PensionBee Group plc, a leading online pension provider, today announces it has entered into an exclusive, non-binding term sheet with a large, US-based global financial institution in order to expand into the United States of America (‘US’). The US has the world’s largest Defined Contribution pension market, representing approximately 80% of the global total and $22.5 trillion in assets.

Under the proposed strategic relationship, PensionBee will deliver its United States service through PensionBee Inc, to be established in Delaware as a wholly-owned subsidiary of PensionBee Group plc, with operational headquarters in New York.

PensionBee will manage the operations of the US business, including the hiring of a local team, making available its award-winning online retirement proposition and UK-based proprietary technology to consumers in the US Defined Contribution market. PensionBee will enable consumers in the United States to easily consolidate and roll over their 401(k) plans into a new Individual Retirement Account (‘IRA’).

The US-based partner will provide its expertise and substantial marketing funding. Correspondingly, PensionBee’s financial contribution will be financed from the existing resources of PensionBee Group plc.

Entry into a final binding agreement between the parties is subject to confirmatory due diligence, legal documentation and regulatory approvals, with launch expected in late 2024.

In the UK, following close to a decade of operations, PensionBee will continue to grow its market share in the £1 trillion Defined Contribution pension market in accordance with current guidance on revenue growth and profitability, operating the UK business as financially separate to the US undertaking. As at the end of 2023, PensionBee had £4.4 billion of Assets Under Administration on behalf of approximately one quarter of a million Invested Customers. PensionBee achieved ongoing Adjusted EBITDA profitability at the end of 2023 and expects to be profitable in the UK on an Adjusted EBITDA basis for the full 2024 financial year.

Given the context of the enormous US market opportunity, PensionBee sees the potential for its US business to grow rapidly, becoming at least the size of its UK business over the next decade.

Romi Savova, CEO of PensionBee, commented: “In the year of our 10th anniversary, having demonstrated underlying profitability, we have entered discussions with a view to deploying our award-winning customer proposition, supported by our innovative technology platform and marketing approach, in the United States of America. This is a transformative step for PensionBee and for our stakeholders.

By entering the world’s largest Defined Contribution pension market, where many consumers still struggle to prepare adequately for retirement amidst an array of confusing and difficult-to-use investment options, our straightforward approach to online retirement savings will help millions of consumers look forward to a happy retirement.”

TrueNorth, a leading professional services organization specializing in implementation, systems integration and engineering of digital solutions for the financial services industry, and Brim Financial (Brim), a next-generation provider of credit card platform-as-a-service and one of the fastest growing Fintechs in North America, are excited to announce their strategic partnership aimed to bring robust and innovative consumer, small medium business (SMB) and commercial credit card solutions to banks, fintechs and major brands in the US and Canada.

Tuum has announced that they have attained SOC 2 compliance which stands as a testament to their unwavering commitment to security, privacy, and operational excellence. As a trusted core banking vendor, they recognise that their clients operate in an environment where data integrity and protection are paramount.

SOC 2 compliance means that their systems and processes have been rigorously evaluated and are proven to meet high standards for security, ensuring the safeguarding of sensitive financial information.

For their clients, Tuum’s SOC 2 compliance offers a multitude of benefits, including:

Enhanced Trust: Clients and our wider partner ecosystem can engage with our platform knowing that Tuum adheres to industry best practices for security and data protection.

Risk Mitigation: The SOC 2 compliance framework minimises the risk of data breaches and unauthorised access, providing peace of mind for clients and their customers

Streamlined Due Diligence: Clients save time and resources in vendor assessments, as our SOC 2 report provides the due diligence evidence they require.

Market Competitiveness: Their clients can leverage Tuum’s compliance status to demonstrate their commitment to security, bolstering their own reputations. This compliance is not just a badge of honor; it is an operational prerequisite in today’s digital banking landscape. Tuum’s clients can be assured that they are partnering with a platform that is built on a foundation of trust and security, which is integral to their success and growth in the financial sector.

TerraPay group, the leading global cross-border payments network, is pleased to announce the appointment of Louise Brett as an Independent Director at Terra Payment Services (UK) Limited (TerraPay UK). Louise brings a wealth of experience and a distinguished career in the financial services industry.

