Versori, a leading provider of data infrastructure solutions, announced today that it has raised $3.5 million in a funding round led by Stage 2 Capital, with participation from notable angel investors including Cindy Bi of Capital X and Jamie Su, among others. 

With this latest investment, Versori aims to propel its flagship product, Switchboard, an innovative any-to-any system integration and workflow automation platform, to new heights. Switchboard, powered by cutting-edge AI tools for schema building, data transformations, and data mappings, has already garnered attention as the backbone behind integrations for prominent companies such as Sephora, Frasers Group, and ASOS.

The investment from Stage 2 Capital, along with angel investments from industry experts, will primarily be used to bolster product development efforts for Integration and visualisation tooling within Versori's data infrastructure platform. The company plans to expand its go-to-market team through strategic hiring initiatives, enabling Versori to deliver comprehensive solutions to an even wider range of customers.

"We are thrilled to secure this significant investment, which underscores the immense potential of Versori's data infrastructure platform," said Sean Brown, Founder and CEO at Versori. "The funds will be instrumental in further enhancing our Integration and data visualisation capabilities, allowing us to meet the complex data integration needs of modern enterprises across various industries."

Versori Inc will initially focus on catering to system-led integration requirements, including ERP systems, e-commerce platforms, CRMs, and other critical systems. By providing seamless integration and automation solutions, Versori aims to empower businesses with improved data management, enhanced operational efficiency, and better decision-making capabilities.

This latest investment further solidifies Versori's position as a leading player in the data infrastructure market. With a rapidly growing customer base and a strong commitment to innovation, Versori is well-positioned to revolutionise how enterprises integrate and leverage their data. “More than $350B is spent on complex data integration problems currently solved by consultancies and service providers. Versori’s Switchboard solution is making any-to-any system integrations possible with incredibly fast time-to-value that the market needs. We’re so excited to back the Versori team to help customers solve the most complex of data integration challenges” says Jay Po, Co-founder and Managing Partner at Stage 2.

Unlimit, the London-based global fintech pioneer, and PayWings, a versatile digital payments platform, have joined forces to create a cutting-edge digital payment solution catering to both B2C and B2B markets. Unlimit is an award-winning global all-in-one fintech offering advanced payment capabilities through an evolving financial interface to startups and businesses across the globe with 16 offices across four continents. With PayWings' ambition to issue 1.5 million HOPPA! Cards by the end of 2023, this partnership is set to revolutionise the way individuals and businesses transact.

By leveraging Unlimit's powerful Banking-as-a-Service (BaaS) API, PayWings will provide users with a full-fledged IBAN account and their ground-breaking HOPPA! Card, available in physical, virtual, and digital formats. This collaboration will enable the integration of a comprehensive suite of features, including salary payments, contract payments, travel expenses management, and on-demand account and card issuance for large enterprises. PayWings' platform, empowered by Unlimit's API, will also allow other fintechs to offer tailored solutions through a co-brand program.

As traditional banking continues to recede, the neobanking market is skyrocketing. For example, the size of the neobanking market grew globally from $79.1 billion USD (£63.4 billion) in 2022 to $118.51 billion USD (£95.5 billion) in 2023. According to Statista as of January 2023, the six app-only digital banks currently in existence had more than 80 million app downloads combined. The partnership between Unlimit and PayWings exemplifies their commitment to addressing the ever-evolving consumer and business demand for inventive financial solutions and coincides with the evolution of the banking industry.

Commenting on the partnership, Jovi Overo, Managing Director BaaS at Unlimit said: 

"We are thrilled to join forces with PayWings. Both companies share a vision for the future of fintech, and this collaboration will drive innovation in the industry. The HOPPA! Card offers consumers an unmatched payment experience, and PayWings' commitment to Web3 reflects Unlimit's core values. We look forward to a prosperous and successful partnership."

Adding their comments on the new partnership, Igor Lavrih, CEO at PayWings Holding said:

"At PayWings, we are delighted to announce our strategic partnership with Unlimit. This collaboration joined with the HOPPA! Card and the PayWings platform is set to revolutionise the digital payment landscape and cater to both B2C and B2B markets. As we commence this exhilarating venture with Unlimit, our confidence in our mutual vision for fintech's future grows, and we eagerly anticipate a fruitful and triumphant partnership."

Blackfinch Group, the Gloucester-based investment specialist focused on tax-efficient investments, property lending, renewable energy and ventures, has hired finance lawyer Tom Marshall to strengthen its in-house legal team and enable the group to provide clients with significant cost, time and efficiency savings.

