Category: Finance

Corporate Finance

Could this be the SME election? Small businesses employ 16million – over a third of the electorate

Author ByCFI.co Blogger

SME experts – IW Capital and the UKBAA – discuss the importance of SME success to the next Government

Today will see the three main party leaders set out their plans to secure the support of the UK’s business leaders at the CBI conference. Boris Johnson is set to make the case for getting Brexit done, while Jo Swinson is to claim that the Lib Dems are the “natural party of business”. Labour is to focus on apprenticeships and training for the business community.

When setting out their stall in business policy, one area that is set to have a huge impact is the support promised for small and medium enterprises across the UK. The SME community employs 16.6million of the roughly 45million eligible voters in the UK and contributes £2.2trillion (52%) to the economy. If the next Government can make it clear that they are the party to help this sector of business to grow and thrive they could see significant support from one of the biggest sections of voters to exist in the UK.

Luke Davis – CEO of SME investment house IW Capital says:

“The importance of the SME sector is hard to overstate, and in the context of the upcoming election will be hugely important to the future economy. With over a third of the electorate employed by small businesses this could really be a swing vote of society – if this section of the workforce feels more confident in their job security and business growth with one party, it will almost undoubtedly affect voting decisions.

“For SMEs to feel confident in their capacity to grow, employ more people and expand they need to trust that the incoming Government is going to look after them and deliver security. The range of innovative and agile firms in the space currently is reflective of the entrepreneurial spirit of the UK which if fostered correctly could kick-start the wider economy into a period of growth.”

Jenny Tooth, CEO of the UK Business Angels Association, has commented:

“Not only is it the employees of SMEs that are keeping a keen eye on this election, but also the investors involved within the SME arena. With Britain’s impending exit from the European Union, the loss of the Jeremie fund and Horizon 2020 are bound to leave regional SMEs proactively seeking private investment more fervently. However, the mindset of investors could change post-Brexit. Investors will be looking for greater longevity when assessing the potential of a business, and will now look to how scalable businesses are in terms of their international reach. The forthcoming election and the pledges that the parties sell to businesses needs to reassure investors that the environment they delve into is a sustainable one.”

Asset Management

The Dutch Fund for Climate and Development open for business

Author ByCFI.co Blogger

The Hague, November 15, 2019 – The Dutch Fund for Climate and Development (DFCD) has officially been launched in the presence of government officials, NGOs, investors, politicians and other interested parties. In May of this year, the DFCD was awarded to the consortium of Dutch development bank FMO, SNV Netherlands Development Organisation (SNV), World Wide Fund for Nature (WWF-NL) and Climate Fund Managers (CFM). “Today’s launch means that the DFCD is officially open for business,” said Linda Broekhuizen, Chief Investment Officer at FMO. “The consortium is keen to connect with innovative entrepreneurs with climate-related businesses and with private investors keen to mobilize much-needed funding from the private sector to join us in our mission to create a more climate-resilient world.”

Climate change is one of the biggest challenges we face today. It is already affecting people and nature across the globe, with developing countries being most impacted. “The poorest communities are the most vulnerable to climate change. Poor farmers and others at the bottom of the pyramid suffer and lose their livelihoods even with small changes in rainfall patterns or temperature”, as Meike van Ginneken, Chief Executive Officer at SNV explained.

There is an urgent need for investment to enable vulnerable communities and ecosystems to adapt to climate change. Carola van Rijnsoever, Director of Inclusive Green Growth, and Ambassador for Sustainable Development, Dutch Ministry of Foreign Affairs, said: „The challenge we face to help communities adapt to and mitigate the effects of climate change is enormous, and the case for action is incredibly clear. We cannot do this with governments alone. We need all stakeholders to be strong enough to confront this challenge. The set-up of this consortium in which finance and NGOs come together, is unique and uniquely positioned to do this.“ The government of The Netherlands has committed to addressing this need through the DFCD, making EUR 160 million available in the period 2019-2022 for climate adaptation and mitigation, of which at least 50% is earmarked for climate adaptation projects.

DFCD is a direct response to the increasing demand for climate adaptation projects that have to date suffered from a lack of funding compared with mitigation efforts. Linda Broekhuizen adds: “In 2018, USD 612 billion was invested in climate mitigation which is important and much needed. In contrast however, only 5%, USD 30 billion, was invested in adaptation. Adaptation may have to be USD 180 billion a year if the 2030 goal is to reach the USD 1.7 trillion as required according to the most recent report of the Global Commission on Adaptation.”

