The UK Department for International Trade will send six fintech disruptors to Finnosummit in Mexico to establish local connections and gain market insight
With fintech firmly established as a shining light of the UK’s domestic economy, the country’s government is sending six promising digital disruptors to the Finnosummit trade summit in Mexico City to explore the potential of business in the region.
The companies will gain an insight into the Mexican fintech ecosystem – the largest in Latin America and the Caribbean – as well as an opportunity to showcase their wares to potential clients.
Establishing a strong overseas presence in an increasingly globalised environment is an important step for growing businesses to take – indeed fintech heavyweights Monzo and Revolut have recently embarked on this mission themselves, with ventures in the US and Australia respectively.
Mexico represents a big opportunity for UK fintech firms aiming to grow globally
Latin America is a heavily populated region in which many people are considered “under-banked” due to complex banking systems dominated by a handful of big institutions.
The Department for International Trade will hope its envoys will successfully initiate productive relationships in the region during the Finnosummit conference, and further boost the strength of UK fintech on the global stage.
Her Majesty’s Trade Commissioner for Latin America Joanna Crellin said: “The strength of the UK’s thriving fintech sector is rapidly receiving great interest around the world.
“We are delighted to be supporting these fintech firms as they offer their innovative solutions to one of the fastest growing ecosystems in Latin America and the Caribbean.
“Mexico has taken significant steps in providing an open and collaborative market for fintech to flourish in supporting underserved businesses and helping to meet the needs of the financially excluded.”
Profiling the seven UK fintech firms dispatched to the Mexico trade summit
Here we look at the six UK fintechs handpicked for the fact-finding trip to Mexico.
Not much information is available about Boseman, but the London-based firm claims to be “building the future of money management” in a way that is “radically different” from the current iteration of robo-advisors.
It has offices in London and San Francisco, and is led by a team that has built digital products for Skype, Facebook and FutureAdvisor.
Founded by serial entrepreneur Charles Delingpole in 2014, ComplyAdvantage uses data science and machine leaning to help financial organisations achieve compliance with anti-money laundering and counter financing of terrorism regulations.
Its technology is used by more than 450 customers in 45 countries spanning three continents, providing automated tools for customer on-boarding, transaction monitoring and transaction screening.
Duesday has designed a digital platform to help customers better manage their recurring payments through “small yet meaningful changes that add up to a big impact”.
As the subscription economy becomes more widespread, the Duesday mobile app aims to make staying on top of multiple transactions simpler by aggregating payments such as direct debits, allowing due dates to be changed, and enabling bill sharing between as many as 12 people.
Founded in 2012, Kession Capital provides regulatory hosting services to the financial sector, using technology to provide real-time oversight and guidance.
Working with firms across Europe and Asia, Kession’s services include the listing of debt securities, open- and closed-end funds, securitisation cell companies, specialist investment vehicles and cryptocurrencies.
Paymentology operates in the card payment authorisation and settlement space, helping banks and other financial services companies make transactions simpler and safer to process and manage.
Founded in 2015, the fintech now works with 17 million merchants and ATMs worldwide, and offers either a hosted or licensed version of its technology platform.
Based in London and founded in 2013, Rhisco Solutions works with banks and insurers to help them navigate the modern global regulatory environment.
It offers digital tools and advice services for achieving compliance with risk management and capital requirement rules, working with companies across Europe and Latin America.