Use of “buy now, pay later” products in the UK set to more than double by 2023, finds new Worldpay report
  • Buy Now, Pay Later schemes growing at 39 percent annually in the UK, and set to double their market share by 2023.

  • UK eCommerce market set to surge 37 percent to £319.8 billion by 2023

  • Digital wallets set to account for one-third of UK online payments by 2023.

The UK’s eCommerce market, currently the third largest in the world, is set to be worth £319.8 billion by 2023, according to a new report from FIS™ (NYSE: FIS), a global leader in financial services technology.

The newly released Worldpay from FIS 2020 Global Payments Report found that eCommerce growth in the U.K. is being fueled by online sales through mobile devices, which are increasing 13 percent per year, while desktop-based purchases are advancing at six percent. Meanwhile, “Buy Now, Pay Later” (BNPL) services are the fastest-growing online payment method in the UK, growing twice as quickly as bank transfers and more than three times the rate of annual growth in digital wallets, according to the new report.

The Worldpay data shows that BNPL options are growing 39 percent in the UK and are on course to double their market share of online purchases in the country by 2023. BNPL payment services such as Afterpay or Klarna allows consumers to delay payment or to pay by instalments over a set period.

 The new Worldpay report highlights the growth of digital wallets in the U.K., which are set to become the most popular online payment method by 2023, accounting for 33 percent of the market. Digital wallets are also the fastest growing payment method in-store, growing 20 percent annually, the new report found. Globally, digital wallets are forecasted to grow to 52 percent of the eCommerce market by 2023, according to the new Worldpay report.

 Convenience is the driving force behind the boom in digital and mobile wallets,” said Shane Happach, EVP, head of global eCommerce, Worldpay Merchant Solutions, FIS. “Global consumers now expect convenient and connected, omnichannel experiences. ‘Buy Now, Pay Later’ delivers a more intuitive level of convenience and access for consumers than traditional credit cards. As digitally savvy Gen Z consumers come of age, this is especially significant as younger consumers are more used to making snap purchases and then deciding later if they want to keep it.

 While Britons are not likely to go cashless in the near future, the new FIS report shows that digital and card-based payments are rapidly becoming the preferred choice across all sales channels. In the UK, cash is in steep decline at a rate of -10 percent annually and is predicted to account for only 16 percent of offline sales by 2023.

 We are reaching a tipping point for eCommerce,” Happach said. “Advanced technologies from voice-enabled commerce to biometric verification are maturing at the same time as digitally native demographics are coming of age and becoming regular consumers. Merchants looking to remain relevant must establish user-friendly applications, deploy omnichannel best-practices that deliver personalization at scale, and reduce friction through the shopping experience.”

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Prepaid Cards Used to Distribute Charity Funds to Flood Victims

  The Storm Dennis Flood Appeal fund launched by The Herefordshire Community Foundation, which aims to help those affected by floods in Herefordshire, has now received donations of over £30,000. 

The Herefordshire Community Foundation set up the appeal in conjunction with local newspaper The Hereford Times, following the devastating floods affecting much of the region. 

E-money issuer allpay limited, also based in Hereford, will provide a pre-paid payment card to any household whose property in Herefordshire has been affected.  The payment card will be loaded with a one-off amount which will hopefully alleviate some of the immediate impact of being flooded.  allpay has waived all fees for the creation of the prepaid cards and its head office staff and own internal charity commission have also made donations to the fund.

Tony Killeen, owner and manging director, allpay confirmed: “As a company much of our work is in the social housing sector, so our staff are acutely aware of the challenges many people face when it comes to the very basics of having a safe place to live when things go wrong.   With the floods affecting our whole community, we are pleased to be able to help in this small way by providing our prepaid card services to disburse much needed funds quickly and easily to those in need, but also to be able to contribute to the appeal itself.”

Frank Myers MBE, Chairman of the Herefordshire Community Foundation said: “It is very reassuring to have the support of allpay, such a valuable employer in the county, and a leader in its field.  Any resident of Herefordshire who has been flooded can apply for the initial emergency grant.”

Grants will cover immediate straightforward financial support for people affected. This will help with urgent needs like the cost of living in temporary accommodation or for items people need to stay in their homes e.g. dehumidifiers. This will be followed by ongoing support for those with continuing needs.

Applications can be made by completing the form at or telephoning 01432 272550

The allpay prepaid card is issued by allpay Ltd pursuant to license by Mastercard International Incorporated.  allpay Ltd is a company regulated by the Financial Conduct Authority (FRN 900539) for the issuance of electronic money. Head office and registered address: Fortis et Fides, Whitestone Business Park, Hereford, HR1 3SE (Company No 02933191). Mastercard is a registered trademark of Mastercard International Incorporated

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Fifth Third’s Dobot savings app hits $425M in savings goals since launch

Dobot, the automated savings platform acquired by Fifth Third in 2018, is working to help its users save $425 million since it launched with the bank just over a year ago. The app lets users put away funds toward savings goals of their choice. The tool automatically pulls users’ money into a savings account based …Read More

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Weekly Wrap: Banks and aggregators debate ‘screen scraping’

Welcome to the latest episode of our Weekly Wrap series, for the week ending Friday, Feb. 28, 2020. In this episode, editors discuss the following news developments:

  • Gulf Capital Bank raised $93 million to expand;
  • Business and financial software company Intuit plans to buy personal finance platform Credit Karma for $7.1 billion; and
  • Bankers and data aggregators’ views on data-sharing approaches.