Tom Marshall joins Blackfinch from the banking and finance team at TLT (a national law firm with headquarters in Bristol), where he advised a wide range of clients on debt finance transactions. Prior to that, he trained and qualified at Osborne Clarke.

David Higson, Head of Blackfinch Property, says: “As a specialist lender, Tom’s real estate finance expertise and experience, and his experience acting for both lenders and borrowers, represents a real coup for the whole of Blackfinch Group. It’s incredibly rare to find his expertise available as an in-house service within the specialist lending sector. Our in-house legal team has already earned plaudits with commercial property developers and helped establish our reputation as a lender who goes the extra mile to facilitate complex deals through to completion. Now, with Tom on board, we will grow our capacity and loan book, enabling us to offer even faster transactions and processing - which will be music to the ears of our clients.”

Tom Marshall says: “I wanted to move in-house and I am attracted to the ethos of Blackfinch Group, plus the way that its portfolio is structured around property lending and its energy portfolio aligns perfectly with my experience. I’m also looking forward to getting involved in the ventures part of the business, where Blackfinch funds exciting and ground-breaking tech companies.

“One of the big attractions of Blackfinch Group is its agility and the speed at which we can do transactions - having the legal function in-house really helps with that because it means that we can do things that bit quicker and we're also closer to the commercial side of the transaction. And there's obviously a cost saving for our customers because the external legal fees are reduced, so there are lots of advantages.”

Blackfinch Group is committed to helping to create a more sustainable world through its focus on environment, social and governance factors.

iDenfy,  a global RegTech company offering full-stack identity verification and fraud prevention tools, announced a new partnership with AlaiseData. This Germany-based development company provides innovative digital business solutions tailored to long-term product relationships. iDenfy’s verification service will help ensure KYC compliance and a swift verification process for AlaiseData’s customers.

AlaiseData creates digital business models and enables other digital platforms to run and build their own. The forward-thinking technology hub is revolutionizing the business landscape through its cutting-edge expertise in app development and modern solutions. With an unwavering commitment to excellence, AlaiseData aims to seamlessly craft applications that empower companies to streamline operations, enhance productivity, and foster meaningful connections with their customers.

By leveraging the latest advancements in technology, AlaiseData's goal is to emerge as a trusted partner, delivering transformative solutions tailored to modern enterprises' unique needs and aspirations. AlaiseData also aimed to meet the growing demands of its clients and enhance the overall customer experience. With that in mind, the company started to look for ways to improve the security and reliability of its services. Consequently, the developer's hub decided to integrate a robust, user-friendly identity verification solution into their development process. 

iDenfy emphasizes that businesses creating apps and modern solutions often need to utilize Know Your Customer (KYC) services. Implementing robust identity verification measures not only protects businesses from potential legal and compliance issues but also cultivates a safe environment for their users, reinforcing their commitment to user privacy and data protection. Consequently, by collaborating with iDenfy, AlaiseData will enhance the trustworthiness of its platform and boost the level of security against various fraudulent activities, including identity theft and unauthorized access. 

With this partnership, iDenfy’s goal is to automate the entire KYC process and significantly reduce the time and effort required for manual verification. This way, AlaiseData will allow clients to submit their identity documents without hassle, which will be verified using advanced AI algorithms and machine learning techniques. Currently, iDenfy’s software accepts more than 3000 document types,  quickly authenticating the validity of uploaded identity documents, such as passports, driver's licenses, or ID cards from different countries and territories. 

iDenfy will detect tampering, forgery, and other fraudulent activities in real-time. iDenfy’s incorporated facial recognition technology compares the live image of the users with the photo on the submitted identity document. This way, liveness detection technology ensures that the verification process isn’t compromised by the use of static images or manipulated videos, such as deepfakes. As claimed by iDenfy, given the widespread use of AI, both for positive and negative purposes, it’s become standard practice to employ such technology when ensuring the integrity of the customer onboarding process. 

iDenfy also offered easy integration options, allowing AlaiseData to incorporate the KYC solution into their existing development workflow seamlessly. The identity verification solution also provided customization options to align with the company’s branding and user experience requirements. iDenfy claims that its solution will help AlaiseData save costs and reduce the time required to identify the growing customer base on the platform. At the same time, iDenfy will guarantee that AlaiseData complies with the ever-changing regulatory requirements. 

“Our goal is to deter fraud effectively during the customer onboarding process, which requires simplifying the verification process for our AlaiseData’s growing customer base. We’re happy to give them the confidence that their data is safe and real,” — noted Domantas Ciulde, iDenfy’s CEO.

