Partnerships & Acquisitions
Money Dashboard & Wealthify
Money Dashboard has integrated its personal finance app with investment provider Wealthify to allow customers to track their investments alongside their other financial accounts in real-time.
Money Dashboard completed a £4.6 million funding round earlier this year, taking investments from more than 3300 investors on crowdfunding platform Crowdcube. The funding is being used to grow the app’s community of users and boost the company’s staff.
This is the first investment integration rolled out by the app, following on from Money Dashboard’s recent work with Monzo, Starling Bank and Revolut.
The partnership between the fintechs is an example of encouraging collaboration by Open Banking, the government-backed initiative aimed at giving consumers greater control of how their data is shared between regulated parties.
Money Dashboard CEO Steve Tigar commented: “Our mission is to help people from all walks of life master their money, so we’re delighted to be rolling out integrations with innovative fintechs such as Wealthify and making it simple for users to track their investments as well as their day-to-day spending and saving.
“Having complete visibility over one’s finances in real-time makes it much easier for people to understand their overall financial situation and to progress to where they want to be.
“This integration is one of a number of exciting new connections we’ll be making with providers across the financial landscape in the coming months.”
Richard Theo, Wealthify CEO, added: “At Wealthify, we aim to make investing as simple, accessible and transparent as possible. Our integration with Money Dashboard is a fantastic fit for both brands, allowing our customers even greater visibility and control of their money.
“We are thrilled to be the first digital wealth management platform to partner with Money Dashboard – our values are closely aligned, and we have great respect for what they are doing.”
IT and Telecoms provider GB Technologies is investing in Tweed Horizons Business Centre near St Boswells to in a bid to improve digital infrastructure and eco-friendly power supply.
The company partnered with Commsworld to install one gigabyte fibre-optic broadband to ensure that a high-speed connection will be deployed throughout the building as part of ongoing improvements to the Centre.
GB Technologies will also be working alongside Renew Green Energy, based in the Borders, to add heat pumps and solar panels to the building, further improving energy efficiency.
Mark Moncrieff, managing director of GB Technologies, commented: “Tweed Horizons is a well-established business centre serving the Scottish Borders, but we know that with our expertise in IT and communications we can significantly improve the experience for tenants and those who host events at the centre.
“This investment marks a new and exciting phase in the growth of our company too, and we have lots of plans for the region’s first digital hub.”
Professor Russel Griggs OBE, Chair Designate of South of economic development agency Scotland Enterprise, said: “The establishment of a digital hub by GB Technologies at the Tweed Horizons Business Centre is most welcome and has the potential to benefit many businesses across the South of Scotland.
“Using and improving digital connectivity is an overarching aim of South of Scotland Enterprise and this will add to other digital hubs that will help drive inclusive growth.
“South of Scotland Enterprise, through its predecessor the South of Scotland Economic Partnership, has already supported other developments of this type in the region and will continue to do so.”
Professional services company Accenture has acquired Context Information Security, a leading cyber defence consultancy, for an undisclosed fee.
The acquisition of the London-headquartered firm will strengthen Accenture Security’s existing portfolio and enhance the organisation’s cyber defence offerings.
Founded in 1998, Context was previously owned by Babcock International Group and has offices in Germany, the United States and Edinburgh. The company provides high-end cyber defence, intelligence-driven red team, vulnerability research and incident response services.
This deal marks the latest in a series of acquisitions for Accenture. In January, the company agreed to acquire Symantec’s Cyber Security Services business. The firm has also recently acquired Deja vu Security, iDefense, Maglan, Redcore, Arismore and FusionX.
Accenture said the acquisitions demonstrate its commitment to “investing, innovating and scaling” its cybersecurity services for clients.
Commenting on the acquisition Kelly Bissell, Senior Managing Director at Accenture said: “This acquisition is an excellent match for us, combining a group of highly skilled cybersecurity professionals globally while providing differentiated services to clients in the UK market.
“The deal signals continued aggressive growth for Accenture Security and gives us a new branch of talented family members to help clients grow their business with confidence and resilience.”
More than 250 employees from the company will join Accenture Security as part of the deal, helping to deepen services offered to clients.
Mark Raeburn, CEO of Context Information Security, added: “We are excited about the opportunity to become part of the Accenture family. Combining our skills and expertise under one roof to help us do more for our clients and create more opportunities for our people was an easy decision.
“Accenture’s industry-focused approach across adversary simulation, red teaming, incident response and more, matches Context’s own strategy. Accenture’s family culture is a great fit for Context. We’re genuinely excited to join forces to help clients better defend themselves against the world’s most advanced adversaries.”
Les Bayne, Joint MD for Accenture Scotland, commented: “Companies like Context Information Security with footprints here in Edinburgh offer huge opportunities for financial services firms to benefit from industry-leading cyber defence talent and experience.
