Fintech
Prosper raises £3.2m angel round to build the Wise of Wealth-Tech
Founded by Nick Perrett of digital bank Tandem, Ricky Knox of Tandem and Azimo, and Phil Bungey of Nutmeg, new wealth-tech platform Prosper plans to revolutionise how we save and invest.
Like other fintechs have done for currency exchange and banking, Prosper is building a customer champion business, because it is on a mission to maximise its members’ long-term wealth potential. It will do so by launching with the highest interest rates on cash, offering zero cost index funds* from major asset managers, and opening access to alternative private market investments that offer higher potential returns.
The founders of Monzo, Capital One, World First, Tandem, Azimo, Embark, Comply Advantage, and the Connect, MMC and Portfolio Ventures all contributed to Prosper’s £3.2 million angel round, backing the company to shake up the way people manage their wealth.
“Most people are totally unaware of what they are paying to have their money managed nor that these costs can literally cut their future wealth in half,” stated Nick Perrett, founder and CEO of Prosper.
“It’s probably the largest bill you get but never see. Our mission is to change that for millions of people worldwide.” [OR: It’s probably the largest bill you get, but you never even see it.]
“We also know just how much interest customers fail to get on their cash. We want to change that by making it easier to just keep cash on top rates. We are excited to give more back to our members, helping them get more of the life they want.”
And it’s not just about costs. As Ricky Knox, Prosper’s co-founder and chairman notes, it’s about access to the best returns, net of those charges. Prosper believes the days of the mutual fund supermarket are over.
“The investment universe has moved on,” stated Ricky. “There are less than half the number of public companies that there were 30 years ago, and over 85% of all US companies with more than $100 million in revenue are not listed on the stock market. And yet the investment products we put money into haven’t changed!”
“Unless you’re ultra wealthy and have enough money to essentially buy access, you’re at a disadvantage because you can’t access these potentially higher-yielding private investment opportunities. We want to give our members that access to level the playing field for the everyday consumer.”
Early investors in Prosper’s vision include Tom Blomfield, founder of Monzo, which now has over £6 billion in deposits and 7.4 million customers, and Matt Cooper, cofounder of Capital One Bank, one of the world’s first true fintech business, which he helped grow to 2 million customers and £275 million in revenue.
Prosper’s founders’ prior experience lends itself to the challenge of building a wealth-tech:
Nick Perrett and Ricky Knox built digital bank Tandem together. It now has over £2bn in assets under management and is one of the leading purpose-driven fintechs in the UK being focused on green lending.
Phil Bungey is the former COO of Nutmeg, which is one of the most successful digital challengers in the British wealth management market. It had a customer base of over 140,000 investors and amassed over £3.5 billion of assets under management before being bought by JP Morgan for £700 million in 2021.
With around 1 billion high net worth and mass-affluent investors worldwide getting a raw deal on the money they’ve earned, Prosper will be on their side, a consumer champion business that will help them to realise the full potential of the largest financial asset they have.
When you invest, your capital is at risk. ISA/SIPP eligibility and tax rules apply. Tax relief depends on your personal circumstances and current rules can change.
Alternative and Private Markets disclosure. Don’t invest unless you’re prepared to lose all the money you’ve invested. This is a high-risk investment. You could lose all the money you have invested and are unlikely to be protected if something goes wrong. Take 2 min to learn more.
* For founding members (initial offer terms apply)
Fintech
Gaia-X Introduces the Compliance Document to Enable and Increase Trust, Security, and European Sovereignty in Digital Ecosystems
Gaia-X, a leading European initiative aimed at establishing a secure, transparent, and interoperable digital infrastructure, has unveiled its Compliance Document. This essential framework defines the standards that data providers, data consumers, data exchanges, and digital infrastructures must follow to participate in the Gaia-X ecosystem. Aligned with the core European values of transparency, data protection, and cybersecurity, the document promotes innovation and competitiveness while ensuring that organisations operate globally under clear, standardised rules.
Why Gaia-X Compliance Matters
The Gaia-X Compliance Document is not just a set of rules but a foundational guide for creating trust in the evolving digital marketplace. It focuses on three key areas:
- Openness and Transparency: Gaia-X supports global efforts to create interoperable data spaces built on federated cloud infrastructures. By ensuring transparency in operations, data handling, and service processes, Gaia-X fosters trust across the entire ecosystem, ensuring stakeholders have clear insight into the services they use.
- Security and Data Protection: In compliance with GDPR and other European regulations, such as the Data Act and Data Governance Act, Gaia-X ensures that personal and non-personal data are handled securely. Service providers are required to implement strong privacy protections and technical safeguards, offering businesses and users peace of mind.