To help bridge this funding gap the DFCD aims to mobilize upwards of EUR 500 million from private sector investors. Andrew Johnstone, Chief Executive Officer of Climate Fund Managers adds: “The opportunities are there. Take water for example: 80% of the world’s wastewater enters rivers and oceans untreated and by 2025, half of the world’s population will be living in water stressed areas. Neither the private nor the public sector is doing enough, but together the investment potential is enormous, as is the impact to be delivered.”

This partnership of NGOs and financiers seeks to develop and finance sustainable private sector solutions to enhance resilience to the effects of climate change. These projects will boost the health of freshwater, forest, agricultural and ocean ecosystems, and improve water management.

“The consortium takes a landscape approach through investing in projects which are planned in an inclusive manner, and build on a solid understanding of the landscape, ecosystems and communities. In this way these projects will contribute to healthier ecosystems,” said Kirsten Schuijt, Chief Executive Officer of WWF-NL. “New and incredibly exciting in this consortium is that there is early-stage funding available to convert adaptation opportunities into bankable projects.” 

WWF and SNV take on the key role of developing climate-relevant projects from an early-stage idea to a bankable business case. Climate Fund Managers and FMO provide investment capital, delivering projects to full operations. This combination of early-stage involvement with full life-cycle funding will ensure lasting, long-term impact that contributes to the Paris Agreement and the United Nation’s Sustainable Development Goals (SDGs).

Interested parties can contact the DFCD through: www.thedfcd.com.

The Dutch Fund for Climate and Development open for business
In picture from left to right the DFCD partners at the official launch event in The Hague: Andrew Johnstone, CEO of Climate Fund Managers, Kirsten Schuijt, CEO of WWF-NL, Linda Broekhuizen, CIO of FMO, Albert Bokkestijn, project manger DFCD at SNV, Carola van Rijnsoever, Director of Inclusive Green Growth, and Ambassador for Sustainable Development, Dutch Ministry of Foreign Affairs.

In picture from left to right the DFCD partners at the official launch event in The Hague: Andrew Johnstone, CEO of Climate Fund Managers, Kirsten Schuijt, CEO of WWF-NL, Linda Broekhuizen, CIO of FMO, Albert Bokkestijn, project manger DFCD at SNV, Carola van Rijnsoever, Director Inclusive Green Growth, and Ambassador Sustainable Development, Dutch Ministry of Foreign Affairs.

Finance

Onguard’s new machine learning function enables companies to predict customer payment behaviour

Author ByCFI.co Blogger

London, 14 November 2019 – Onguard, the fintech company that streamlines the entire order-to-cash process, has announced that in collaboration with Altares Dun & Bradstreet and Quantforce, machine learning will feature in its platform to enable businesses to predict the payment behaviour of debtors and act accordingly. 

Available from early 2020, the platform brings together historical data from Onguard’s software, external debtor information from business data expert Altares Dun & Bradstreet and the relevant invoice and payment history of the customer via machine learning on a scorecard generated by Quantforce. The resultant score ranks the debtors in order of the risk of non-payment which enables organisations to estimate and anticipate the payment behaviour of customers at an early stage.

Adjusting workflows based on debtor information
Once the customer’s risk profile is known, it becomes possible to adjust workflows directly to payment risk with the help of artificial intelligence. When it is predicted that a customer will not pay or pay too late, it is possible to immediately take the necessary actions. This saves the organisation time and limits exposure and unnecessary tasks, such as sending reminders or transferring it to collection agencies. Similarly, this avoids those customers who are shown to regularly pay on time being bothered unnecessarily. 

“There is an enormous amount of data available both within and outside organisations, which is currently not being used,” says Daniel van den Hoven, VP Alliances & Partners at Onguard. “With all available data, organisations can better understand customers.  In addition, credit managers see at a glance which customer needs extra attention and can easily prioritise. The advantage for the organisation is that there is more focus on high-risk customers and that the processing time for invoices becomes shorter.”

Thanks to the collaboration between Quantforce, Altares Dun & Bradstreet and Onguard, it is possible for businesses to predict in advance whether and when customers will pay. This is beneficial for both the organisation and the customer because immediate action can be taken to find a solution when a payment fails. In this way, credit management is organised more proactively and efficiently

Rob Berting, Managing Director of Quantforce adds: “The collaboration between these three parties from the same market is logical. All three have our own expertise and because we have joined forces, we can offer even more value to the customer. Quantforce assigns the scores on the basis of proven algorithms and also applies machine learning. This makes it possible to automatically adjust workflows on the Onguard platform to the debtor risk. In this way Onguard can optimally support the customer and their debtors in the order-to-cash process.”

