Looking to fundraise or test your start-up idea? We’ve just had a fascinating glimpse of what four leading VCs are looking for in their next investment, as well as a bit of inside info on what the FCA Innovation department is hoping to test in their global sandbox.
Four start-up fintechs went head-to-head at our inaugural Fin-k Tank conference, judged by a panel of experienced VC investors:
- Will Gibbs, Investment Manager, Octopus Investments
- Dharmash Mistry, General Partner at Lakestar VC, Angel Investor and NED
- Rob Moffat, Partner, Balderton Capital
There were four demos:
- Richard Crook, Head of Emerging Technology, RBS. He spoke on the next generation of fund creation on block chain.
- Sebastian Comment, MD and Samuel Scheidegger, Member of Executive Board at Clever Circles. Clever Circles is an open asset management platform that allows you to harness the wisdom of your chosen crowd when making investment decisions.
- David Vanek, CEO and Founder, Anorak. Anorak is a new player in InsureTech – you can get a simple life insurance checkup online, impartial advice about your cover and then 3 best-matched policies to cover you. They scan all the major insurers.
- Vinay Samuel, Founder and CEO, Zetaris. Zetaris is an Australian-born data platform, the world’s only true data fabric. It lets organisations connect to every possible data point that helps define an organisation’s decisions.
Dharmash said: “The thing we see most is great solutions that don’t really have problems. There needs to be a very clear problem the business is solving. We invest in companies which offer solutions that are 50-100% better…winners make investments in customer experience. It causes a self-fulfilling word of mouth loop.”
Zetaris intrigued him. “We see lots of companies with data living everywhere and in a mess. Zetaris seems to push on this significant problem.”
“The public is wooed by cost and pricing structures when it comes to switching,” said Rob Moffat. Pricing was a key theme of the day – Dharmash called out commission-free trading platform Robin Hood as a genuinely exciting entrant. “It’s hard to see how their pricing model won’t be very disruptive.”
Will Gibbs said there was “a lot of excitement about building value on top of existing incumbents. If you get the customer proposition and experience right, the size of the prize is huge.” Though he also called out the knowledge gap as a real barrier to mass-market adoption. “We’re underwhelmed by financial education – the gap is still there, and it creates a ceiling on innovative mass-market products.” Will, we couldn’t agree more.
The popular vote went to Anorak, a life insurance and income protection provider, which aims to ease the journey of finding and buying the right life insurance. David Vanek, CEO and Founder, said: “There are 9m without life insurance in the UK, and another 35m in the US. We want to make life insurance as accessible as possible.” It secured 51% of the overall votes.
Starting the presentation with a slide saying two words, DYING SUCKS, may have helped.
Anna Wallace, Innovate Head of Department at the Financial Conduct Authority (FCA), explained that although it’s tempting at times, it’s not the regulator’s role to tell start-ups how to innovate. When new ideas come along, however, they can help start-ups test them with real users in safe environments. The Global Sandbox is designed to do just that.
“Fintech business models are too untested to regulate well, so we set up a sandbox to test the safely with real users before they go to market,” Anna said. So, what would they like to see more of, just quietly?
“Helping the most vulnerable in society hasn’t been an attracting force for innovators. Low cost credit ideas, for example. We’d love to see more of that in the sandbox.”
You heard it here first.
Related Questions
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Trying to get a bit more pro-active with my pension. If my money had been in an online managed fund like Nutmeg for example, is it reasonable to assume that as the markets fell last year the funds would have been managed in real(ish) time to limit the damage? If so, is it therefore a no-brainer to transfer my pension to an online managed pension or is it not quite as simple as that?
David | London | 08/02/2019 | 2
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I recently came across your blog and it has been a great introduction to learning about my personal finances. I was wondering if you could recommend any additional resources (websites, books, online help) for beginners and that are tailored to the UK market. I am in my early 20's and I'm looking to further my knowledge of money, and foster a greater relationship with it. In addition to that, I'd like to know your opinions on how the possible outcomes of Brexit will affect the market and potential personal finance investments.
Rita | London | 23/01/2019 | 0
- Stocks and Shares ISA
- Robo Adviser
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With a SIPP in drawdown would a company like Netwealth whose investment management fees are of the order of .66% of the value of the portfolio, be a better option compared to companies like Hargreaves Lansdown or Investec? What are the relative benefits of Netwealth over the more traditional wealth managers?
Steve | Lancashire | 22/01/2019 | 6
- Private Pension
- Robo Adviser
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Is there a Robo Investor who provides both income and growth for those who are retired? (There must be a large market for this?) It seems to me that at the moment all the Robos focus on long term growth and reinvesting dividends - which is fine if you are younger.