- European Sovereignty: At its core and especially with its Label Level 3, Gaia-X guarantees European control over digital infrastructure, ensuring that services comply with European laws and standards. However, Gaia-X is designed with global interoperability in mind, providing tools and frameworks that can be adapted to meet the regulations of other regions worldwide.
Key Components of Gaia-X Compliance
1. Standards-Based Approach: The Gaia-X compliance framework builds on globally recognised standards, ensuring a high level of security and compliance across industries.
2. Label System for Differentiation: Gaia-X has introduced a clear labelling system to categorise services based on their level of compliance:
- Gaia-X Standard Compliance: A universal set of standards designed to apply to all types of providers worldwide.
- Gaia-X Label Level 1: Entry-level compliance with standard data protection and security following European laws.
- Gaia-X Label Level 2: Higher-level data protection and security standards following European laws and widely based on certifications.
- Gaia-X Label Level 3: The highest compliance level for services requiring exceptional data handling, security, and legal control for European providers only.
These labels provide clarity for both providers and users, ensuring transparency in service offerings.
3. Trust Anchors and Continuous Validation: Gaia-X ensures ongoing trust and compliance through its Trust Framework, powered by the Gaia-X Digital Clearing House (GXDCH). This system continuously validates verifiable credentials, allowing automated trust assessments across the ecosystem.
Benefits for Ecosystem Participants
The Gaia-X Compliance offers significant advantages to both service providers and users:
- For Users: Businesses and governments benefit from greater choice, transparency, and control over the digital services they utilise. With Gaia-X’s clear compliance standards, users can confidently select services that meet their specific security, privacy, compliance or sovereignty needs, allowing them to select their preferred Label Level while maintaining flexibility and avoiding vendor lock-in.
- For Providers: Gaia-X offers a clear path to certification and compliance, enabling companies to demonstrate adherence to top-tier security and privacy standards. By aligning with European regulations, providers enhance their credibility, position themselves as digital market leaders, and answer to market demand. The standardised use of the Gaia-X Ontology ensures that cloud providers can achieve true interoperability across ecosystems.
The Gaia-X Compliance Document highlights Europe’s commitment to digital sovereignty, security, and trust, providing a foundation for a trusted digital marketplace aligned with European values and laws. It serves as a blueprint for global organisations to operate securely, transparently, and interoperably.
The post Gaia-X Introduces the Compliance Document to Enable and Increase Trust, Security, and European Sovereignty in Digital Ecosystems appeared first on HIPTHER Alerts.
Fintech
Banking in the United Arab Emirates stands at an inflection point between the traditional branch-based model and a digital AI-enabled future – new Capco survey
A desire for more insights into personal finances, a willingness to share data to unlock individually tailored services, and a high level of comfort with AI-driven guidance are key themes to emerge from the new survey of UAE retail banking customers conducted by Capco, the global management and technology consultancy.
As the UAE pushes forward with ambitious plans to grow its digital economy, Capco’s Bank of the Future survey of over 1,200 UAE banking service users aged between 18 and 65 found that 89% have become more confident in using mobile and digital banking services over the last two years. Eight in ten (83%) now use mobile apps to access banking, offering a solid foundation for future banking innovation.
In addition, 87% of respondents say they would be attracted to an app that offered personalized insights into their finances, including 41% who say this would be ‘extremely attractive’. The survey also reveals that 72% would ‘definitely’ or ‘probably’ share additional personal data – such as social media profiles or wearables data – to unlock personalized products, services or offers.
In support of its main survey, Capco conducted more focused polling of 500 consumers that looked specifically at the adoption of digital-first banking services. This found that nine in ten UAE respondents (89%) now have digital-first accounts, including both international and UAE-based firms. Three-quarters (76%) have an account with a UAE-based digital-first provider.
Capco’s survey findings highlight opportunities for UAE banks and fintechs to capitalize on positive attitudes to data sharing and innovation to deliver the products and services that consumers say they want. It also offers recommended paths forward for banks as they explore how best to apply the latest approaches to data analytics and AI to address customers’ aspirations.
James Arnett, Managing Partner, APAC & Middle East at Capco, said: “Consumers in the UAE are looking for products and services that provide a more bespoke user experience, including personalized financial insights. Seizing this opportunity will require an ever more nuanced understanding of individual consumer’s aspirations, and banks and other providers will need to prepare by investing in improved data management and advanced analytics.”
Naim Alame, Managing Partner, Middle East at Capco, said: “Consumers want convenient, integrated financial services and seamless digital journeys enabled by improved connectivity, data analytics and AI. Delivering the products and experiences that consumers want will require more agile banking models and significantly greater collaboration with third parties in order to embed value-added financial services ever more deeply into customers’ lives.
“For the bank of the future, collaboration may prove to be as important a priority as disruption. Offering a mobile-first experience that embeds payment aggregations, finance options and other ecosystem services to provide a more seamless and holistic experience will be the key to keeping customers engaged.”