“They are an excellent match for Accenture Security globally, but particularly here in Scotland where FS firms demand world-class support.”
Modulr and Visa
Modulr, one of the UK’s fastest-growing fintechs, partnered with Visa to expand its European customer base.
The partnership will add extra functionality and benefits to Modulr’s offering, including optimised pricing, improved speed to market and simpler ways to launch Visa products.
The partnership will help the company launch consumer and business card capabilities for its partners and will enable it to issue currencies. The access will remove the requirement to go through an intermediary bank, eliminating extra layers of friction and give them the ability to issue Visa products directly.
Myles Stephenson, CEO of Modulr, said: “Gaining direct access to key financial infrastructure, such as the Visa network, means that we gain more control and are able to deliver faster, simpler and increasingly friction-free full payment capability to our clients. By opening up access to non-banks such as ourselves, it also helps to provide a more level playing field for competition in the sector.
“We look forward to extending the functionality of Modulr’s core platform with a leading card scheme, enabling us not only to build a more reliable service, but to pioneer payments innovations even faster.”
Jill Docherty, head of business development, UK & Ireland at Visa, said: “We’re thrilled to announce our partnership with Modulr, an exciting payments platform that enables digital businesses to offer innovative, user friendly, payment solutions.
“We look forward to working with Modulr as it looks to expand its portfolio and grow across key sectors in Europe such as travel. We look forward to seeing how our partnership will enable even more businesses across the UK and Europe to benefit from Visa products, driven by powerful payment solutions built by Modulr.”
Lanarkshire-based DataVita – Scotland’s leading datacentre and multi-cloud services provider – reported a 76% growth in revenue during 2019, thanks to a programme of diversification and several new client wins.
The company delivered a seven-figure increase in revenue over the past 12 months, following the introduction of new cloud-first products and services, aimed at both new and existing customers. DataVita witnessed increased interest in its multi-cloud hosting, disaster recovery and backup products, as well as its professional services offering, where the business takes on a management role to help clients collate multiple IT suppliers.
In 2019, the company also secured its place on the new Scottish Government cloud services framework, allowing the company to offer public sector organisations – including local authorities, education providers, the NHS and emergency services, and the third sector – access to a range of cloud and datacentre services.
The company said that it hopes to build on the momentum of the last year, aiming for even higher levels of revenue growth in 2020 and is already recruiting for several new technical and sales roles.
Danny Quinn, managing director of DataVita said: “The creation of DataVita was always intended to be a long-term project and we’re proud of the high-quality services that we continue to bring to the market – with no short cuts or compromise when it comes to delivery.
“We had strong ambitions when we went live in 2016, but our plans for the future are equally as bold. Over the next 18 months we expect to expand further, tripling the size of the business.
“Datacentre and hybrid cloud services are a major priority for Scottish businesses and as our digital economy grows, the demand for our services will only intensify. We’re proud to have a datacentre that is unique to Scotland, offering energy-efficient, reliable and secure hybrid cloud services for businesses of all shapes and sizes.”
GC Exchange (GCEX), a digital asset and currency technology solutions provider, has revealed plans to move to Scotland, the latest in a string of new investments in the country.
As part of the investment, a total of 26 jobs will be created, supported by a £350,000 Regional Selective Assistance (RSA) award from Scottish Enterprise.
Scottish Government Cabinet Secretary for Finance, Kate Forbes, said: “We are doing everything possible to help Scotland realise its full potential in an increasingly digital world. That means investing in digital skills, infrastructure and technology.
“The Scottish Government, through Scottish Enterprise, recognises the importance of supporting companies like GCEX to enhance Scotland’s expertise in that area – creating jobs and training opportunities in the process.
“This is an exciting time for our Fintech sector, after it recently gained accreditation as a European Cluster of Excellence.”
Alongside Scottish Enterprise, GCEX has also engaged with national skills body, Skills Development Scotland (SDS), to support the company accessing the talent it requires for its Glasgow facility.
Head of growth and inward investment at SDS, Marion Beattie, said: “More and more companies like GCEX are citing the talent pool as one of the primary reasons for investing in Scotland, which reflects the strengths of our highly-skilled and innovative workforce.
“Skills Development Scotland has worked as part of ‘Team Scotland’ to show GCEX how we can help them identify their skills needs and build a talented team at their new Glasgow base, and we’ll continue working with them so they can develop a skills pipeline that will help them grow their business.”
GCEX’s arrival into Glasgow is a positive move for Scotland’s fintech sector. At the end of January, the sector became the first in the UK, and only the third in Europe, to receive formal accreditation as a cluster of excellence.
The Scottish cluster was founded as an independent industry organisation by the financial services sector, universities, the Scottish Government and Scottish Enterprise, and is overseen by FinTech Scotland.