Wednesday 27 November 2019
The first eight firms and tech communities chosen to take part in Velocity Birmingham, a new state-of-the-art FinTech hub, have today been unveiled by the Investment Association (IA).
Velocity Birmingham will provide a valuable hub for FinTech innovation and development, supporting FinTechs based in the West Midlands. The chosen innovators will have access to a network of existing investment management firms and 5000sqft of co-working space, to develop technology to help Britain’s savers and investors.
The facility is a collaboration between the IA’s FinTech hub and accelerator, Velocity, along with IA member firm, Wesleyan, a specialist financial services mutual. The eight chosen firms include:
- Delta Financial Systems, the market-leading FinTech provider of pensions and retirement administration software for the SIPP and pension drawdown markets.
- eXate, which enables firms to share data securely, by means of a digital Ink Bomb that allows those firms to destroy or revoke access to the shared data.
- Fregnan, which use advanced machine learning techniques to support unbiased, high-quality equity research for investors and fund managers.
- GFA Exchange, which use AI to benchmark and monitor business performance, to help B2B lenders discover new opportunities, whilst reducing financial risk.
- METCloud is a multi-award winning cyber security platform, harnessing sophisticated cyber defence, surveillance, AI and Machine learning technologies to protect organisations operating in the financial services sector.
- moneyinfo, a private FinTech firm specialising in account aggregation client portals and mobile apps for the wealth management industry.
- Silicon Canal, a Birmingham tech community to connect, promote and support the tech ecosystem in the West Midlands region.
- VendEx Solutions, Inc., the centralised hub for the financial services market data industry.
The first cohort was announced at the official launch of Velocity Birmingham on Wednesday evening (27th November) at Wesleyan’s Birmingham head office, and was attended by senior executives from the investment management industry and local FinTech innovators.
Firms for Velocity Birmingham were chosen by the Velocity Advisory Panel of industry experts, overseen by Graham Kellen, Chief Digital Officer of Schroders and Chair of the Panel.
Chris Cummings, Chief Executive of the Investment Association, said:
“Just over a year after the launch of our FinTech innovation hub and accelerator, Velocity is going from strength to strength with the launch of Velocity Birmingham today.
“Birmingham has one of the UK’s largest tech clusters outside of London and a hub of professional and financial services, and through Velocity Birmingham investment managers can embrace the technologies of the future to the benefit of customers and the wider economy.”
Andy Street, Mayor of the West Midlands, said:
“Birmingham and the West Midlands has a rich history of innovation and boasts a thriving tech scene. Velocity Birmingham will be a great asset for our region and will provide a valuable hub for FinTech innovation and development. This exciting initiative created by the Investment Association in collaboration with Wesleyan highlights the importance of technology within the investment management sector and will provide an opportunity to showcase our regional tech talent.”
Mario Mazzocchi, Group Chief Executive of Wesleyan, said:
“We’re delighted to be partnering with the IA as it seeks to support strong and dynamic FinTech firms across the West Midlands. It’s encouraging to see innovative technology being recognised by the investment management industry which will help to shine a light on the talent in our region.
“After a successful launch event, we look forward to welcoming the eight chosen firms into the Fintech hub located in our Birmingham office and supporting them with financial expertise.”
Notes to Editors
- The physical space of the FinTech hub, located at Wesleyan’s head office in the heart of Birmingham’s city centre, will be known as ‘The Engine Room’.
- The Engine Room will offer over thirty workstations, an auditorium, and meeting spaces for firms operating in Greater Birmingham and the West Midlands region. Velocity Birmingham will also offer FinTechs networking opportunities, resources and policy reports from the IA, along with a bespoke programme of events and expert briefings.
For further information, please contact:
Katie Martin, Head of Communications: email@example.com
T: +44 (0)20 7269 4655
Helen Ayres, Communications Manager: firstname.lastname@example.org
T: +44 (0)20 7269 4620
David Parton, Communications Executive: email@example.com
T: +44 (0)20 7269 4625
IA press office: Press@theia.org
T: 020 7269 4696
About the Investment Association (IA):
- The IA champions UK asset management, supporting British savers, investors and businesses. Our 250 members manage £7.7 trillion of assets and the asset management industry supports 115,000 jobs across the UK.
- Our mission is to make investment better. Better for clients, so they achieve their financial goals. Better for companies, so they get the capital they need to grow. And better for the economy, so everyone prospers.
- Our purpose is to ensure investment managers are in the best possible position to:
- Build people’s resilience to financial adversity
- Help people achieve their financial aspirations
- Enable people to maintain a decent standard of living as they grow older
- Contribute to economic growth through the efficient allocation of capital.
- The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
- The UK is the second largest investment management centre in the world, after the US and manages 37% of all assets managed in Europe.