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TD Bank: Digital growth drives results

TD Bank’s digital strategy is showing results. The bank said it’s investing heavily in digital channels, making it the largest digital bank in Canada. TD noted that, according to App Annie data, the bank is ranked No. 1 in consumer adoption,  engagement and satisfaction among top retail banks in Canada. The bank saw a net …Read More

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SheerID Expands Identity Marketing Platform

Customer segmentation identification company SheerID launched its Employment Verification tool today in 191 countries. The move enables brands to identify and acquire new customers across the globe.

SheerID’s segmentation tool enables companies to identify consumer subsets such as military members, students, and teachers to help personalize communications and increase customer acquisition via gated, personalized offers for different employee groups. Today’s geographical expansion of SheerID’s technology will help brands build their acquisition efforts on a global scale.

Along with employment verification, SheerID has updated its age range verification tool, which is available in 23 countries. With this offering, brands can more efficiently target consumer groups such as seniors and young adults.

“With this latest expansion of verification types, we’re making it easy for brands to extend their identity marketing campaigns beyond the U.S. and personalize offers in new ways, to new potential customers,” said Jake Weatherly, SheerID CEO. “The opportunity to use personalized offers to acquire consumer tribes is endless, and this latest expansion is yet another step forward in meeting customer demand.”

SheerID leverages 9,000 data sources and 1.3 billion identity attributes. Among the company’s clients are Amazon, Lowe’s, Spotify, and T-Mobile. SheerID, which recently showcased at FinovateSpring 2019, has raised $96 million since it was founded in 2011.

Russia Gets a New Tech Billionaire as U.K. Fintechs Get Funded

Russia has a new tech billionaire. The $500 million raised by financial platform Revolut this week not only establishes the U.K.-based business as the country’s most valuable fintech. It also makes its founder and CEO, Moscow-born Nikolay Storonsky, the latest fintech billionaire to come from the Russian Republic.

The investment was led by Technology Crossover Ventures – a U.S. firm – and takes Revolut’s total capital to $836 million. Revolut now sports a valuation of $5.5 billion.

Storonsky’s net worth figure – on paper, at least – is based on a Forbes report from last February in which he noted that his stake in Revolut was being diluted to 30%.

As part of this big week for U.K. fintechs, SME lender iwoca picked up $109 million funding and expansion into Germany. B-Social, a social payments app based in London, raised $10 million ahead of its transformation into a fully-licensed challenger bank later this year. And Azimo partnered with fellow Finovate alum Ripple to facilitate cross-border payments to the Philippines.

This week on, we featured a profile of Innovate Israel founder and CEO Itai Green and his thoughts on open innovation and collaboration between corporates and startups. We also highlighted Finovate newcomer Sonect, a Swiss company that demonstrated its Best of Show winning virtual cash network at FinovateEurope earlier this month.

Here is our weekly look at fintech around the world.

Central and Southern Asia

  • Indian fintech PhoneParLoan announces new investment from accelerator MOX. The amount of the funding was not disclosed.
  • Bengaluru-based digital billpay company XPay Life goes live in India.
  • Envestnet | Yodlee acquires Indian data aggregator

Latin America and the Caribbean

  • AlphaCredit, a Mexico City-based fintech, raises $125 million in round led by the SoftBank Innovation Fund.
  • Mexico issues its first license – to NVIO Pagos Mexico – under its new fintech law.
  • U.S. Bancorp’s merchant acquirer subsidiary, Elavon, sells its Mexican operations to banking group Santander.


  • Azimo taps Ripple for cross-border payments to the Philippines.
  • Philippines-based Tonik Financial raises $6 million ahead of the launch of its new digital offering.
  • Malaysia’s biggest telecom, Axiata Group, is the latest company in the country to announce plans to pursue a digital banking license.

Sub-Saharan Africa

  • South Africa’s Jumo raises $55 million in combined debt and equity funding.
  • Nigeria’s The Nation looks at how fintech empowers startups.
  • Kenyan B2B e-commerce platform Sokowatch locks in $14 million Series A funding.

Central and Eastern Europe

  • Mastercard expands its partnership with Rakuten Viber to bring P2P payments to Romania.
  • A new $500 million funding round for Revolut makes the company’s founder and CEO Nikolay Storonsky Russia’s latest tech billionaire.
  • Apple Pay goes live in Slovakia and the Czech Republic.