Other key findings in Capco’s UAE survey report include:
86% of respondents would be attracted by a banking app that integrates financial services with the non-financial services they use in their daily lives, such as ride hailing and e-commerce.
- 37% would find such an app ‘extremely attractive’.
The characteristics that would convince a respondent to use a specific bank or financial institution include ‘a wide range of services’ (51%) and ‘more accessible services’ (45%).*
- ‘Trust in the company’ (39%) and ‘highly personalized products’ (34%) are also seen as important.
Four in ten of respondents (41%) cite cashback options as a value-added feature they consider when selecting a new card or account.*
- Other important features respondents would consider include discounts on travel (33%), monthly offers such as retail discounts (32%) and the ability to use points to make purchases (32%).
As digitalization accelerates, 72% of those using payment services identify online payments as a preferred payment method and 69% mention digital wallets.*
- Cash remains a preferred payment method for 51% of respondents, and cheques continue to be preferred by 28%.
- In Capco’s recent Kingdom of Saudi Arabia (KSA) banking survey, online payments (65%) and cards (65%) were the leading preferred methods of payment, while 57% of respondents cited digital wallets, 55% mentioned cash, but only 11% chose cheques.
The UAE played host to the COP28 global climate conference in late 2023, and almost nine in ten respondents (88%) say it is important that their primary bank has a proactive stance on ESG issues.
- In our KSA banking survey, 80% of respondents stated that this is important.
*Multiple responses permitted
Capco’s UAE survey report can be accessed here.
The post Banking in the United Arab Emirates stands at an inflection point between the traditional branch-based model and a digital AI-enabled future – new Capco survey appeared first on HIPTHER Alerts.
Fintech
RegVerse Boosts Compliance Support for RIAs with Avery Platform Update
RegVerse, a leading provider of compliance solutions, has announced a significant update to its Avery platform, designed to enhance compliance support for Registered Investment Advisors (RIAs). The latest update brings new features and functionalities that address the evolving regulatory landscape, helping RIAs stay compliant with the latest rules and regulations.
What’s New in the Avery Platform Update?
The Avery platform update introduces several enhancements aimed at making compliance easier and more efficient for RIAs. These updates are designed to help firms navigate complex regulatory requirements, reduce compliance costs, and improve overall operational efficiency.
Key Features of the Avery Platform Update:
- Enhanced Regulatory Reporting: The updated platform includes new reporting capabilities that allow RIAs to generate detailed compliance reports quickly and accurately. This feature is particularly useful for meeting the reporting requirements of regulators such as the SEC.
- Automated Compliance Checks: Avery now offers automated compliance checks that monitor for potential violations in real-time. This proactive approach helps RIAs identify and address compliance issues before they become significant problems.
- Improved Document Management: The platform’s document management system has been upgraded to support secure storage, retrieval, and sharing of compliance-related documents. This helps RIAs maintain organized records and ensures that they can provide necessary documentation during audits.
- Customizable Dashboards: The update includes customizable dashboards that provide RIAs with a comprehensive view of their compliance status. Users can track key metrics, set alerts for potential issues, and gain insights into their overall compliance performance.
Benefits of the Avery Platform for RIAs
The Avery platform update is designed to address some of the most pressing challenges faced by RIAs in today’s regulatory environment. By providing advanced compliance tools and streamlined processes, Avery helps RIAs achieve the following benefits:
- Reduced Compliance Burden: Automated compliance checks and streamlined reporting reduce the manual workload for compliance teams, allowing them to focus on more strategic tasks.
- Enhanced Risk Management: Real-time monitoring and proactive alerts help RIAs identify and mitigate risks early, reducing the likelihood of regulatory violations and associated penalties.
- Improved Client Trust: By maintaining high compliance standards, RIAs can build trust with their clients, demonstrating a commitment to operating with integrity and transparency.
The Future of Compliance for RIAs
As the regulatory landscape continues to evolve, RIAs must stay vigilant and proactive in managing their compliance obligations. The latest update to the Avery platform reflects RegVerse’s commitment to supporting RIAs with innovative solutions that simplify compliance and reduce risk.
Looking ahead, RegVerse plans to continue enhancing the Avery platform with new features and integrations that address emerging regulatory challenges. By staying at the forefront of compliance technology, RegVerse aims to help RIAs navigate the complexities of the regulatory environment with confidence and ease.
For RIAs seeking a comprehensive compliance solution, the updated Avery platform offers a powerful toolset that can help them achieve their regulatory goals and maintain a strong compliance posture in an increasingly complex market.
Source: Investment News
The post RegVerse Boosts Compliance Support for RIAs with Avery Platform Update appeared first on HIPTHER Alerts.
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