UK Fintech News Roundup: The Latest Stories 22/02

Every Wednesday we delve into the latest fintech updates from across the UK. This week brings updates from NatWest, Nationwide, FinTech Wales, Orenda Finance, Alloy and more.

Alloy moves to the UK

US-based identity decisions fintech Alloy has launched in the UK, having made its first physical excursion to London. The ‘identity decision platform’ provider serves banks and other financial institutions.

The news comes shortly after a $52 million Series C funding round in September 2022. Alloy has developed an API that performs KYC, business, AML and compliance checks for financial institutions.

Edwina Johnson, head of global at Alloy, said: “For financial institutions to remain competitive in today’s market, cross-border functionality is no longer a great benefit – it’s a must. The UK is one of the world’s most powerful fintech hubs and we look forward to helping innovative local firms unlock their potential abroad.”

NatWest makes children’s subscriptions free

NatWestits pocket money app Rooster money has made its prepaid children’s debit card subscription completely free for customers in the bank. The offer is available for up to three children aged six to 17 per family.

The app, which allows both kids and adults to manage their pocket money in one account, previously charged £1.99 a month for the Rooster Card subscription. The subscription service enables parents to deposit “real money” into the account, access a prepaid debit card, as well as a number of additional features.

Miles Hillier, head of youth and family banking at NatWest, commented on the move. He said: “At NatWest we are dedicated to supporting the younger generation at all ages and stages of their lives, which is why we are thrilled to be able to extend this commitment by making NatWest Rooster Money even more accessible to NatWest -customers.

“This added benefit can help reduce family expenses at a particularly difficult time for the country, while giving children the tools to build a solid financial foundation for their future.”

Twenty7tec improves nationwide integration

Twenty7tec has upgraded its APPLY integration with Nationwide Construction Association. The integration aims to streamline the application submission processes by acting as the single transfer point for all data, documents and communications.

The upgrade appears to increase the percentage of pre-populated data shared between APPLY and Nationwide’s inter-trade portal, NFI Online. It will also deliver a Decision to Purchase in Principle (DIP) certificate along with an automated property valuation decision in the submission module.

Nathan Reilly, director of customer relations at Twenty7tec, discussed the upgrades: “We’ve been working with the team at Nationwide for a number of years now to continually improve the application process for advisors. Having made significant improvements to the APPLY integration in 2022, we are excited to take another positive step forward by delivering an even more efficient journey for users in early 2023.”

FinTech Wales adds Go.Compare to its ranks

FinTech Walesthe independent member association, has welcomed Go. compare as the last organization to join the membership.

The financial services comparison site is based in Cardiff and enables consumers to compare the costs and features of a wide range of insurance, financial products and energy tariffs.

Lee GriffinCEO of Go.Compare, commented: “We are thrilled to join FinTech Wales and to work with them to establish a strong, unified voice for the hugely successful financial and technology services sector we have here in Wales. I am also extremely pleased to have joined the FInTech Wales Advisory Panel with so many renowned industry and academic leaders – many of whom we have known and admired for a long time.”

Issuance of digital securities under English law

Law firm Linklaters recently assisted UK Jurisdiction Taskforce of LawtechUKwith a new legal opinion that aims to offer legal clarity for market participants in digital securities.

The UK Jurisdiction Taskforce is an industry-led initiative, created to promote the use of English law and UK jurisdiction for technology and digital innovation. The opinion concluded that the existing framework of English law supports the transfer and issuance of securities on blockchain or distributed ledger technology.

Richard Hay, head of fintech at Linklaters, said: “The conclusion that it is possible to issue digital securities under English law, without the need for further legislation, is a major milestone. It brings certainty to the digital securities market, as well as reinforcing the role that English law plays in the UK’s continued position as a global leader in financial services.”

Orenda opens office in London and reveals growth plans

Embedded financial service Orenda Finance has opened a new office in Edgware, London which looks set to drive ambitious growth plans for the coming year.

By 2022, the British fintech secured over 50 customers covering a wide range of sectors, while exceeding sales targets and growing 60 percent year-on-year.

The company also grew from 6 employees to twenty in the same period. The company aims to build on this in the coming year.

Joshua Vittori, CEO of Orenda Finance, explained: “We believe that fintech should not be exclusive to financial entities, so we are passionate about helping businesses of all sizes and sectors leverage fintech in a simple, accessible and affordable way. Orenda’s no-code, plug-n-play approach allows our clients to prioritize a customer-centric distribution strategy rather than resourcing banking infrastructure and payment expertise. We’ve helped some great companies in 2022 and we look forward to doing the same in 2023.”