Middle East and Northern Africa

  • Kashat, an Egyptian mobile app that offers short-term loans of up to $95 to the underbanked, goes live in Cairo and Alexandria.
  • Jordanian SME lending marketplace Liwwa raises $5 million in growth funding.
  • A new agreement between Tencent Holdings and Network International will expand WeChat Pay’s presence in the UAE.

Top image designed by Freepik

Tech Trailblazers Award winners announced

Industry experts identify the top tech enterprise startups

 The Eighth Edition Tech Trailblazers Awards winners were announced today, recognising outstanding early-stage companies across 10 major enterprise technology categories alongside three additional special categories.

For the third year running, the Security category attracted most entries, having first overtaken the Cloud category in 2017.  And, for the first time, judges were unable to split two nominees, choosing instead to name joint winners in the Female Tech Trailblazer of the Year category. Geographically, an increasingly clear majority of winners are founded and/or based in the USA.

The complete list of 2019 winners:

  • AI: Balbix –, @balbixinc ,USA
  • Big Data: Confluent –, @ConfluentInc, USA
  • Blockchain: Gospel Technology –, @gospel_tech, UK
  • Cloud: Apstra –, @ApstraInc, USA
  • Containers: Portworx –, @portwx, USA
  • IoT: BitBox –, @bitboxusa, USA
  • FinTech:, @divido, UK
  • Mobile: Valyant AI –, @ValyantAI, USA
  • Security: ShiftLeft –, @ShiftLeftInc, USA
  • Storage: LucidLink –, @Lucid_Link, USA
  • Firestarter Award: HighByte –, @HighByteInc, USA
  • Female Tech Trailblazers of the Year: Neena Dasgupta, CEO of Zirca Digital,, India, @ndasgupta; and Neha Sampat, founder and CEO of Contentstack,, USA, @nehasf
  • Male Tech Trailblazer of the Year: Cody Cornell, co-founder and CEO, Swimlane,, USA, @codycornell

Visit for more details of the winners and runners-up in each category.

Rose Ross, founder of the Tech Trailblazers Awards, said: “Given the maturity of some categories, it’s fantastic to see that award-winning innovation continues in every category. A highlight is that judges named joint winners in a category for the first time We congratulate all the winners both on their trailblazing and on their efforts to bring these innovations to market.”

The Tech Trailblazers Awards was the first independent awards program dedicated to enterprise information technology startups. Every year since 2012, it has identified the most innovative entrants and concepts in enterprise technology: startups are invited to nominate themselves, with shortlists for each category chosen by the Tech Trailblazers Awards’ panel of leading IT industry experts. Winners are identified by a combination of judging panel opinions and public vote.

The Tech Trailblazers Awards is supported by sponsors and industry partners including AfriLabs, Amoo Venture Capital Advisory, beSUCCESS, bnetTV, BigDataStartups, China AXLR8R, the Cloud Security Alliance, Computing, ExecEvent, GFT, GoMoNews, The Green Grid, GSMA, The Icehouse, Innovation Warehouse, Internet of Things Events, IP EXPO Europe, Launchpad Europe, L’Informaticien, Lissted, MIT/Stanford Venture Lab, The Next Silicon Valley, Outsource, Prezi, The Register, Silicon Cape Initiative, Skolkovo, StarTau, Startup America, Storage Networking Industry Association (SNIA), Tech in Asia, TechNode, TiE Silicon Valley, Wazoku, Ventureburn and VMware.

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Capital One to shut 37 branches across US

Capital One Financial Corp. is closing 37 bank branches across the U.S., as it works to reconcile its traditional banking business with a customer base that is increasingly moving online. 

Capital One, which filed the bank branch closings with the Office of the Comptroller of the Currency, confirmed the filings to Mobile Payments Today. 

“Customer preferences and how they manage their money and interact is changing,” a Capital One spokesman said via email. “The banking industry’s delivery model is being reshaped in response to customer demand, and Capital One is evolving to address that need.”

The spokesman said Capital One customers were increasingly using digital banking methods, including mobile banking, online banking, enhanced ATMs, remote deposit capture and other methods. 

He acknowledged, however, that many customers still valued physical branches for assurance, advice and to provide support for certain transactions.

“We recognize the importance of ensuring that the evolution of banking doesn’t inadvertently leave someone behind,” he said.

Topics: ATMs, Mobile Banking

Companies: Capital One

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Mobile wallet use to overtake credit cards

Mobile wallet use to overtake credit cards

Mobile wallet use is beginning to take off in the U.S. and will overtake credit cards as the leading form of online payment, according to a report from FIS. 

The Worldpay from FIS 2020 Global Payments Report reveals mobile wallets will make up 38% of e-commerce spending by 2023, surpassing credit card use. The report shows credit cards will fall to 25% of use, while debit cards will fall to 16%. 