In this role, Louise will serve as a vital link between TerraPay, the financial ecosystem at large, and TerraPay stakeholders, to uphold the highest standards of governance, diversity & inclusion, and a culture of compliance. With her extensive background in fintech and financial services, she will bring a unique outside-in perspective to the board, enhancing TerraPay’s governance model to align with the company’s growth and ambitions.

Louise’s career includes her tenure as Vice Chairman of Deloitte UK and Head of FinTech and Financial Services Innovation across Deloitte Europe. She has been a driving force in shaping Deloitte’s response to the rise of fintech, fostering financial inclusion, and promoting local fintech excellence on the global stage. Her strategic vision, practical approach, and commitment to inclusive leadership have set her apart as a leader in the industry. She has worked across the ecosystem with financial services clients, government bodies, regulators, advisors, VCs, and the broader fintech community. As a former banker and leader, she understands the nuances of balancing strategic vision with the reality of a highly regulated sector. Louise firmly believes in the potency of inclusive leadership and diversity of thought to drive superior long-term success.

As the Chair of the Board and the Governance Risk and Compliance (GRC) Committee at TerraPay UK, Louise will play a pivotal role in ensuring the company’s governance model evolves to embrace TerraPay’s solutions, and enhance its reputation. Her expertise will provide the necessary challenge and guidance, situational awareness, and horizon scanning, to support TerraPay’s strategic narrative and long-term success.

Ambar Sur, Founder & CEO, TerraPay, expressed his enthusiasm about Louise joining the team, “We are delighted to welcome Louise to TerraPay as our Independent Director in the U.K. Her extensive experience and strategic acumen will be invaluable in shaping the future of TerraPay. We believe her expertise will further strengthen our governance standards and contribute significantly to our growth journey.”

Speaking about her new role, Louise said, “I’m excited to begin this new journey at TerraPay. For scaling and maturing fintechs such as TerraPay, it is important to see a determination to be ‘fit’ for growth. By embracing regulatory frameworks and principles hand-in-hand with a passion for innovation they are creating the critical foundation for future success. I look forward to supporting this growth in the coming years.”

Louise is a celebrated industry leader and was recently featured on the prestigious Women in FinTech PowerList 2022, highlighting her exceptional achievements and influence in the financial technology sector. Previously, she has served as a board member for The ScaletUp Institute and UK Women in Payments.

As Louise takes up her position as the Chair of the Board, TerraPay UK looks forward to her guidance, leadership, and strategic insights to navigate the ever-evolving payments landscape. Especially, since the company has secured authorisation as an Electronic Money Institute (EMI) in Italy and is set to expand its operations in the country and subsequently, throughout the EU.

FinTech Wales, the independent membership association and champion of the FinTech and Financial Services industry in Wales, opened the market at London Stock Exchange -  on St David’s Day – March 1st, 2024.

Sarah Williams-Gardener, Chair of FinTech Wales, officially opened the trading market at the London Stock Exchange Group, joined by Secretary of State for Wales, David TC Davies MP. Representatives from key stakeholders from industry and government attended, as well as those from Welsh founded or based fintechs, including Starling Bank, LexisNexis Risk Solutions, Tandem, Wealthify and Just Eat, and many more.

Speaking about the Market Open ceremony, Sarah said: “It felt like a real moment in time for the fintech sector in Wales. I was honoured to be representing our network and showcasing all that we have achieved as a fintech community. Our drive and passion makes us loud and proud and it was wonderful to celebrate the Welsh fintech ecosystem on St David’s Day.”

FinTech Wales’ market opening formed part of Wales Week London, a collection of annual events that celebrates Welsh culture, business, and innovation in London.

Welsh Secretary David TC Davies said: “I was delighted to celebrate St David’s Day by opening the London Stock Exchange with FinTech Wales. We have a fantastic thriving Welsh financial services technology sector supporting 16,000 jobs across Wales which continues to go from strength to strength.”

Launched in April 2019, FinTech Wales offers help and support to its network of members, and uses the power of the collective voice to be heard by politicians, governments and influencers in the financial services space. As well as nurturing and supporting those businesses already in Wales, it aims to develop an ecosystem that will encourage and attract new fintech companies to start or scale in the region.

