Fintech chatter often assumes new technology will result in smaller, agile companies winning over business from the large incumbents. But nearly a decade into the first wave of fintech innovation, this wisdom is being challenged. At a recent FSF event held at the offices of Henderson Global Investors, a radical proposition was discussed: Could it be that it’s the large asset managers and banks who stand to gain the most from fintech?
The three start-up founders on the panel were finance industry insiders – all have previously worked with investment banks and asset managers, and each of their companies provides targeted solutions for large financial institutions:
Door is a fund due-diligence (DD) start-up that seeks to save time and hassle for both asset managers and investors. The company has already signed up 18 asset managers (including BNY Mellon, Aberdeen Asset Management, Schroders and Franklin Templeton) and 26 distributors (including HSBC, Barclays and Deutsche Bank). Co-founder Rob Sanders was previously global head of marketing at Aberdeen Asset Management.
Apply Financial is a global provider of payment-validation tools for banks, non-banking financial institutions and corporates, including HSBC and Towers Watson. Its clients typically deal with a high volume of large, contract-settling payments – industry-wide, one in ten of these payments falls through due to incomplete or erroneous data, and it’s this problem the company seeks to address. Its founder, Mark Bradbury, has 30 years’ experience in starting, working in and running financial solutions providers.
BoldMind is a cloud-based engine using data generated by sensors, buildings and the urban environment to aid and automate decision-making in retail. The company took part in Canary Wharf’s smart city accelerator, and has been awarded a contract to develop further solutions within the area’s smart city hub. Co-founder and CEO Dagmara Lacka has worked extensively with large media firms.