“In the U.S. mobile is the fastest growing channel because consumers are trusting more and more the convenience and security of mobile wallets,” said Casey Bullock, SVP, general manager for global eCommerce, North Americas, Worldpay Merchant Solutions, FIS, via email.

The report shows digital wallets are also being used more often inside retail stores, and will reach 10% by 2023 and U.S. consumers spent $944 billion in 2019 online and $9.4 trillion inside stores.

Cover image: iStock

Topics: Mobile Apps, Mobile/Digital Wallet, Mobile Payments, Retail, Trends / Statistics

Companies: FIS, Worldpay, Inc.

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Fiserv launches Clover Station Pro to boost restaurant efficiency

Fiserv launches Clover Station Pro to boost restaurant efficiency

Fiserv Inc. has rolled out Clover Station Pro, a POS device designed to speed checkout and boost engagement, particularly in the restaurant industry. The device, which provides a customer-facing countertop display and vertical software aimed at both table-service and counter-service restaurants, supports multiple forms of digital wallets and has a highly secure interface to prevent fraud, according to a company press release.

“Compared to previous hardware releases, Station Pro is the first system we’ve debuted that allows merchant and customer interaction to happen simultaneously,” Travis Balinas, director of Clover product marketing, said via email. “So when a merchant is ringing up a customer, the customer can in turn be doing other things like enrolling in a rewards program, redeeming earned perks or donating to charitable causes on their screen.”

The company has also developed software aimed at fast casual and quick-serve restaurants, which Balinas said helps address three areas of focus:

  • Staying connected: It makes it easier to send orders to the kitchen, build complex menus and access reporting for single or multiple location restaurants from just about any location.
  • Focusing on retention: It uses integrated rewards to focus on relationships with existing customers and keeps them coming back.
  • Simplifying operations: It allows for a unified system to send orders to kitchen, bookkeeping integration, centralized daily sales, inventory and cash flow and provides tools for loyalty programs. 

Topics: POS, Restaurants

Companies: FISERV

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Litecoin Foundation partnering with MeconCash on e-commerce, ATM access

Litecoin Foundation partnering with MeconCash on e-commerce, ATM access

Litecoin Foundation is partnering with MeconCash to integrate Litecoin into its MPay platform, a deal that will allow the the digital currency to be used for various transactions and payment services, including withdrawals in Korean won at more than 13,000 ATMs, according to a company blogpost

The partnership will allow users to conduct overseas money transfers, which is a $6 billion market. They can also make purchases on MeconMall, the online shopping site from MeconCash and pay for mobile games that use M.Pay for rewards redemption. 

“Through our partnership with Litecoin Foundation, we will grow the presence of Litecoin throughout the Korean market starting with the ATM services,” Jo Jae Do, chairman of MeconCash said in the blog.

Charlie Lee, the creator of Litecoin and managing director of the Litecoin Foundation, said the partnership will go a long way towards helping the currency expand its footprint in the Korean market.

Cover image: iStock

Topics: ATM Innovation, ATM & Mobile Banking, Debit / Credit, Payments

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Qdoba, California Tortilla advance mobile ordering

Qdoba Mexican Eats and California Tortilla have more in common than serving Tex Mex. Both fast casual brands, this month, have revamped their mobile apps.

“As the demands of guests continue to evolve, our digital services also needed to evolve in order to meet the needs of our guests,” Karen Dawit, California Tortilla marketing director said during an interview with FastCasual. “We wanted to create an app experience that matched the service and experience that our guests would receive within the four walls.”

Cal Tort — based in Potomac , Maryland, with more than 40 locations nationwide — first launched its app in 2016, and although four years isn’t exactly “old news” when it comes to most things, it’s a lifetime in the tech world. Dawit knew it was time for an upgrade. 

That meant putting digital ordering front and center. The upgrade allows customers to place their orders through the app. Upon pickup, they scan a QR code at locations to earn loyalty points from their orders.

“The in-app online ordering experience needed to be streamlined to make it easier for the guest to place orders on-the-go,” Dawit said.

The new interface also has a cleaner look, multiple methods to check-in for loyalty points and integrates with Olo, a mobile and online food ordering platform, to streamline the online ordering experience, Dawit said.

“The expected ROI is to see a lift in online orders — easy for guests without having to miss out on fresh ingredients and bold flavors — also making the in-store experience faster through the check-in functionality and QR code scan,” Dawit said about the upgrade that was included as part of the chain’s original contract with its app provider, Paytronix.
“Apps are living, breathing digital properties that require constant care and feeding to ensure the latest technology is delivering an exceptional app user experience,” Michelle Tempesta, Paytronix head of marketing, said in an interview with FastCasual. “As Apple, Android, and Paytronix continue to innovate, so should app development and features. Including at least one upgrade per year ensures that our clients can take advantage of the latest tools without impacting their budget.”