Attendee Toby Kernon, CEO and founder of Wagonex: "Growing Wagonex in Wales has given us access to the thriving Welsh Fintech ecosystem. We are great advocates for the work that FinTech Wales are doing towards developing the ecosystem here in Wales. The Market Open ceremony today is an example of how FinTech Wales amplifies the fintech sector, showcasing Welsh fintech companies to a wider audience in London."

James Fell, CEO of Credit Canary who was also at the opening, said: “We're proud to represent Wales, a world leading fintech ecosystem that boasts cutting-edge innovation and a vibrant talent pool. Credit Canary has thrived thanks to the incredible support of FinTech Wales, playing a critical role in our growth journey.”

Ultimately, FinTech Wales’ mission is to make Wales a globally recognised hub of fintech excellence. It is currently in the third year of its four-year strategy to support fintechs in Wales, in which the organisation has focused on four key pillars, including skills and talent, ecosystem and community, funding and investment and the promotion of Wales as a place for fintech and financial organisations to thrive.

A five-year, £1.6 million investment in FinTech Wales was announced by Cardiff Capital Region (CCR) in June 2022, with the two organisations working closely together in partnership to deliver on CCR’s commitment to establish Wales as a leading fintech sector in the UK.

Digitalisation is a company priority for 87% of senior business leaders according to a recent survey, but only 40% of companies have realised their full digital potential.

Digital transformation pioneer GFT has strengthened its leadership team with the appointment of Ian Oswald as its Executive Director of Strategy and Offerings.

Ian brings 25+ years experience in technology transformation for retail and commercial financial services. At GFT, he will be responsible for driving the business’ capabilities and offerings for the company’s clients across the financial services industry.

Ian joins GFT’s 280-strong UK team from EY where he held the role of partner in the business’ technology consulting team, leading engagements on technology strategy, transformation roadmap and execution for large banking groups and challenger financial institutions. Prior to EY, Ian held roles at IBM, PwC and NatWest.

Speaking on his new role, Ian said: “GFT is a leader in engineering excellence and its expertise in integrating modern industry platforms is exactly what is needed in the financial services market. I'm looking forward to working with our clients to drive forward their transformations, and lead GFT’s strategy and offerings.“

Carlton Hopper, UK Managing Director at GFT, said: “Ian is a great addition to our leadership team. His experience working in industry and consultancy for some of the UK’s biggest banks means he understands the digital challenges and opportunities facing the sector and our clients. We’re looking forward to seeing the positive impact his appointment will have on our clients.“

His appointment marks the second hire in GFT’s UK leadership team in six months, following the arrival of Priya Lakshmi as its new Chief Revenue Officer in October.

GFT has already had a strong start to 2024, having announced its acquisition of Sophos Solutions in January. The acquisition has grown GFT’s headcount by 20 percent to more than 12,000 specialists worldwide.

Thredd, a rapidly expanding next-generation global payments platform, has appointed Edwin Poot, seasoned financial technology executive, as Global Chief Technology Officer.

Edwin will lead the next phase of Thredd’s technological evolution to deliver the company’s robust product expansion roadmap.  Working closely with Chief Product Officer, Ava Kelly, who joined the organization in 2023, Edwin will be instrumental in bringing Thredd’s payments offering and geographic expansion plans to life.  All aspects of the company’s technology approach, including innovation, platform development, infrastructure, security, and compliance will be within Edwin’s remit. 

With over two decades of hands-on experience within the financial services space, Edwin has actively participated in the evolution of technology across fintech, telecom, energy, and e-commerce industries, previously holding roles as Chief Product & Technology Officer at Dayrize, VP of Product & Technology at Nubank and Chief Architect at Booking.com.

Edwin will directly report to Jim McCarthy, CEO of Thredd, while Thredd’s Chief Technology Officer, Ian Ripley, will report to Edwin with a continued focus on further optimising Thredd’s current technological infrastructure.  Edwin will join the company’s executive committee alongside a range of C-level industry veterans who have come on board over the last year to deliver the organisation’s next chapter of strategic growth.

Edwin Poot, Global Chief Technology Officer, commented:

“I am thrilled to be joining Thredd’s executive team where I can leverage my knowledge and experience to support their global growth goals. Previously, I have been at the forefront of shaping technology landscapes while steering high-performance teams, understanding both the intricacies of technology as well as the importance of being a strong leader.”