SME Bank, the neobank startup that offers banking and financial services specifically for small- and medium-sized enterprises, has signed a new partnership contract with the European Investment Fund (EIF) unlocking €157 million in loans (€65 million of which has already been financed) to foster growth and development among SMEs across the Baltics, Finland, and the Netherlands. With EIF guarantees of up to 80% and micro-financing opportunities up to €50,000 with no collateral requirement, the agreement offers businesses the chance to borrow on more favourable loan terms for investments in sustainability, innovation, and digitization. The InvestEU Fund is implemented through financial partners who invest in projects using the EU budget guarantee of €26.2 billion, aiming to mobilise at least €372 billion in additional investment.

The latest edition of the European Commission’s  Eurobarometer on SMEs, resource efficiency and green markets, published in March 2023, reveals that EU SMEs have already undertaken meaningful actions to transition their business operations towards environmental sustainability. However,the report also reveals that many SMEs are experiencing barriers to more sustainable practices, digitalisation, and innovation. 

Recognizing the importance of SMEs in the economy, the European Union (EU) has implemented initiatives to enhance access to microfinance, including providing financial support, simplifying administrative procedures, and encouraging collaboration between financial institutions and SMEs. Today’s agreement with SME Bank is part of the EU’s drive to foster sustainability, innovation, and digitalization among SMEs by promoting access to microfinance. 

EIF sustainability guarantees for more than €33,33 million in new debt financing will stimulate green transitions for small and medium-sized businesses and small mid-caps. By accelerating the adoption of sustainable practices, these companies will contribute to building a greener and more sustainable future.

Under the €33,33 million innovation and digitalization guarantee, SME Bank will further support enterprises driven by these goals. This allocation will enhance access to finance for research and innovation-intensive businesses, while promoting the adoption of digital technologies and the transformation of companies.

Furthermore, with the €25 million microfinance guarantee, SME Bank will empower microenterprises, enabling enhanced access to finance for these smaller businesses. Companies with up to 10 employees and yearly revenues of up to €2 million will have the opportunity to obtain up to €50,000 without the need for collateral. This provision will fuel entrepreneurship and innovation among the micro-business community.The credit facility will cater to both investment needs and working capital requirements.

SME Bank CEO, Virginijus Doveika, says: "SME Bank is committed to helping SMEs obtain the financing needed to implement innovations, expand, or create new jobs. This important agreement with the EIF commits us to promoting investments aimed at sustainability and the green transition. Sustainability is no longer merely a social responsibility; it has become an integral part of business. However, many small businesses face challenges in accessing financing for crucial projects or innovations. I am confident that our latest, €157 million partnership with the EIF has huge significance for companies, particularly smaller ones, which can significantly contribute to economic growth and help the EU achieve its climate and other policy goals."

Myles Bertrand, CEO of Tuum, commented on the appointment, “Tuum has a number of characteristics that set it apart from other core banking providers in the market. Our solution is both cloud-native and functionally rich. It’s highly customizable, but through configuration, rather than coding. Probably more than anything, our differentiation lies in our ability to migrate clients quickly and predictably off their legacy systems. With this in mind, I am very excited to welcome Dorota to the team, who is the perfect candidate to build on the customer success achieved so far and help us take our team and capabilities to the next level.”

Nosal-Butler added, “Tuum has an outstanding product, but to scale the business to the next level, product is just the beginning. I know first-hand that no two implementations are the same, and the needs of financial institutions change over time, which is why empowering our customers to best utilise the product themselves and creating collaborative partnerships is so vital. My goal as we navigate this exciting period of high growth is to create and scale a customer success team that drives adoption and makes our customers the advocates of our platform.”

Every year over £20 billion is paid via online platforms to the army of freelance workers working for a range of businesses across the UK and, all too often paid very late. Helping these workers and companies get this right since 2019, French fintech Aria is today launching in the UK to be the default deferred payment infrastructure provider for the UK platform economy and B2B marketplaces. 

Aria has opened a new office in London and appointed embedded finance and B2B marketplace specialist Tom Lamb as Head of UK to lead its growth efforts and scale the UK team with 6-8 hires expected in 2023. Launching in the UK with both existing clients and new platforms, the launch marks a new chapter on the back of 2000% YoY scale-up growth supporting 20,000 freelancers per month with invoices ranging from £500 to £20,000. They are launching with European leading platforms such as Malt, Brigad and Dweet which are now being funded in the UK and Europe. 