Qdoba’s turns it up
Qdoba realized that importance and migrated its long-standing rewards program to the Paytronix platform, partnering with the company to build a Qdoba-branded app with an Olo-powered online ordering service. Qdoba is relying on the partnership to not only engage with its customers on a digital level but is also subscribing to Paytronix Data Insights to collect customer data in hopes of creating more relevant offers and increasing visit frequency, said Jill Adams, Qdoba vice president of marketing.

“Paytronix helps Qdoba make it easier for guests to engage with our brand while providing the insights that will help us better understand our guests, which enables us to create relevant offers and increase their visit frequency,” she said in the release. “Paytronix is the perfect platform to help improve the Qdoba Rewards program and to help us scale the program over time.”

Although both Qdoba and California Tortilla understand that their consumers expect healthy food options that prioritize sustainability, they also want speedy service.

“For a brand that puts such a strong emphasis on both customer satisfaction and quality and freshness of its food, a move towards faster service doesn’t come lightly,” Dawit said. “Cal Tort still aims to uphold the industry-leading guest experience that is one of the brand’s core values.”

It’s clear that both brands are thinking about the guest’s journey with the brand, Tempesta said.

“Today’s brand experience can begin and end on the couch, with the mobile device as the only branded touchpoint,” she said. “The guest journey can also include mobile pickup or order ahead as well, meaning that for many, the mobile app is as important as the in-store experience. From the brand perspective, this means that multiple channels — mobile, web, and in-store — must offer a cohesive experience. When done well, it means helping fill more orders even on the slowest Tuesday.”

The work is never over
 As technology and demand change, restaurants must be prepared to meet those needs in order to provide a frictionless experience.

“That may be as simple as finding a nearby location, or it could be mobile ordering, engaging with the brand through a loyalty program and in-app messages and surveys, or features like dark mode, face ID or fingerprint ID,” Tempesta said. “We’re also seeing voice ordering start to emerge. We constantly innovate so that our customers can get the best technology in a way that fits their brand. When our customers upgrade, they can take advantage of all the new features that enable them to attract more members and more orders.”

Brink's acquires non-branch ATMs from AIB

Brink's acquires non-branch ATMs from AIB

Brink’s has agreed to buy more than 500 remote ATMs from Allied Irish Bank. The agreement comes about a month after AIB and Bank of Ireland put their non-branch ATMs on the market. 

“Expanding our offerings to include full-service management of ATM networks aligns with our strategic goals,” Doug Pertz, president and CEO of Brink’s, in a release from the company. “I am confident we will deliver exceptional ATM services in the Republic of Ireland.”

He said the goal was to maintain the existing ATM estate and to improve cash access in the region, particularly in underserved and rural areas. 

“AIB has completed the sale of its non-bank ATM network to Point Cash by Brink’s,” an AIB spokesman said via email. “Under the agreement, Brink’s will retain existing ATMs, and customers with debit cards issued in the Republic of Ireland will not incur any surcharges or additional fees when using these ATMs.”

The spokesman said AIB will continue to own 200 ATMs as well as 430 cash and check lodgement devices at its branches, of which 213 can dispense cash.

Cover image: AIB

Topics: ATM & Mobile Banking, Bank / Credit Union, Branch Transformation, Outsourcing, Remote Management, Retail / Off-Premises

Companies: Brink’s Incorporated, AIB International

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Leaping ahead: the insurers paving the way to the future of insurance with technology

CEO & Founder of INSTANDA, Tim Hardcastle, discusses how businesses leveraging technology are speeding up processes, increasing flexibility, reducing costs, freeing up resources and driving profits.

February 2020 brings with it the first leap day in four years, gifting us with a whole extra day of precious time. With this theme in mind, I asked myself: what could be achieved within the insurance industry if only we had more time?

The greatest challenge facing insurers and their time is inflexible technology solutions and legacy platform constraints. Whether it is by limiting the ability of insurers to improve existing processes, or to develop new ones, the legacy systems still used by the industry today waste time, create congestion and frustration, and simultaneously, stall improvement and progress.

But technology offers a solution. As we’ll explore, we see insurers increasingly challenging the constrains of time and, through the use of technology, they are beginning to set the path of a more streamlined, reliable and efficient way of doing business. In this article we show the businesses doing just that and outline the impact it’s having: speeding up processes, increasing flexibility, reducing costs, freeing up resources and driving profits.

Bringing products to market in record speed: Hiscox

The ability of digital platforms to drastically reduce time to market is not a new concept. But what speeds are we talking? Hiscox are leading the way when it comes to distribution and responding to market need. Hiscox’s car product in Germany for example was built in just 10 weeks and the second product, with more channels, was built in just 6 weeks.

Through the use of INSTANDA’s no-code technology, Hiscox has been able to create their own ‘agile product factory’. This means Hiscox have a team of in-house and partner configurators who are adding more books, building new products and making changes whenever the business requires it.

Increasing flexibility and driving innovation: Imperium

Imperium aims to empower its customers by making specialist products easy to purchase. This requires them to get highly tailored products out to brokers, proactively anticipate customers’ needs and respond to market changes – quickly.