Adriaan Kom, Director Partnerships at Altares Dun & Bradstreet: “We place great value on the customer relationship and thanks to this collaboration we can add even more value to the customer.  The combination of data gives organisations an insight into how a debtor will behave in the near and distant future. In this way a company gains a more in-depth understanding of the customer which will elevate the business to a higher level.”

About Onguard

Over the past 25 years, Onguard has grown from a specialist in credit management software to a market leader in innovative solutions in the field of order to cash. The integrated platform ensures that all processes in the order-to-cash chain are optimally linked and that critical data can be shared. Intelligent tools which interface seamlessly combine to provide an overview and control of the payment process and help build lasting customer relationships. Users in over 50 countries worldwide work with the Onguard platform on a daily basis to achieve successful management and tangible results in Order to Cash and Credit Management. Read more at http://onguard.com/.

Business

SMEs hoarding record levels of cash amid Brexit turmoil – and it’s costing them billions a year

Author ByCFI.co Blogger
  • SMEs now hold an estimated £333 billion in cash deposits – a record high
  • But SMEs are set to miss out on £3.7 billion in interest this year because their money is languishing in low-paying savings accounts
  • This may also be damaging to the UK economy as it relies heavily on the performance of SMEs, says Flagstone

UK small and medium-sized businesses are holding record levels of cash as uncertainty surrounding Brexit persists – and it is costing them billions of pounds a year, new analysis reveals.

In the last 12 months, SME’s cash reserves have increased by more than 3% to £333 billion – the highest level on record – according to analysis of UK Finance figures by the Centre for Economic and Business Research (CEBR) on behalf of Flagstone, the UK’s largest cash deposit platform.

Much of this growth has been from deposits into instant-access accounts. Indeed, nearly 58% of all SME cash reserves are now being held in instant-access accounts, suggesting that firms want quick access to their money.

However, by doing this firms are missing out on billions of pounds of interest as these accounts typically pay the lowest interest rates.

With SMEs currently holding £191 billion in instant-access accounts and receiving an average rate of 0.41 % [1], they are on track to earn £566 million in interest in the coming year, CEBR’s analysis found. However, if they were to switch to a market leading instant-access rate of 1.40% [2], they would earn £2.7 billion in total in the next year – £2.1 billion more than they are currently expected to earn.

Further, UK SMEs currently hold £141 billion in fixed-rate deposit accounts earning on average 0.86%, meaning they are expected to earn £1.2 billion in the next 12 months. But if SMEs instead switched to the market-leading 1.95% one-year fixed rate, they would collectively earn £2.8 billion in interest in the coming 12 months – £1.6 billion more than they would have otherwise.

It means, in total, firms are expected to miss out on £3.7 billion in interest in the next year because their money is languishing in low-rate savings accounts.

That extra £3.7 billion would be enough to fund for a year the salaries of more than 123,360 additional workers on the UK average annual salary of £29,588[3].

Separate research conducted by YouGov on behalf of Flagstone reveals why SMEs are reluctant to shop around for a better rate for their cash.

Almost four in ten (39%) of the 500 firms surveyed said the hassle of opening an account is the greatest barrier stopping them from moving their money followed by 34% of firms who said the perceived risks of depositing money with a challenger or non-high street bank was the biggest deterrent.

Andrew Thatcher, Co-Founder and Co-Managing Partner of Flagstone, said: “It’s clear that firms are worried about what effect Brexit will have on their business and are hording cash in case the waters become choppy. However, whilst this may be a sensible move, our study reveals that firms aren’t choosing the best home for their cash. Often, firms are getting sub-optimal rates of interest when they could be getting much higher returns on their cash by shopping around.

“The research shows that savings apathy doesn’t just affect individual savers, but also the nation’s businesses too. Each year SMEs are missing out on billions of pounds of interest because they’re failing to shop around for a better deposit rate for their cash reserves. Firms that forego this extra cash could be missing out on the chance to grow their business by hiring extra staff or investing in productivity improvements.”

“The solution a platform like Flagstone provides is that it not only consistently keeps business owners and financial directors in the path of the best rates, but it also removes the barriers to switching, providing a simple way to increase income and reduce risk. If you are an SME or charity with excess cash at bank it makes no sense not to at least consider a service such as Flagstone and choose from one of hundreds of deposit products at the touch of a button to earn more money.”

