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FinTech Wales Foundry helps create new jobs, new deals and investment

Neil Cocker, Programme Director of the 2022 FinTech Wales Foundry. Credit: Wales News Service

FinTech Wales Foundry, the flagship accelerator program created by FinTech Wales, has today completed its 2022 programme with a pledge to create, between them, more than £70 million in revenue, and create more than 100 jobs in Wales, over the next three years.

Sponsored by Principality Building Society, Admiral Money, and supported by Cardiff Capital Region City Deal, the accelerator programme offered places to eight start-up businesses from across the UK and Europe.

Just six months since the last programme, the Foundry launched with its second season, bigger, and bolder than before. Thanks to lifting of Covid restrictions the program ran in person, with world leading master classes, engaging Fireside Chats with world-renowned entrepreneurs, and support to help founders validate their early-stage ideas, raise investment and create a plan to scale

The Foundry is a 12-week no equity programme backed by FinTech Wales and is the only accelerator of its kind in Wales.

L-R: Billy Williams – Cufflink, Daniaal Awais-Dean – EverKnock, Eamon Tuhami – FinTech Wales, Tom Lewis – Admiral Money, Abi Elohim – BOMADU, TJ Amas – QuoteOnSite, Neil Cocker – FinTech Wales, Sarah Williams-Gardener – FinTech Wales, Ken Poole – Cardiff Council, Shabnam Wazed – AGAM, Diogo Santos – Yacooba, Ammar Akhtar – Finalrentals, Steve Talbot – EverKnock, Ben Joakim – Principality Building Society. Credit: Wales News Service

Over 150 companies from across the UK and Europe applied to take part in 2022, of which eight companies were invited to take part in the programme, entitled The Foundry: Validate Raise & Scale.

Those companies are:

  • TropoGo — Building Google Maps between 30ft to 3000Ft for Low Altitude Aerial Mobility and Insurance.
  • QuoteOnSite  – QuoteOnSite is a cloud-based platform that saves SME’s time and money by automating the process of creating, sending, tracking and analysing their quotes, proposals, contracts and other digital documents.
  • Yacooba – Mixing blockchain ticketing protocol with a one-click-buy travel marketplace to generate more revenue for promoters and rewards for audiences.
  • Finalrentals – Powering local car rental companies to unlock the power of internet with online bookings, insurance, e-payments, and an international voice (AdTech meets FinTech)
  • BOMADU – Helping first-time buyers finance property deposits in an innovative way
  • AGAM – AI powered credit-scoring platform connecting customers to banks for accessing instant credit.
  • Cufflink – helping businesses limit the likelihood, impacts and costs of a personal data breach.
  • EverKnock – A concierge to manage every aspect of your home-buying journey.

This year’s programme officially concluded on May 4th at a showcase event held at Techniquest in Cardiff Bay. All four of the non-Welsh start-ups, including businesses from Portugal and Poland, have now registered a presence in Wales and will be creating jobs here.

Economy Minister Vaughan Gething said:

“I’m delighted to see the second successful cohort of Fintech startups graduating from the FinTech Wales Foundry.

“FinTech is a fast-growing innovative sector and one that has a prosperous future in Wales, creating economic value and high-quality, rewarding job opportunities.

“Earlier this year I was fortunate to meet some of this cohort on a trade mission to Dubai and I learnt first-hand the growth aspirations of these start-ups, including through export markets.

“I would like to thank FinTech Wales for providing expertise and support to this vibrant cluster, tirelessly promoting their members both in Wales, across the UK and on the global stage.”

Neil Cocker, Programme Director of the 2022 FinTech Wales Foundry, commented:

“This year’s cohort represents some of the most forward-thinking start-ups in areas such as data security, blockchain and insurance.

“It’s been incredible to work with such innovative companies that are really making strides in new and developing areas of FinTech. It’s imperative that, for Wales to become a leading global FinTech hub, that we are encouraging these innovative businesses to Scale in Wales and with even the international startups on the programme committed to relocating and growing their businesses in Wales, I feel like we’ve made real in-roads which can only lead to more success for this thriving sector in Wales.”

Last year’s cohort collectively raised more than £9M in investment and created over 20 jobs. Part of the 2021 cohort was Sero, a Cardiff-based energy technology and services company who has recently secured £5.5m investment from Hodge and Legal & General.