Rejected at birth by her father, the famous poet, Lord Byron, who was only interested in being a father to a son, the one-month-old Augusta Ada Byron was whisked away to her maternal grandmother’s home in Kirkby Mallory, by her mother, Anne Isabella Milbanke.

There, she was largely brought up by her maternal grandmother, Lady Milbanke, who doted on her. The young Lovelace was encouraged to pursue her love of science and mathematics by her mother, as it countered the “insanity” that she had potentially inherited from father.

The young child was fragile, even suffering a bout of measles which left her paralysed and bedridden for an extended period of time. During her recovery period, the young Ada decided that she wanted to invent a way of flying. The twelve year old Ada went about this task with a clear and systematic plan. She investigated the construction of wings, studying the anatomy of birds, exploring different materials (oilsilk, wires and feathers) to build these out of – drawing on her mathematical skills to calculate the right proportions. Steam would be used in the final stage. Ada produced a fully illustrated book, “Flyology” which mapped out the entire project, illustrating her findings and inventions with plates. Perhaps she told Babbage about this production – he used to affectionately refer to her as “Lady Fairy”. She was clearly an individual, not afraid to go against the grain from the start.

Her tutors in mathematics and science included some of the best brain around – William Frend, William King, Augustus De Morgan and Mary Somerville. De Morgan said that she was “an original mathematical investigator, perhaps of first-rate eminence“. It was Mary Somerville, who became a great friend to Ada, that introduced her to Charles Babbage, a mathematician, philosopher, mechanical engineer, inventor of the concept of a programmable computer.

Babbage introduced her to his prototype machine – the Difference Engine, which entranced her. Impressed by Lovelace’s mathematical and analytical abilities, he asked her to translate the Italian mathematician Luigi Menabrea’s article on his latest machine – his Analytical Engine.

In her extensive notes on the article, Lovelace emphasised the difference between this machine and previous calculating machines – regarding this latest machine as a breakthrough, with massive potential because of its ability to be programmed to solve problems of any complexity.

Her notes also included, in great detail, a method for calculating a sequence of Bernoulli numbers using the Analytical Engine – which could have run correctly if it had been built. Based on this algorithm, Ada Lovelace is now widely considered the first computer programmer, and her method is recognised as the world’s first computer programme.

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Portrait of Ada by Margaret Sarah Carpenter 1836

Lovelace held imagination and intuition in high regard, integrating them into her scientific and mathematical explorations and concepts. Her “poetical science” led her to ask human questions – “basic assumptions” about the Analytical Engine and future inventions – how society and individuals would relate to technology as a tool.  She valued metaphysics as much as mathematics, viewing both as tools for exploring “the unseen worlds around us”.

The remarkable Augusta Ada King-Noel, Countess of Lovelace (née Byron), died of uterine cancer in 1852 at the age of 36, leaving behind three children and her husband, William King-Noel, 1st Earl of Lovelace. 

Lovelace’s astonishing intelligence, her original thought and the fact that she accomplished so much in an era when women were not given much credibility or voice was remarkable. Her self-belief from an early age is exactly what many young girls need more of today – a value that the Akoniteam admire and encourage.

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

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