Aria supports the growing UK platform economy which comprises the contingent workforce and booming online B2B trade, connecting to marketplaces, transactional SaaS platforms and ERP systems. Aria distributes early payment of supplier invoices and offers deferred payment options for end-clients via their API, letting their platform partners white-label the solution to create brilliant customer experiences and new revenue opportunities.

Aria is Europe's leading deferred payment infrastructure provider for the platform economy, working with over 100 platforms to solve the payment gap between when suppliers need to get paid and when buyers want to pay for goods and services. Making B2B trade seamless for freelance platforms, B2B marketplaces and Vertical SaaS Aria integrates directly into the platform's systems enabling instant direct payments to suppliers across Europe and allowing buyers up to 90 days to pay for goods. 

Founded in 2019 in Paris by co-founders Clement Carrier and Vincent Folny, as ex-freelancers themselves they understood the pain of waiting for slow payment and uncertainty of income freelancers experience. Since launching their deferred payment API in 2021, Aria has exploded in France and Europe, to become the leading provider of deferred payment for contingent workforce platforms in Europe, working with the largest freelance platforms and marketplaces such as Malt, Brigad, StaffMe and SThree. With a recent debt raise of £50m from M&G Investments Aria is prepped for further growth in the UK and European market with annual finance capacity of over £1bn. 

Clément Carrier, CEO and co-founder of Aria, commented: “We built Aria to make instant B2B payments the new standard for the platform economy. Our growth has been fueled by solving a real problem for freelancers and businesses in a way that lets platforms keep control of their customer experience. Opening up the UK market is an important step in our journey to change the way businesses pay and get paid.”  

Freelancers contribute approximately £20 billion to the British economy each year. Yet these statistics are largely based on the gig economy which often doesn’t even include the highly skilled end of the freelancer spectrum. Some estimates push this economic contribution further, stating the spiralling growth of the gig economy in the UK could explode to a £63.25 billion contribution to the UK economy by 2026.

When hiring pauses, the freelancer work continues. Fiverr found 78% of companies will rely on freelancing in 2023 rather than add staff with post-pandemic remote policies making it easier than ever to integrate freelancers. Critical talent gaps make it necessary, with year-on-year growth being greatest for web programming (43%), web design (31%) and social media marketing (25%) according to TechRepublic. 

With an average delay of 15.6 days, the UK has recorded the worst late payment figures since the end of 2016. One in ten British companies now delays payment to suppliers by more than 30 days. Aria ensures freelancers get paid in 24 hours and know that invoices will not be missed or go unpaid.

Tom Lamb, Head of UK for Aria, commented: “It’s incredibly exciting to be bringing Aria’s technology to the UK, supporting platforms to solve the biggest problem facing many freelancers and suppliers. Post-Covid and in the current economic climate more and more companies are looking online and for contingent workforce solutions but struggle to get the same terms or experience to which they are accustomed. By working with our platform partners we make solving this crucial issue for businesses and freelancers simple, easy and automated.” 

The UK launch marks an important step in Aria’s growth and ambition to be the leading deferred payment infrastructure partner to the platform economy. Hiring Tom Lamb as Head of UK brings in expertise as the company looks to support more diverse B2B marketplaces. 

UK fintech start-up ZIPZERO has relocated its head offices from London to Aberdeen, Scotland, in a bid to accelerate its growth.

ZIPZERO is spearheading an AI-driven consumer-and-advertiser platform revolution – bringing together both groups for a financially empowering relationship. By crowdsourcing paper and digital receipts directly from consenting consumers, ZIPZERO not only helps consumers optimise their spending and lower their household bills but also offers marketers an advanced AI tool that identifies target consumers and informs marketing strategy. 

The company has over 200,000 app users in the UK and has been prolific in shaping discussions on the cost-of-living crisis.

Scotland, particularly Aberdeen, Edinburgh, and Glasgow, has become a hotbed for UK tech talent, with over 850 high-growth tech businesses, according to research firm Beauhurst. Meanwhile, FinTech Scotland has recorded a 27% increase in the number of fintech companies operating from the country since 2021.

Commenting on the reasons behind the move, ZIPZERO’s CEO, Mohsin Rashid, said: “Scotland is the most fertile land for UK tech. There are a number of programmes driving growth in the tech sector, and the connection between industry innovators and academia is particularly strong. This has all helped to create a thriving tech community; ideas are easy to share, inspiration is readily found, and people are excited by the prospects of innovation – we’re very excited to be here.” 

