PwC, CO:CUBED and Pine Brook launch Scale | FinTech programme

Nov 02, 2017

  • Scale FinTech launches in collaboration with US private equity house Pine Brook
  • Programme focuses on helping FinTech scale-ups identify commercial opportunities
  • Previous participants in PwC’s Scale programmes have raised over £80 million in equity

PwC and CO:CUBED, in collaboration with private investment firm Pine Brook, are launching Scale FinTech, the latest in a series of programmes across the UK to support high potential scale-up businesses. Scale FinTech aims to bridge the missing link between fast-growth scale-ups and established financial institutions to help them find mutually beneficial commercial opportunities and relationships.

Twelve of the brightest international FinTech businesses have been identified to undertake a 10-week programme, helping them to gain traction, identify commercial opportunities and source additional funding. The programme introduces the 12 companies to potential customers, industry decision makers, investors and leading experts who may procure from, partner, go-to-market, advise or invest in their business.

The Scale FinTech cohort of businesses are:

Akoni is a digital cash treasury manager, ensuring maximum returns through the portability of cash and cash management tools.

Alterest uses deep analytics to build institutional-grade data and tools for private and alternative credit, empowering market participants with a world-class loan intelligence infrastructure.

Billon uses distributed ledger technology to provide an instant, point-to-point system that transacts everyday currencies with zero variable cost from any device.

Exate Technology’s data privacy platform allows for GDPR, PSD2 and Brexit compliance by enabling the secure cross-border transfer of data, either within a single firm, or across multiple firms.

Funding Options is the quick way to find finance for SME businesses. By matching client requirements with over 50 different lenders, they help SMEs access funds, even if they've been declined by a bank.

HighSide reduces business risk associated with cybercrime, data breaches, customer attrition, shadow IT, reputational damages and financial loss by securing internal communications and file sharing.

Neotas sets the standards in Due Diligence. Their military grade intelligence techniques investigate all open sources including social media, deep and dark web, legal records and international media.

Netclearance offers a private label mobile payment solution which eliminates credit card fees and captures individual consumer purchase data at the product level.

Neuroprofiler solves many KYC challenges by helping financial institutions better assess the risk profile of their clients.

nFiniti is a cloud based, Custody as a Service (CaaS) platform that provides its clients with an end-to-end and cost effective solution to reduce the complexity and administrative burden of running a regulated business.

NuCypher is a security and encryption platform for distributed systems, including big data, blockchain, cloud, and IoT.

SteelEye is the only regulatory compliance technology and data analytics firm that offers transaction reporting, record keeping, trade reconstruction, best execution and data insight in one comprehensive solution.

Participants on the programme will undertake a business development curriculum, receive advice on topics such as GDPR, the corporate procurement process, and financial services specialisms, as well as gaining access to CO:CUBED and Pine Brook’s extended community of experts, both in the UK and in the US.

Jeremy Basset, CEO of CO:CUBED, said:

"With over 14,000 FinTechs around the world, it's startups who are inventing the future of the financial services industry. We're passionate about helping startups to scale up through connecting them to global banks, industry experts and leading venture funds.

“We're excited to be partnering with PwC and Pine Brook on Scale FinTech, providing opportunities for many of our corporate partners to gain exposure to leading startups from across the UK and Europe.”

Previous participants in PwC’s scale-up programmes raised £60 million in equity on joining and have since gone on to raise a further £20 million, demonstrating rapid progression and quality. As well as investment, the cohorts were introduced to over 500 relevant stakeholders which has so far enabled over 70 pilots.

Nick Krenteras, Managing Director on the financial services team of Pine Brook, said:

“Through a decade of investing in both established and startup financial services businesses, we at Pine Brook have a deep understanding of the industry’s technology needs as well as the business model and operational acumen that are critical for commercial success.”

“FinTech is intensely competitive, and it is very rewarding for us to leverage our experience to help the next great technology come to market.”

Nigel Howlett, UK digital private business leader at PwC, commented:

“We’re bringing together fast-growing and ambitious scale-ups with some of the world’s biggest brands in a dynamic environment which allows both sides to learn from each other to build commercial opportunities”.

“With our huge network and specialist skills, PwC is ideally placed to do this and we’re helping break down the barriers that can prevent collaboration even getting off the ground, whether that’s because of the inexperience of startups or the complexity of big financial institutions.”

Applications to PwC Scale programmes are open here

Ends.

About Pine Brook

Pine Brook is an investment firm that manages more than $6.7 billion of limited partner commitments that makes “business building” and other equity investments, primarily in energy and financial services businesses.  Pine Brook’s team of investment professionals collectively has over 300 years of experience financing the growth of businesses with equity, working alongside talented entrepreneurs and experienced management teams to build businesses of scale without relying on acquisition leverage. For more information about Pine Brook, please visit the company’s web site at www.pinebrookpartners.com.

About CO:CUBED

CO:CUBED helps corporates harness the power of the startup revolution to stay ahead of the game. Startups are redefining industries, disrupting long-established businesses and bringing transformation to every aspect of life. Their team has helped companies like Unilever launch the Foundry and worked in Tesco to scale Amplify. CO:CUBED was created to help other corporates embark on this journey too. Visit www.co-cubed.com for further details.

About PwC

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 223,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. © 2017 PwC. All rights reserved

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