[1] All figures on current SME cash holdings and average interest rates are Bank of England data, analysed by the Cebr

[2] Correct as at 4 November 2019

[3] Employee earnings in the UK: 2018, released by ONS on 25 October 2018. Annual figure calculated by multiplying median full-time gross weekly earnings (£569) by 52

Flagstone

Flagstone is an FCA authorised and regulated fintech company (FCA reference numbers 676754 and 605504) located in London and founded in 2013. Flagstone’s online cash deposit platform enables companies, charities and individuals to earn more interest and reduce risk through diversification. Completion of a single application gives the client access to over 550 deposit accounts from 38 different banks and enables them to research and open accounts in just a matter of keystrokes. The platform puts clients in control of their cash, giving them access to market-leading and exclusive rates from a growing panel of UK banks, consolidated reporting and regular new rate alerts to ensure that their cash is working as hard as possible for them 24/7. For more information, see www.flagstoneim.com or watch a short film explaining what we do and how it benefits clients by clicking here.  

All of the UK banks on the Flagstone platform are authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. Deposits placed with any of these banks via the Flagstone platform are afforded exactly the same Financial Services Compensation Scheme protection (i.e. £85,000 per individual depositor per authorised institution) as if the client placed the deposit directly with the bank.

Finance

Financial Sector Turning Backs On Younger Workers As Employers Prefer ‘Loyal’ Older Generations

Author ByCFI.co Blogger

November 2019

More than a third of business owners in the finance sector would choose to recruit an older worker than a younger candidate with exactly the same skills and experience, according to new research.

In a national survey, more than a third (36%) of 1,000 SME business owners across a range of sectors including education, healthcare, IT, manufacturing, hospitality and tourism said that they would sooner recruit a 55-year-old than a 24-year-old, with 35% of business owners in the finance sector saying the same. Just a quarter (25%) of finance business owners preferred a 24-year-old with the same CV. Issues raised by business leaders about so-called ‘snowflake’ and ‘Millennial’ employees included ‘lower productivity’, ‘higher absence rates’ and ‘a poorer grasp of the English language’, instead preferring ‘loyal’ older workers, according to data gathered by the UK’s most trusted business healthcare provider, Benenden Health.

The study, which also surveyed 1,000 employees, found that nationally more than half (56%) of Generation Z employees (aged 16-23) felt they have been overlooked for roles due to their age compared to 47% of Millennials (aged 24-38), 29% of Generation X (aged 39-54) and a third (34%) of Baby Boomers (aged 55-72). More than a third of employees surveyed in the finance sector felt they had been overlooked for a job due to their age.

However, when it comes to attracting and retaining a workforce, the findings have shown a major discrepancy between what employers and employees see as a priority, with 56% of employees in the financial sector stating that a strong health and wellbeing scheme would increase their likelihood to stay with a business.

Health and wellbeing packages are starting to command increasing importance for employees, with nearly half of all respondents in the finance sector (48%) saying a strong health and wellbeing benefit would increase their likelihood to join or stay with a business. Nationally, Generation Z employees (aged 16-23) revealed they would be willing to sacrifice a whopping third of their salary to receive a healthcare package that fits their personal needs.

Yet, despite this, nearly two thirds (64%) of SMEs surveyed in the finance sector reported that they don’t have a healthcare package in place for employees above statutory allowances, with 57% of those without one claiming they don’t believe it is necessary and nearly half (46%) saying they don’t believe or weren’t sure a strong health and wellbeing package is valuable in recruiting and retaining employees.

In addition, more than a quarter of financial businesses (26%) revealed that they have never consulted workers on what they would value in a healthcare package, despite employees having different priorities depending on their age. Nationally, younger workers revealed that they place value on mental health support, counselling sessions and life skill lessons, whereas older generations said regular medical checks and flexible working were top of their list of potential healthcare benefits.

Helen Smith, Chief Commercial Officer of Benenden Health, commented: “Our research has highlighted some interesting statistics on the attitudes of employers towards a multigenerational workforce. The finance sector appears to be one of the more progressive industries in regard to hiring younger workers, but there is still a preference for older workers, even those with the same skills and experience as younger candidates. Unlocking the potential of a multigenerational workforce is the key to harnessing skills and talents of different generations.

“Our research found that healthcare is becoming increasingly valued by financial workers with nearly half (47%) of employees in the sector willing to sacrifice over 30% of their salary – indicating that businesses should be offering tailored health and wellbeing plans to meet the varied needs of a modern workforce and attract a talent multigenerational workforce

“Younger generations told us that mental health support is of great importance to them, but these priorities change over time. Generation X workers often have the dual commitment of looking after children and parents so flexible working is valued by them, and with employees working longer than ever, ensuring your older workers are catered for as well – through regular eyesight and hearing tests, and ergonomic offices, for example – is vital to maintaining a strong modern workforce.

