Here’s your weekly roundup of news about startup competitions, awards, accelerators, and any other exciting developments in the UK tech sector.
Mastercard StartPath cohort
Mastercard has announced the names of the companies joining StartPath, the firm’s scheme to support late-stage FinTech companies.
“As commerce becomes increasingly connected, FinTechs will play a key role in meeting customer demand for smart and seamless experiences,” said Amy Neale, vice president at Mastercard StartPath. “We’re providing startups who are rethinking this market with the tools, mentoring and introductions they need to grow their businesses faster than they could by themselves.”
The latest wave of Start Path participants include:
- London-based Movvo provides insights on in-store browsing and shopping patterns
- CardUp manages monthly credit card payments for big ticket items such as rent or insurance, while also accessing credit and earning additional rewards
- ftcash enables micro-merchants and entrepreneurs to take collateral-free business loans and accept mobile app and messaging-based payments from their customers
- The ModoPayments platform enables new ways to pay, including the use of loyalty points to buy everyday goods in-store
- ToneTag enables contactless payments on any device using soundwaves instead of NFC
- RecommenderX develops cutting-edge data analytics to offer personalised recommendations for enterprise users.
Applications for the next six-month virtual programme will be accepted until 11:59 p.m. ET on Tuesday, August 1, 2017. T
The programme is open to startups who are rethinking banking, payments and commerce and have raised a significant Seed or Series A round of investment.
A new Oldham-based tech accelerator
Wayra Fair By Design, based in Oldham, will support up to seven startups a year seeking to tackle the poverty premium, where people in poverty pay more for many everyday goods and services – such as energy, insurance, borrowing, transport and food – than those who can more easily afford them.
The news comes after a 2016 report by the University of Bristol revealed that the poverty premium paid by low-income families is, on average, £490 per year.
Wayra Fair By Design will be run by Wayra UK, the leading corporate accelerator that is part of the Telefónica Open Future.
Startups accepted to the programme will receive approximately £70,000 in cash and services, including bespoke support from world-class investors, mentors and coaches; opportunities to work with Telefónica and its partners; and full access to working space at Open Future_ North.
Gary Stewart, director of Wayra UK, said: “It should not cost more to be poor. An entrepreneur’s central task is to offer a compelling, sustainable solution to big problems, and we can think of fewer problems bigger or more worthy of a solution than this one. We are eager to work with start-ups to make real progress in the battle against inequality.”
InvestCloud to launch London FinTech incubator
InvestCloud, an international global FinTech firm, is set to launch a financial technology incubator and accelerator at its European headquarters in Soho, London.
The centre will offer both new startups and established financial firms the ability to quickly deliver digital wealth management solutions supported by the InvestCloud platform.
Deputy Mayor of London for Business, Rajesh Agrawal, said: “InvestCloud’s decision to launch a FinTech incubator and accelerator in the heart of our great city is further evidence that London is open for business and innovation.
“As a FinTech entrepreneur, I know from experience London is the ideal location to grow a start-up, with an unrivalled talent pool and a time zone which overlaps with other financial centres, among many other advantages.
“That is the message I took on my trade mission to the West Coast of the US last week and I’m delighted that companies like InvestCloudcontinue to invest in London and recognise our city as a global business powerhouse.”
InvestCloud was established by British entrepreneur John Wise in a Los Angeles garage in 2010.
Wise, co-founder and CEO of InvestCloud, added: “InvestCloud is a global business, and we have a commitment to creatively drive innovation worldwide. This commitment is the reason behind our rapid success not just in the US, but also in London, across Europe and increasingly in broader EMEA and APAC. The London Innovation Center is a perfect example of this. By sharing our technology and expertise with financial institutions and startups in the UK, and London specifically, we can help them deliver the digital solutions their clients want.
“It’s no secret that the financial services industry is behind the curve when it comes to digital. Many projects cost millions only to be scrapped, and the failure rates for startups are incredibly high. InvestCloud’s Innovation Centers ensure success for these projects – allowing teams to innovate and ideate quickly, drawing on the experience of the Innovation Center team and the wealth of capability within the InvestCloud app library.”
InMotion Ventures reveals latest investments
InMotion Ventures, the venture capital business powered by Jaguar Land Rover, has completed Seed investments in four mobility and transportation startups.
Early-stage businesses By Miles, Dovu, Wluper and Zeelo join the Seed Programme and will spend six months working from InMotion HQ in London.
James Nettleton, head of Seed Programme at InMotion said: “After more than 200 applications, 50 face-to-face meetings and 30 formal pitches, we’re delighted to have found four fantastic companies to invest in. They’re already doing exciting things, and we can’t wait to help them do even more.”
Sebastian Peck, managing director of InMotion, added, “We were impressed with the calibre of startup applying for our programme, and are delighted to add Zeelo, Wluper, Dovu and By Miles to our portfolio. The problems they are solving illustrate the breadth of the mobility sector and show the potential for fantastic businesses to be built in this area.”
Wendy Tan joins BGF Ventures
Wendy Tan White MBE will be joining the venture capital arm of BGF, this September.
Tan White, who co-founded Moonfruit.com, a UK-based SME website builder which was sold to Yell Group (now Hibu) in 2012 for $37m, will be departing Entrepreneur First.
She was an early investor in OpenCosmos, Cleo, Q-bot, Kwiziq and Magic Pony, the machine learning startup that was sold to Twitter last year for $150m.
Tan White commented: “I am extremely excited to be joining Harry, Rory and Simon at BGF Ventures this autumn. We are at an inflexion point in the UK tech ecosystem: there is now depth in the availability of different stages of capital and generations of successful exited entrepreneurs who are able to guide and mentor emerging companies. It is the right time and we have the right ingredients to build businesses that can become globally significant. The Ventures team are off to a great start with a strong portfolio and I can’t wait to get started.”
Simon Calver, partner at BGF Ventures, noted: “We are thrilled that Wendy will be joining us in September. She is one of the UK’s best known tech entrepreneurs and investors with deep insight and experience that will be invaluable to BGF Ventures. We share many of the same values, not least in having been entrepreneurs ourselves, and learnt through the ups and downs of a startup journey. Like us, Wendy has absolute respect for entrepreneurs, thinks long-term and wants to help ambitious tech companies build an international presence.”
London Evening Standard Business Awards 2017
The winners of the London Evening Standard Business Awards 2017 were announced, with POD Point winning the Tech SME of the Year Award, and ARM winning the
Tech company of the Year award. E-commerce platform MATCHESFASHION.COM was named the consumer business of the year.