But thanks to traditional systems, it often takes months to make adjustments to existing products, let alone build a new one. Implementing a digital pathway by working with INSTANDA allowed Imperium’s trained super-users to transform to product-build mode.

In the days following a new product launch, Imperium can now react immediately to broker feedback and make changes to their questions and rates within the hour. And for the management team, it has dramatically reduced the time spent with systems providers. Imperium can now spend time developing the business and fine-tuning their offerings.

Saving customers time: Aviva

It’s not only the product teams and insurers that benefit either, but the end consumers too. Aviva’s recent deployment of INSTANDA’s no-code platform to introduce innovative life and health cover offers a useful case in point. Aviva found that medium sized enterprises (SMEs) were citing product cost and lack of staff and resources as the two biggest barriers to managing insurance.

Using INSTANDA Aviva can deliver a solution that offers a flexible, highly tailored, yet simplified protection insurance for small businesses.

Driving efficiency: Top 5 global insurer

When it comes to speciality lines, time is complex. Combined with the limits imposed by legacy IT processes, they are additionally challenging given their complexity and diversity. As a result, many are manually run and slow as a result.

In this insurer’s case, despite a number of efficiency efforts their operational model was only able to assess and quote on 12-15% of the 10,000+ submissions received without increasing headcount.

However, in just eleven weeks, the team worked with INSTANDA and Deloitte to digitise the process, enabling the business to significantly increase the size of their book without increasing headcount.

Speeding up the process increased the potential for efficiency and growth by reducing costs, improving customer (broker) experience and thereby providing an opportunity to maximise profits.

Leaping ahead: A lesson in bettering insurance industry

The ability to free up time and resource is integral to insurers looking to revitalise and grow their business – and the only way that the insurance industry as a whole will be able to leap forward.

As the above examples demonstrate, we’re helping companies make the most of their time and create more of it as a result. Through technology, insurers are enabled to quickly build the products they know customers want whilst development teams are freed up, so profits can be maximised. Moreover, customers are increasingly empowered through easy-to-purchase, personalised insurance products delivered in never before seen timescales.

With technology, the insurance industry can leap forward on its own, without an extra calendar day.

Authored by Jade Pallister

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Jumo secures US$55 million from new and existing investors

JUMO, a technology company building next-generation financial services for emerging market entrepreneurs, today announced the successful raise of US$55 million in debt and equity funding.  This will support JUMO’s expansion into new markets and the launch of new products.

 The funding round introduced new investors to join existing investors such as Goldman Sachs, Odey Asset Management and Leapfrog Investments.

Andrew Watkins-Ball, JUMO’s Founder & Group CEO said: “I’m excited for our next phase. This backing will help us build a better business and break new ground. The strong vote of confidence, along with the world-class tech talent we now have in the business, means we can achieve exceptional outcomes for our partners and customers.”


In November last year, JUMO announced having served over 15 million customers across six markets in Ghana, Uganda, Kenya, Tanzania, Zambia and Pakistan. The company, which plans to enter Nigeria, Côte d’Ivoire and India this year, has disbursed over US$1.8 billion since its founding in 2015.

 Founded in London, JUMO has partnered with financial service providers and mobile network operators to provide credit and savings solutions to customers.

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Insurtech Zego hits 200 employees after tripling headcount in 12 months

London-based insurtech Zego has reached a headcount of 200, after tripling its workforce in the space of 12 months.

The exceptional rate of growth has been mirrored across the business, with Zego recently surpassing 230 million hours’ worth of flexible insurance policies sold, while also expanding to its fifth European country. This period has also seen Zego become the first UK insurtech to be awarded its own insurance licence, allowing the company to create and sell its own policies, as well as working with partner insurers.

The recruitment drive over the last few months has seen the company take on engineers, data scientists, and specialists in sales, operations and pricing. In 2020, the company expects to double its headcount again and take its flexible insurance products to several new countries.

Zego was founded in 2016 and provides flexible insurance policies for fleet businesses and new mobility services such as car sharing, car leasing and scooter companies. Current partners include WeFlex, Splend, Deliveroo and Uber.

Sten Saar, CEO and Co-Founder of Zego, said: “Zego has grown rapidly over the last 12 months, and the fact that we’ve been able to do this in a sustainable way is testament to the brilliant team we’ve built here, with a strong community based on shared values.

“We’ve been lucky enough to attract an amazing amount of talent from all over the world, and this diversity of thinking has been a key ingredient in our success to date. With several important partnerships already on the horizon in 2020, I have no doubt that this year will be even bigger than the last.”

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This Week in Fintech ending 28 February 2020

week with pics shelly.001

This weekly summary from our 5 experts, brings you insights based on their experience as investors, entrepreneurs & executives.

Ilias Hatzis started his first company, an internet search engine, during the dot-com era & now focusses on crypto.