“At Benenden Health we firmly believe that a healthy workforce is a productive and motivated workforce and having these open conversations with employees and tailoring a healthcare approach to suit will put businesses in prime position for recruiting, retaining and maximising talent.”

Benenden Health is a not-for-profit society with a UK-wide membership of over 815,000, founded in 1905 to bring people together to help pay for medical care when they might need it. Today, it has a mission to support businesses by providing affordable healthcare that helps keep employees healthy and valued and businesses thriving.

To download Benenden Health’s guide to managing the needs of a multigenerational workforce, go to: https://www.benenden.co.uk/health-through-your-life
 

Top five sectors least likely to hire younger generations:

Out of 1,000 SME employers, it was found that these five sectors are the least likely to hire a 24-year-old over a 55-year-old

  1. Manufacturing (11% preferred a 24 year old to a 55 year old with the same CV)
  2. Education (15%)
  3. Tourism and Leisure (19%)
  4. Retail, Hospitality and Catering (19%)
  5. Healthcare (24%)
Finance

GRENKE launches new ‘Solutions’ strategy in UK

Author ByCFI.co Blogger
  • New company promise is ‘Fast. Forward. Finance.’
  • GRENKE becoming fastest growing financing specialist in the UK due to new solutions approach.
  • Customer centric and consultative, providing businesses across the UK access to a mixture of financial solutions ideally suited to their business challenges.

Guildford, 11 November 2019 – 2019 has certainly been the year for GRENKE. Launching its new brand, website and solutions sales approach, GRENKE is realising its mission to combine innovative finance solutions with speed, simplicity and shared entrepreneurship.

As the fastest growing asset finance company in the UK, the company has opened 10 branches in 12 years, with its 11th opening in Newcastle in 2020 and their headcount growing a third in the last year.

Additionally, the long term commitment has also seen a Head Office move into a new larger premises, three times its predecessor. The significantly increased space allows GRENKE to also introduce their first apprenticeship scheme in 2020, with 6 placements. A key investment for their business future, encouraging young talent to learn from specialist Sales and Administration Teams.

What has been the key to their ongoing growth? Firstly, the placement of its new Managing Director of Sales, David Horton in 2018, who focused on simplifying the sales strategy. He ensured that GRENKE maximised the use of new sales platforms to increase the sales team engagement with the customers and leads. He also increased the diversification of the assets that GRENKE currently finance – opening up to new markets and resellers.

Secondly, the roll out of GRENKE’s new solutions approach. Seeing the business working collaboratively across business units and offering businesses a fully rounded service  to help realise their plans.

Their fresh design, state-of-the-art website provides clear orientation towards customer-focused solutions, with the financing specialist preparing for dynamic developments in the fields of digitalisation and automation.

‘Our new brand promise “Fast. Forward. Finance.” places added value for our customer’s front and centre. At GRENKE, resellers and organisations can find everything they need to cover their financing requirements – whether leasing or factoring – in a whole range of different situations. This means that they can benefit even more comprehensively than ever before from GRENKE solutions.’ David Horton – Managing Director Sales.

On the new website, resellers and potential customers can now find solutions tailored to precisely the challenges they face. This is why GRENKE has developed typical case scenarios that effectively address the specific needs of different target groups, for example from the service sector, retail, trade, healthcare and manufacturing industries.

Despite the evolution of its brand, digital solutions and sales approach, the financing specialist is continuing to emphasis the value of close relationships. This benefits not only resellers, customers and employees, but also shareholders and investors.

Their strategy for the future? Make it even easier for Companies of all sizes to put their creative ideas into practice – without having to worry about complex financing. GRENKE will take care of their business finance needs so they can focus on boosting their business – regardless of which industry they come from.

About GRENKE Group

The GRENKE Group is a global financing partner for companies of all sizes. As a one-stop shop for customers, GRENKE’s products range from flexible small-ticket leasing and demand-driven bank products to convenient factoring. Fast and easy processing and personal contact with customers and partners are at the centre of GRENKE’s activities.

Founded in 1978 in Baden-Baden, the Company operates in 32 countries and employs more than 1,600 staff worldwide. GRENKE UK founded in 2002, based in Guildford, Surrey and employs more than 100 staff.

GRENKE shares are listed in the MDAX on the Frankfurt Stock Exchange (ISIN DE000A161N30).

