Every Wednesday, we delve into the latest fintech updates from across the UK. This week brings updates from Coadec, The Smart Group, Inpay, Unbiased and Proxymity.
Open banking is thriving in the UK
The policy voice of fintech and tech startups and scaleups in the UK, Coadec, revealed that the open banking ecosystem is worth over £4.1billion in the UK in its latest report. Open banking firms also raised over £886million in 2022 alone.
The report details how regulation has propelled the sector forward, with 92 per cent of all money raised by the open banking firms in the sample coming since 2018 when regulation went live for the first time. The sector has also created over 4,800 skilled jobs.
Luke Kosky, fintech policy lead at Coadec, said: “The growth of open banking has been a UK-led marvel. However, we now face a critical ‘sink-or-swim’ moment for the industry. We have seen this industry grow to over £4billion within 5 years and with proactive support and regulation the possibilities for open banking are endless.”
The Smart Group revels in success
West London-based fintech and proptech business The Smart Group is celebrating back-to-back record years with an overall 125 per cent growth of the business since 2020.
The firm also achieved its first £5million revenue quarter, boasting a record 11,000 trading customers. The company was also named Finance Business of the Year at the West London Business Awards for the fourth straight year.
Trevor Charnley, managing director of Smart Currency Exchange commented: “The 2021/2022 financial year was one of significant progress for The Smart Group’s private client division – not just against pandemic levels, but against pre-pandemic levels too. It resulted in a record year for the division, achieving 42 per cent growth year-on-year.”
Inpay reveals a successful 2022
Danish-owned fintech Inpay revealed that its revenues have grown by almost £35million since 2018, in its Annual Report for 2022.
As the fintech saw 2 million more international payments going through Inpay in 2022 than the previous year, it published a revenue of £42.7million, up 26 per cent year on year, from £34million. It also saw a net profit of £5million, up from £1.2 million in 202.
Thomas Jul, CEO of Inpay, commented: “We are extremely pleased with the results for 2022, which have provided a strong foundation for future growth and value creation for our customers, society and other stakeholders. With the structural changes and exceptional senior talent we have brought on board in 2022, we are ready to sustainably accelerate our growth and expand further over the coming years, with the continued goal of democratising payments across the globe.”
Unbiased launches in the USA
UK personal finance platform Unbiased has expanded into the USA with the launch of Unbiased.com.
The new site offers the ability to match customers with individual financial advisors who have expertise that meets their specific needs. Unbiased also offers a comprehensive range of financial information and resources that empower people to make financial plans and decisions, from buying a house to planning for retirement.
“We are thrilled to bring our vision for making financial advice accessible to all to the United States,” said Karen Barrett, founder and CEO of Unbiased. “Finances can be overwhelming and confusing. Our goal is to empower consumers with the information and resources they need to make informed decisions and help them cut through the clutter, so they get the help they need.”
State Street and Proxymity launch proxy voting service
Digital investor communication platform Proxymity is powering a new digital proxy voting service Vote Connect Total. The service is being deployed by State Street, provider of financial services to institutional investors. The proxy voting service is set to launch in the UK and Ireland in time for the 2023 proxy season.
Vote Connect Total enables issuers to publish ‘golden source’ meeting announcements and agendas directly to investors. Investors receive near real-time ballots together with improved deadlines, and instant delivery of votes, allowing investors more time to engage with issuers,
Dean Little, co-founder and CEO of Proxymity, said: “We are thrilled to be expanding our partnership with State Street, as a highly valued and integral member of our investor consortium. As we grow our fruitful collaboration in connecting additional markets to the Vote Connect platform, we continue to extend the benefits of truly digital, real-time communication throughout the entire ecosystem.”