Efi Pylarinou worked for top tier Wall Street firms and is now a top global Fintech influencer.

Jessica Ellerm is CEO of Zuper Superannuation & previously worked for a top Fintech startup, Tyro.

Patrick Kelahan is a CX, engineering & insurance professional, working with Insurers, Attorneys & Owners.

Sheldon Freedman is a  Fintech lawyer at Hassans International Law Firm

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Your Editor is Bernard Lunn. He is also the CEO of Daily Fintech and author of The Blockchain Economy.

Monday Ilias Hatzis @iliashatzis our Greece-based crypto entrepreneur (Founder & CEO at Mercato Blockchain Corporation AG and Weekly Columnist at Daily Fintech) wrote The refugee crisis is an identity crisis

In the worst refugee crisis in Europe since World War II, all around the world millions of people have been displaced from their homes and the numbers keep on growing. Globally, according to UNHCR, one person in every 122 is now either a refugee, internally displaced or seeking asylum. Thousands of refugees have crossed the Aegean sea and on their quest, many have drowned or disappeared. Since the first refugees started arriving on the Greek islands, in 2015, the situation has gotten worse. In 2019 alone, 75,000 new arrivals reached the Greek shores and authorities predict that the crisis will even worse, as more refugees arrive every day by boat from Turkey, to join thousands of refugees who are already in the country. So far the Greek government has failed to effectively handle the problem. Can Blockchain help millions of refugees and the Greek government, by solving some of the most critical problems they face?

Editor note: Ilias, writing from Greece which is on the front lines of the refugee crisis, looks at how a decentralized identity running on Blockchain could help.


Tuesday Efi Pylarinou @efipm our Swiss-based Fintech Adviser,  founder of Efi Pylarinou Advisory and a Fintech/Blockchain influencer – No.3 influencer in the finance sector by Refinitiv Global Social Media 2019 wrote `Before me, everything was done manually` says the `Blockchain` Figure muppet

Meet the new mascot “Blockchain,” a puppet that Figure Technologies has created for their video ads aiming at the masses who should consider the benefits of HELOCs on the Blockchain.

Figure Technologies is a 2year old San Francisco-based startup that is well funded and focused on changing the entire life-cycle of Loans and beyond. From loan origination to servicing, and securitization. They started servicing the needs of homeowners who have most of their wealth locked in their homes with the so-called HELOCs (Home Equity Line Credit).

Editor note: Fascinating big time use of Blockchain to do Business Process Elimination in a huge market with plenty of funding and a very credible team.


Wednesday Jessica Ellerm @jessicaellerm, our Australia-based Fintech entrepreneur and thought leader specializing in Small Business and the Gig Economy & CEO/Co-Founder of Zuper, a new superannuation startup in Australia wrote Intuit Muscles Up With Strategic Fintech Acquisition

Small business accounting powerhouse Intuit has snapped up personal finance platform Credit Karma for a cool US $7.1 billion in cash and stock. It’s the latest large M&A in the fintech space, following hot on the heels of Visa’s acquisition of Plaid, for US$5.3B, and PayPal’s acquisition of rewards platform Honey for US$4B.

Editor note: The Small Business Fintech market is growing up fast!


Thursday Patrick Kelahan @insuranceeleph1, our US based Insurtech expert (a CX, engineering & insurance professional, working with Insurers, Attorneys & Owners who also serves the insurance and Fintech world as the ‘Insurance Elephant’) wrote Dominoes fall- business disruption and risk management in the COVID 19 environment

It’s clear there is much of which to be concerned regarding novel Coronavirus 2019 (aka COVID 19), including  the direct impact of illness and death among those who have contracted the disease, and the indirect effect of closure of travel, quarantine, closures of schools, businesses, and frontiers. 

Who is considering the effect of the virus on local, regional, and global business?  Whether you believe in the extent of virility of the virus or not, one thing is certain- businesses across the globe are showing symptoms from COVID 19.  Is this an insurance disaster or unexpected new market

Editor note: The world of Fintech, Insurtech & Crypto does not live in a vacuum but is impacted by things happening in the world such as climate change and public health (eg COVID 19).


Friday  Sheldon Freedman, Fintech lawyer at Hassans International Law Firm wrote: Security Token news for Week ending 28 February 2020

Editor note: This weekly snapshot is the news that matters for busy senior people in the Security Token market.


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How Mobile Payments are Shaping the Future

How are you reading this article? Chances are, you’re reading this on mobile. Even if not, there’s likely to be a mobile phone within the vicinity.

Mobile phones are such a huge part of our lives that it’s easier to forget our wallets than our phones. Payment providers have been quick to capitalise on this. Everybody who is somebody in the mobile industry has their own payment offering: Apple, Samsung, Huawei, etc. It works both ways. Established payment companies are also working on mobile products, such as PayPal Here.

Types of mobile payments that a payment service provider can offer

Mobile payments can be divided into two distinct categories: payments on mobile and payments by mobile.