Further information about GRENKE and its products is available at www.grenke.co.uk

Finance

Congrid promotes the development of PropTech in Finland and internationally

Author ByCFI.co Blogger
Congrid promotes the development of PropTech in Finland and internationally

RecoTech is an event focusing on key technological innovations in the real estate and construction industry in the Nordic countries. This official side-event of SLUSH will be arranged on 20 November at the Train Factory in the Vallila district of Helsinki. The event is jointly organized by RAKLI, PropTech Finland, Nordic PropTech Initiative and Rond Production House. 

RecoTech is an event focusing on key technological innovations in the real estate and construction industry in the Nordic countries. This official side-event of SLUSH will be arranged on 20 November at the Train Factory in the Vallila district of Helsinki. The event is jointly organized by RAKLI, PropTech Finland, Nordic PropTech Initiative and Rond Production House. Commercialisation of new business models and technologies is vital for the whole industry. Property industry technology, PropTech in brief, is emerging as a new hit investment target among capital investors. PropTech refers to the technology applications and platforms that link innovative technology services, service providers and users. PropTech makes information more easily accessible and enables its sharing in digital formats, which improves data flow and transparency. Congrid wants to promote PropTech development in Finland and internationally. The company has developed a software platform for the management of quality and safety in construction projects. Congrid’s software improves data flow and cooperation on construction sites by making the required information available to all the project parties in real time. Congrid’s goal is to promote quality management in building projects through information, enabling the various project parties to understand what was built and why. The purpose of RecoTech is to showcase PropTech expertise and key trends and innovations of the industry to businesses, start-ups, investors and professionals in the industry. An increasing number of PropTech companies come from Finland, as according to a survey by Unissu, the number of PropTech start-ups in Finland is the highest in Europe on a per capita basis. Congrid participates in the ReCoTech event for the third time and in cooperation with PropTech Finland. In addition to Congrid, other participants in PropTech Finland’s event stand include GBuilder, Exquance, Frostberry, Chaos, Cityfier, Assetti, Duuers, Hyperin, Realx and Realsource. The event features major players and influencers in the industry as keynote speakers, including Mike Butcher of TechCrunch, David Malott of AI Space Factory and Bruce Oreck, former US Ambassador to Finland. About Congrid: Congrid was founded in 2013 by a team of construction site managers who had become frustrated with the use of pen, paper and Excel-files to control the quality and safety of construction sites. Congrid’s cloud-based software offers users one platform to handle quality and safety management on any construction project, reducing quality costs, improving safety and maximising site productivity. Customers include major developers, construction firms, contractors and subcontractors in the Nordic region. www.congrid.com.

Commercialisation of new business models and technologies is vital for the whole industry. Property industry technology, PropTech in brief, is emerging as a new hit investment target among capital investors. PropTech refers to the technology applications and platforms that link innovative technology services, service providers and users. PropTech makes information more easily accessible and enables its sharing in digital formats, which improves data flow and transparency. 

Congrid wants to promote PropTech development in Finland and internationally. The company has developed a software platform for the management of quality and safety in construction projects. Congrid’s software improves data flow and cooperation on construction sites by making the required information available to all the project parties in real time. Congrid’s goal is to promote quality management in building projects through information, enabling the various project parties to understand what was built and why.

The purpose of RecoTech is to showcase PropTech expertise and key trends and innovations of the industry to businesses, start-ups, investors and professionals in the industry. An increasing number of PropTech companies come from Finland, as according to a survey by Unissu, the number of PropTech start-ups in Finland is the highest in Europe on a per capita basis. 

Congrid participates in the ReCoTech event for the third time and in cooperation with PropTech Finland. In addition to Congrid, other participants in PropTech Finland’s event stand include GBuilder, Exquance, Frostberry, Chaos, Cityfier, Assetti, Duuers, Hyperin, Realx and Realsource. 

The event features major players and influencers in the industry as keynote speakers, including Mike Butcher of TechCrunch, David Malott of AI Space Factory and Bruce Oreck, former US Ambassador to Finland. 

About Congrid

Congrid was founded in 2013 by a team of construction site managers who had become frustrated with the use of pen, paper and Excel-files to control the quality and safety of construction sites. Congrid’s cloud-based software offers users one platform to handle quality and safety management on any construction project, reducing quality costs, improving safety and maximising site productivity. Customers include major developers, construction firms, contractors and subcontractors in the Nordic region. www.congrid.com.

Finance

Lytix Biopharma announces a clinical collaboration agreement with Iovance Biotherapeutics, Inc. (NASDAQ: IOVA)

Author ByCFI.co Blogger

MON, NOV 11

Lytix Biopharma AS, a Norwegian clinical stage immunoncology company, today announces a clinical collaboration with the US-based company Iovance Biotherapeutics, Inc., a late-stage biotechnology company developing novel cancer immunotherapies based on tumor infiltrating lymphocyte (TIL) technology, to evaluate Lytix`s first-in-class oncolytic peptide, LTX-315, in combination with Iovance`s autologous ready to infuse T cell therapy.

