PwC announces cohort for Scale FinTech programme

Jan 10, 2019

PwC is collaborating with business-building private equity firm Pine Brook to launch its second Scale | FinTech programme to support high potential scale-up businesses in the financial service industry.

The programme links  fast growth scale-ups with established organisations to help generate mutually beneficial commercial opportunities and relationships.

Ten of the brightest international FinTech businesses have been identified to undertake an 11-week programme, helping them to raise their profiles, identify commercial opportunities and prepare their business to scale-up. The programme introduces the companies to potential customers, industry decision makers and leading experts who may become customers, market advisors, or even business partners. The Scale | FinTech Executive Evening, the programme’s corporate pitching event, attracted more than 80 clients from across the financial services sector, with the cohort pitching their value propositions to industry leaders and advisors.

Participants in the programme will undertake a business development curriculum and receive advice on topics such as leadership, sales and marketing, operational growth, professional readiness, valuations as well as exposure to financial service specialisms.

As digital transformation creates huge opportunities to increase productivity, profitability and growth, some organisations are still behind the curve on innovation.  ​​​PwC's 2018 CEO survey found that 81% of financial services CEOs are concerned about how the fast pace of technological changes will affect their growth prospects in the coming years - given challenges ranging from operating under the deadweight of legacy systems to difficulties in making major changes in a highly regulated industry.  

The Scale programme facilitates partnerships and collaboration between FinTechs and established financial institutions keen to capitalise on the potential of partnerships in driving profitability, growth and innovation. According to the CBI Financial Services Survey, financial services organisations are increasingly planning strategic alliances or joint ventures to help acquire new customers.

Rav Hayer, PwC financial services technology partner and UK FinTech lead, commented:

“Scale-up businesses are essential to our economy and crucial to future innovation. By combining cutting edge technology with networking events and best practice, the programme enables businesses to accelerate their growth by opening the door to new opportunities."

Nick Krenteras, managing director at Pinebrook, added:  

“Pine Brook’s experience building businesses across many sectors of financial services gives us unique insight into how new players can best leverage technology to take market share from large firms and disrupt old models. In collaborating with PwC on SCALE: FinTech, we’re excited to support these companies and share our perspective on how they can accelerate growth and build a lasting business.”

The PwC Scale | FinTech Winter ’18/19 - cohort of businesses are:

ABAKA is a cognitive financial advice platform that provides financial institutions, of any size, anywhere in the world, the AI-powered software to thrive in the digital savings age.

Exo Investing leverages technology to make personalised wealth management accessible to everyone. They offer modular solutions for institutional clients to digitalise their back-office and customer experience and have built their own AI-powered platform for retail investors.

EyesClear is an Executive Risk & Strategy Intelligence platform that provides global insights in real-time based on institution’s payments data. EyesClear provides a quick return on investment with no impact on mission-critical systems and operations.

GrowthInvest is a whole-of-market adviser platform for tax efficient investments. The platform provides an environment for financial advisers and wealth managers to research, build and manage tax-efficient and alternative investment portfolios, including EIS, SEIS, VCTs and IHTs.

Heliocor, are building a global anti-fraud ecosystem. This is based on their Robolitics platform, which provides a real-time transaction monitoring solution to identify malfeasance. It harnesses machine learning and AI to reduce the number of false positives and deep learning pattern recognition to identify new risks and issues as they happen. They have also developed Dokstor, a blockchain-enabled front end consumer identity app.

PixelPin enables users to securely authenticate by replacing passwords with pictures, and create a delightfully simple, personal, and more secure way to log into websites and apps. It reduces password reset costs and increases user log in rate significantly for both Financial and Non-Financial organizations.

Pollen is an Open Banking Platform for businesses, where customers scale faster through one-click access to a wider range of third-party financial services, whilst continuing to store their money with their existing trusted bank.

Reputation Network: The Reputation Network is a blockchain privacy protocol that allows corporates, institutions and startups to control who uses, computes and shares their data, for what purpose and with what filters. As an example, REY enables people to proof they earn more than $3000 to a short term credit provider, without showing that they earn exactly $6400.

Sync.Money: Using Open Banking, Sync offers the first all-in-one application that allows users to synchronise all their financial accounts in one place. Users are also given, when signing up, a beautiful 'sync.' debit card that can be linked to any existing accounts, or 1 of 19 available Sync Multi-Currency accounts.

Synthesized: Their software solution generates virtual data that mimics statistical properties of original data. It enables secure data processing, speeds up big data communication and turbocharges machine learning models while keeping original data shut away securely.

Ends.

Notes to editors.

  1. PwC Scale | FinTech is a collaboration between PwC and Pine Brook, a Private Equity Firm focused on business-building investments in financial services and energy based in NYC

  2. PwC’s Scale FinTech Programme aim is to connect fast-growth  FinTech scale-ups to decision-makers at FS organisations

  3. Further reading from Rav Hayer is available here:

Partnering with FinTechs? Considerations for Financial Services Organisations

About Pine Brook

Pine Brook is an investment firm that manages more than $6.0 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 PwC

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 158 countries with over 250,000 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.

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