Payments on mobile take place within the mobile ecosystem. A good example is mobile gaming. Free-to-play games offer premium options. Players can buy in-game currency or add-ons without leaving the app. Mobile shopping is another example.

In fact, not putting the phone down is an integral part of the entire experience. Mobile payments are popular for one simple reason: the easier it is to pay, the easier it is to sell. Any extra steps give people a reason to rethink the need to buy.

Perfect user experience means customers don’t want to leave the app. Payment service providers may provide their clients with a mobile software development kit (mSDK), which is a piece of code prepared in advance to integrate payment options into the client’s app.

This is a type of mobile payment system based on the ubiquity of mobile services, but what about things not available on mobile, such as point-of-sale payments at retail establishments?

Pay with your phone

Payments by mobile take advantage of the fact that you always have your phone with you. Forgot your wallet at home? No problem. If your local retailer offers a mobile payment option, you can still shop.

It’s not a new concept. It actually predates smartphones. Solutions like pay-by-SMS have been around for years. Much like all things mobile in recent years, mobile payments have quickly gained traction.

The key to wider adoption has been simplicity. Mobile card payments allow users to attach their existing cards to their mobile phones.

Another key innovation has been mobile contactless payments. At this point, it’s almost synonymous with NFC payments, although this may change in the future. NFC payments are almost the same as contactless payment cards when it comes to customer experience.

The customer puts their mobile phone near an NFC-enabled POS terminal to make the payment. The rest of the process is identical to any other payment. The acquirer sends a request to the issuer and completes the payment – if it receives confirmation, of course.

An alternative to NFC may be on the horizon. Apple, Samsung, and Huawei are battling for their share of the payment market with Apple Pay, Samsung Pay, and Huawei Pay, respectively. They’re constantly on the lookout for faster, more convenient technologies to simplify the mobile payments process.

What’s a merchant to do?

So, where does that leave you? What do you do if you are a merchant who understands the importance of mobile?

It’s important to remember that mobile is not the future, it’s the present. If your business is in any way digital, you need to provide your customers with a mobile payment method.

You should ask yourself: does my app feature a seamless payment process? Do customers need to open links in their browsers to complete the payment? A good payment service provider will be able to provide mSDK to help you out.

If you’re a brick-and-mortar retailer, all the competing platforms may baffle you. The good news is that it’s not as critical for you as it is for online merchants – yet.

Contactless card terminals can already handle some types of mobile payments. The bad news is that you’re on a deadline. Soon, it will be imperative to the success of your business.

But don’t worry. This is much easier to navigate with an experienced payment service provider by your side.

Paul Marcantonio

Head of UK/Western Europe at ECOMMPAY

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Why Neobanks are on the Rise and Selecting the Right Account

As consumers continue to increase online, traditional banks have invested millions in digital to compete with the rising fintech landscape. You may have heard of new ‘digital’ banks such as Monzo, Revolut or Starling offering the same services as your Halifax or TSB – minus the hassle.

In 2019, it was found that neobanks around the world raised $2.5 billion in investment at the end of July, making it one of the leading sectors when it comes to funding, and one that is growing at an exponential rate. Whilst still being relatively small in terms of customer base to traditional banks such as the big four, neobanks have seen a sharp increase in the number of customers signing up to digital bank accounts as they begin to streamline services.

By being 100% digital and only using apps or the web to access your accounts, neobanks are complete with handy features such as spending trackers or saving pots, allowing people to take control of their finances and make better decisions when spending or saving.

In a new research study by, it was found that Revolut is the most popular neobank in the UK, which has seen their customer base grow from 3 million people in 2018 to 8 million in 2019 – an increase of over 166%.

N26, Monzo and Monese were also featured in the top four for the highest neobank market share of 2019, with all neobanks having better trust rating scores compared to traditional banks.

Which neobank should I choose?

Selecting the right neobank for you might be a tough choice, especially with each one offering near enough the same services. The new analysis also featured a handy matrix for those who might be stuck for choice, comparing the most indemand features from customers.

Revolut boasts the highest trust score from customers in comparison to all other neobanks featured, 4.7 out of 5, considerably higher than the big four, with Starling Bank coming in at a close second of 3.5. Monzo, also one of the leading competitors, has a trust score of 4.4.

Monzo, Revolut and Starling Bank also offer business accounts, making it an attractive choice compared to some of their competitors that only offer current accounts. They also provide Google and Apple Pay support along with handy features to make saving for a rainy day easier.

Ian Wright of stated: “Over the past two years, we’ve seen an influx of consumers choosing neobanks or challenger banks as an alternative to traditional banks that we are all so familiar with. With consumers preferring to avoid the hassle of bank branches and paperwork, neobanks’ are becoming increasingly popular with banks such as Revolut and Monzo showing huge market share growth in just a few years.”

The Rise of The Neobanks: Part 2

Casey Paul Marketing Executive at Kaizen

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