Lytix Biopharma is focused on the development of oncolytic molecules based on pioneering research in “host defense peptides”. The company`s lead compound, LTX-315, is administrated intra-tumorally and works by inducing lysis of intracellular organelles of tumor cells thereby unleashing a broad spectra of tumor antigens. Clinical trials have demonstrated an increase in CD8+ TILs in the majority of evaluated patients with solid tumors resulting in size reduction of distant non-treated lesions.

Iovance Biotherapeutics intends to improve patient care by making T cell-based immunotherapies broadly accessible for the treatment of patients with solid tumors and blood cancers. Tumor infiltrating lymphocyte (TIL) therapy uses a patient’s own immune cells to attack cancer. TIL cells are extracted from a patient’s own tumor tissue, expanded through a proprietary process, and infused back into the patient. After infusion TILs reach tumor tissue where they attack tumor cells.

The collaboration is a non-exclusive collaboration where both parties will maintain ownership of their own assets.

Øystein Rekdal, CEO of Lytix Biopharma, said: “We are very excited about the collaboration with Iovance, and the combination of our technologies can be a potential new approach to T cell therapy for cancers. This agreement affirms that we remain committed to the further development of LTX-315 as a single agent and in combination with other therapies.”

For more information contact:

Øystein Rekdal, CEO, e-mail: [email protected]

Finance

Rogue Device Mitigation Startup Sepio Systems Completes $6.5M Series A round led by Hanaco Ventures and Merlin Ventures

Author ByCFI.co Blogger

Gaithersburg, Maryland – US and Israel-based cybersecurity company Sepio Systems, has raised a $6.5 million in Series A funding round led by Hanaco Ventures and Merlin Ventures, with the participation of existing investors Energias de Portugal (EDP), Mindset Ventures and Pico Partners. Since its establishment Sepio Systems has raised $11 million.

Yossi Appleboum, CEO of Sepio Systems Inc.
Yossi Appleboum, CEO of Sepio Systems Inc.

In conjunction with the financing, Sepio also announced the appointment of two new executives to its management team: Gili Sahar joins as Chief Financial Officer and Chen Ben Eliyahu takes as Vice President of Business Development.

Sepio offers the world’s first end-to-end solution that detects and mitigates hardware-based attacks, rogue peripherals, invisible network devices, and manipulated firmware. The company’s Sepio Prime, which is a software-only solution, has been successfully deployed in over 25 banks, insurance, and telecom companies in the U.S., Singapore, Brazil, South Africa and Israel.

Rogue device cyber-attacks are rapidly growing as demonstrated by CNBC’s recent report on ATM attacks and the serious data breach in NASA, whose Jet Propulsion Laboratory (JPL) was hacked through the use of an unauthorized Raspberry Pi Computer.

“The increasing number of hardware based cyber-attacks is a major concern to all enterprises. While all other security solutions are focused on software threats, they are incapable of stopping threats coming from hardware”, said Yossi Appelboum, co-founder and CEO of Sepio Systems, Inc.

“Sepio defines and solves a problem most enterprises know they have but cannot quantify or resolve,” explains Alon Lifshitz Founding Partner at Hanaco Ventures. “Besides creating the Rogue Device Mitigation category, it’s rare as an investor to back founders that have worked as a team for over twenty years now building their third startup together.”

“Partnering with Hanaco and Merlin and the continuous support from our existing investors highlights the industry reception to our solution. This major investment allows us to grow faster, increasing marketing and sales activities and engineering resources.”, added Mr. Appleboum.

Merlin’s partnership with Sepio includes bringing its Rogue Device Mitigation solution to market in the US Federal space. “As soon as we saw Sepio, we realized it was filling a critical gap in supply chain security by extending network visibility down to the physical layer. Our model is to invest in differentiated cybersecurity technology that we can bring to market to solve our customers’ most difficult challenges, and we see Sepio as the perfect fit.”, added David Phelps, Chairman and CEO of Merlin.

As part of its expansion, Sepio is opening a new office in Mclean, Virginia for supporting the US federal customers.