“I look forward to working with the Thredd team to continue building our global technology strategy to support our clients’ broad B2B and B2C payments ambitions worldwide.”

Jim McCarthy, CEO of Thredd, commented:

“Our goal remains to invest in world-class talent to lead the industry with the most modern and complete payments offering.  Edwin’s hands-on experience driving dynamic technological scaling and expansion within the global financial services ecosystem positions us well to achieve our strategic goals for 2024 and beyond.”

Wolters Kluwer Tax & Accounting (TAA) has launched CCH iFirm®, its award-winning cloud-based practice management and compliance software platform, in the U.K. The integrated and scalable platform is designed to help make tax and accountancy practices more efficient and productive.

“For over a decade, CCH iFirm has been driving impact globally for tax and accounting firms with its innovative technology and extensive capabilities, and we are excited to introduce this new platform to the U.K.,” said Bas Kniphorst, Executive Vice President and Managing Director, Wolters Kluwer TAA Europe. “Accounting firms are adopting technology solutions to help achieve greater business scalability, agility and resilience against the backdrop of an ever-evolving accountancy landscape. Wolters Kluwer CCH iFirm provides those capabilities through a unified platform with single sign-in.”

The new platform offers efficient and automated workflows and full integration and visibility across a range of accounting tools. It enables access to real-time data, while adhering to the top industry security standards. CCH iFirm thereby allows users to access new opportunities driven by data analysis, visualization, and reporting.

A leading cloud platform in the North America and Asia Pacific markets, the U.K. launch of CCH iFirm is the first in Europe. Existing users of Wolters Kluwer CCH Central, the on-premise accounting system in the U.K., can choose to make a one-off switch or a phased transition to the new platform.

Cloud brings new benefits

“CCH iFirm is a next-generation cloud platform which directly brings the reliability, expertise and innovative technology that Wolters Kluwer is famed for to our clients in the U.K.,” added Neil Parsons, Managing Director, Wolters Kluwer TAA U.K. “Significant changes to U.K. tax regulation are coming, particularly for sole traders and partnerships, so now is the perfect time for accounting firms to review and update their systems and move to the cloud.”

CCH iFirm integrates seamlessly into workflows, including with CCH Central. The new platform also syncs with popular accounting and productivity tools, creating a unified ecosystem designed to boost efficiency and productivity.

Adding functionality

The functionality of the CCH iFirm platform will expand in stages in the U.K. market, with several modules in the pipeline for rollout in the months ahead, including: 

• CCH iFirm AML (Anti-Money Laundering) – facilitating AML checks on individuals direct from CCH Central, as a key part of the client-onboarding process.
• CCH iFirm Accounts Production – streamlining the accounts process, from data entry to online filing, enhancing compliance efficiency and profitability.
• CCH iFirm Personal Tax – helping accountants to prepare and submit personal tax returns for individual clients.
• CCH iFirm Validate – accelerating bank confirmations with cloud-based audit software, using blockchain technology.

CCH iFirm has been independently recognized for its innovations. Last year, for example, Wolters Kluwer TAA Asia Pacific won a Grand Globee at the 15th Annual 2023 Golden Bridge Innovation Awards in the Product Development Initiative of the Year category.

Insurtech Cytora announced that the company has been engaged by Chubb, a world leader in insurance, to automate claims document processing.

Cytora is a pioneer of Generative AI applied to insurance workflows that digitize insurance workflows at unparalleled levels of performance, configurability and scalability across the enterprise.

Amir Farid, Chubb North America Transformation Officer, said: “The collaboration is focused on enabling Chubb Claims documents to be automatically digitized, eliminating the need for manual intervention. Cytora’s platform enables Chubb teams to create, compose and deploy AI-native Claims document flows in a scalable approach across multiple markets and lines of business.”

Richard Hartley, CEO of Cytora, said: “The insurance industry is undergoing an acceleration towards a digital-first future enabling risk volume to scale at a fraction of the current cost while achieving superior control over decisioning. We are excited to partner with insurers that are at the forefront of the transition to a digital-first operating model.”