Growth in Scotland’s tech sector has been supported by the Scottish Government, which has invested £60 million into its tech ecosystem, including a £42 million award to Edinburgh-based company Codebase to establish seven new tech scale-up hubs across Scotland, one of which, Techscaler, ZIPZERO was recently accepted into. Meanwhile, the collaboration between tech and academic institutions has led to new accelerator programmes such as the University of Edinburgh’s AI Accelerator.

ZIPZERO has received advisory support from Scotland’s national economic development agency, Scottish Enterprise.

Leah Pape, Head of High Growth Services at Scottish Enterprise, said: “Supporting the development of innovative digital scale-up businesses is very important to the Scottish economy. That supportive environment and access to Scotland’s deep pool of tech talent were important factors in ZIPZERO’s relocation.”

ZIPZERO has positioned itself at ONE Tech Hub in Aberdeen, the Techscaler hub for northeast Scotland. ONE Tech Hub is one of Opportunity North East’s (ONE) transformational projects, designed to bring together entrepreneurs, founders, innovative businesses and support organisations so that they may learn, work and grow together.

Karen O’Hanlon, Director Digital Tech at ONE, commented: “ONE Tech Hub is a focal point for digital tech start-ups and provides ambitious tech founders and entrepreneurs in northeast Scotland access to an exceptional range of support.

“ZIPZERO has joined our growing digital tech community at ONE Tech Hub and I look forward to seeing what they will achieve in the years ahead. With ONE support, including networking opportunities at ONE Tech Hub, ZIPZERO have the prospect to scale within the region, as the Northeast tech sector continues to grow and strengthen its reputation, nationally and internationally, becoming a leading designation for tech startups.”

“The region's entrepreneurial ecosystem and the support that’s available, not just from Opportunity North East, but across our partner networks, provides unique support and networking opportunities in Scotland for ambitious founders with disruptive tech from any sector looking to accelerate their growth.”

Since relocating to Aberdeen, ZIPZERO has already taken advantage of some of the country’s most exciting opportunities. It was asked to attend Turing Fest this week, where it will be showcasing the first commercial application of its AI-powered consumer data platform – a live insights dashboard for the retail sector. This comes as it has successfully been accepted to the much-coveted Google Startups programme.

Delega, a fintech platform designed to simplify how corporations manage their signatories across multiple bank accounts, has secured £250,000 in a Seed round led by early-stage focused venture capital firm Jenson Funding Partners. The investment will be used to further development of the multi-bank tool via the implementation of new features and integration with value added services such as e-signature.

The signatories management space has been devoid of innovation and a true solution to signatory rights issues within corporate banking. Treasury management globally is a market valued at $4.5 billion in 2021 and is expected to surpass $7.9 billion by 2030. Delega believes other solutions remain unfit for purpose, with corporates seeking a tool that allows them to manage this process on an end-to-end basis that includes easy communication and sharing of information between all their financial counterparts.

Founded by a group of former corporate bankers, led by CEO Riccardo Balasmo, Delega set out in 2020 to create a simple and intuitive solution for the market having faced issues of managing bank signatories on a nearly daily basis themselves. 

It harnesses secure cloud technology by creating a bank agnostic single list of current authorised signatories. Using Delega, companies can give specific banks access to the information needed to create, remove and maintain signatory records. Companies can also access their own signatory records instantly, meaning they can obtain up-to-date information about individuals’ signatory rights. 

Delega’s solution is made for mid and large-sized corporations but also intends to penetrate the large and mid-sized banking market, providing them with a way to manage and consume data from corporations via the launch of secure communication channels.

Riccardo Balasmo, CEO of Delega, says: “Delega is the result of a deep rooted knowledge of the operational complexities of both Corporate Treasury processes and bank back office processes. Our experienced team of treasury professionals and former transaction bankers is all too familiar with signatory pain points and recognised that a coordinated effort by corporates and banks was needed to truly address the issue. We’ve created a better way to do business – one that leverages digital technologies and a new solution design principle that’s supported by an entirely collaborative approach. Our solution has always kept both ‘sides of the story’ in mind, and it’s what makes Delega unique in responding to the needs of all parties.”

Sarah Barber, CEO of Jenson Funding Partners, adds: “Delega is making the entire process for banks and corporations to manage their signatories simpler. The company stood out to us as it offers a clear, concise solution for all parties, with easy access to all the required information to maintain signatory records. It was evident that this was a platform built by treasurers, for treasurers, with the team boasting years of corporate banking knowledge and first-hand experience of the issues companies struggle with every day. We see Delega becoming the de facto resource for corporates and banks in digitising signatories management.”