About Hanaco Ventures

Hanaco Ventures is a New York and Tel Aviv based Venture Capital fund that invests in the most promising start ups from the Israeli ecosystem. Hanaco partners with Israeli companies, wherever they are in the world, helping them become category leaders beloved by their customers.
www.hanacovc.com

About Merlin Ventures

Merlin Ventures invests in emerging technologies to create enterprise ready products that protect government and commercial organizations. Merlin offers a broad portfolio of solutions that secure the enterprise from endpoints to networks, from governance to risk management, from infrastructure to information. Combining solutions with deep industry expertise and experience, Merlin delivers the cybersecurity solutions that organizations need to protect their most critical business assets while furthering their mission.
www.merlincyber.com

About Sepio Systems 

Sepio is disrupting the cyber-security industry by uncovering hidden hardware attacks. Sepio Prime provides security teams with full visibility into their hardware assets and their behavior in real time. A comprehensive policy enforcement module allows administrators to easily define granular device usage rules and continuously monitor and protect their infrastructure. Leveraging a combination of physical fingerprinting technology together with device behavior analytics, Sepio’s software-only solution offers instant detection and response to any threat or breach attempt coming from a manipulated or infected element.
www.sepio.systems

Banking

Strogner Together: Women’s Payments Networks Join Forces Across the Pond

Author ByCFI.co Blogger

Alliance between EWPN and Wnet sees increased benefits on both sides of the Atlantic for women in fintech and payments

Women's Payments Networks Join Forces Across the Pond

Amsterdam and Atlanta – 07 November 2019 – The European Women Payments Network (EWPN) and the U.S.-based Women’s Network in Electronic Transactions (Wnet) share a mission to create better opportunities for women and the men that advocate for them in the fintech and payments industries. As a result of their like-minded goals to improve inclusion and diversity, the two organisations today announced they are coming together to allow their respective members to share the benefits of both networks. Members of both organisations can learn more by visiting EWPN and Wnet.

Through the new alliance, EWPN and Wnet will publish dedicated landing pages where members can access each organisations’ extensive intelligence, networking opportunities events, and programming. EWPN, launched in 2015 to champion diversity and inclusion in fintech and payments, serves over 1,000 individual members and 11 corporate members. Wnet, launched in 2005, serves over 3,000 women each year in the U.S., through events, information and knowledge sharing, and networking opportunities.

“This exciting alliance will see EWPN and Wnet working together, leveraging both networks for the benefit of all our combined members”, explained Martha Mghendi-Fisher, Founder of EWPN. “Both networks are dedicated to improving prospects for all women in the payments industry, increasing inclusivity and diversity. Sharing our insights, knowledge and membership will make us both stronger and allow us to bring about change as quickly as possible”.

Members will also have access to each organisation’s workshops and networking events in various U.S. and European countries throughout the year, as well as mentorship programmes. In addition, individual members of EWPN and Wnet may become members of the other organisation at a discounted rate, even if their employer is not a corporate member or sponsor.

Wnet Executive Director Lisl Dutterer announced the collaboration news on stage at the 2019 Wnet Leadership Summit “Leading in a Changing World“, the premier payments industry event designed by and for women leaders and the men who advocate for them.

“By working together, Wnet and EWPN are creating global change and the opportunity for more women to lead in the payments industry”, said Dutterer. “Wnet has been extending our member benefits to women around the globe, and we are excited for the opportunity to work with EWPN’s leadership to accomplish that goal. Sharing our insights, knowledge, and experience will make our organisations stronger and is another effort to bring about positive change across the global payments ecosystem”.

For further information, please contact:

Wendy Harrison – Harrison Sadler, for EWPN

T: +0208 977 9132

E: [email protected]

Jessie Hennion, Wnet Public Relations

T: +1 781-876-6280

E: [email protected]

Notes to Editors

About EWPN

The European Women Payments Network (EWPN) is focused on championing the skills and expertise of women in the burgeoning FinTech and payments sectors. In particular, through mentorship, leadership programmes, networking events and workshops, EWPN is providing the opportunity for women to learn, network, share and celebrate their achievements.

Each year EWPN holds the only Pan-European Conference specifically focused on women working in FinTech & Payments. The conference brings together women from all over Europe for a full-day event, featuring interactive panels, deep-dive workshops, and plenary sessions with industry female leaders.

About the Women’s Network in Electronic Transactions (Wnet)

The Women’s Network in Electronic Transactions (Wnet) is the premier professional organization for women in payments and the men that advocate for them, providing personal enrichment no matter what stage members are in their careers. The organization provides world-class national and regional programming, fosters networking and promotes mentoring to help members achieve greater personal success, influence and professional parity. Founded in 2005, Wnet is a 501 (c) (3) not-for-profit organization serving thousands of women in payments annually. For more information about national and regional events and programming, or to become a member, please visit www.wnetonline.org.

Note from editor: see also this article about Promoting Women