David | 18/01/2019 | 1
- Robo Adviser
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I've been reading recently about how investment trusts are much the same as funds, but are cheaper to own. A: Is this true? and B: Do you have an article on Investment trusts on your site?
Nick | Surrey | 16/01/2019 | 1
- Funds
- Other
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Hello, I really enjoy your website and find it useful and concise. My question is, what is meant by long term savings? I am 54, so what should I consider to be an appropriate time frame for any investment I make, that could supply the best results?
Jennifer | Essex | 16/01/2019 | 7
- Online Investment Platforms
- Funds
- Pension
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I’m new to investing and in my late 30's. I'm actually stuck in a dilemma whether to invest using DIY platforms like Interactive Investor, A J Bell or Hargreaves Lansdown OR invest using robo advisors like Nutmeg, Moneyfarm or Pensionbee. I have compared the fees and they are not significantly different. Do robo advisers have a better return rate? I can dedicate some time to DIY investing but not a significant amount of time. Please advise. Thank you.
Victor | Kent | 14/01/2019 | 1
- Robo Adviser
- Online Investment Platforms
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I have an old pension and they have written to me saying that they are going to enhance my pension if I transfer it out. The company is also offering free independent advice. I have £117,000 in the pension at the moment, which would give me £6400 a year at 65. I am 61 in April and would like to finish work at that point. I am not sure how much extra they will give me. Have you any ideas or suggestions to help me decide? Thanks.
Nicholas | Carmarthenshire | 04/01/2019 | 0
- Pension
- Workplace Pension
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I’m a 20 something year old woman who’d like to learn more about investing. Do you have any books or reading material that gives a complete beginner a better understanding of how investing works?
Precious | Surrey | 03/01/2019 | 0
- Stocks and Shares ISA
- Online Investment Platforms
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From my retirement I received a lump sum of money and a monthly pension. I have £100,000 that I do not need for the foreseeable future... One of my main concerns with Financial Advisers are their costs... All I want is simply to see this money grow to its potential, sensibly and above inflation... Therefore my next thoughts are Stocks and Shares ISAs... My only concerns here are the current Brexit problems - I saw the FTSE drop this past week. I cannot find any information out there to assist with my decision making if this is certainly a good time to invest... I am aware that I can place £20,000 for this year. Come April 2019 I place another £20,000 and so on until the £100,000 has been utilised. Do I have to place it into the same fund or can I choose another different fund with a different company?... Please can you help to ease some of this burden, which has proved an awful part of my retirement and made me frightened to spend any money.
Katherine | Derbyshire | 02/01/2019 | 0
- Private Pension
- Stocks and Shares ISA
- Cash
- Robo Adviser
- Online Investment Platforms
- Workplace Pension
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I'm the sole carer for my chronically ill and elderly mum, as well as a full-time police officer. I have no other family apart from her. Due to mum's condition, and the fact that I'm exhausted performing both roles, the only option is to go part-time, as mum won't accept help from anyone else. To allow me to go part-time, I will need about £25,000 until March 2020 when I will be retiring. I’m confident of getting another job shortly thereafter. In January 2021, I will receive a commutation lump sum of about £50,000. I have a sizeable fund portfolio under an ISA wrapper with Hargreaves Lansdown. That is doing very well, so I don't really want to sell any of these funds and 'lend myself money' from that. My ideal funding solution would be a bond-type IOU agreement, where 'someone' lends me the money. Are you aware of a peer-to-peer site that could assist? Thanks
Dave | Hertfordshire | 27/11/2018 | 1
- Stocks and Shares ISA
- Online Investment Platforms
- Other
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I’ve been investing in Nutmeg’s Risk 10 profile for three years which helped my deposit for my house. I am now wondering whether to use Nutmeg again, or should I use LifeStrategy for my £1000 per month? Is there a difference between Vanguard's LifeStrategy option and let’s say a well known robo adviser like Nutmeg? I am still a beginner and would like to keep things simple, but happy to take risk and prepared to leave my investments for a long time.
Jordan | Surrey | 26/11/2018 | 6
- Robo Adviser
- Online Investment Platforms
- Funds
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Do you have any recommendations for books that I can buy my 18 year old daughter for Xmas on the subject of pensions and investments so she can start to understand the subjects? She's young I know but I would like to get her started. Many thanks!
Nicki | Devon | 15/11/2018 | 2
- Robo Adviser
- Online Investment Platforms
- Other
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I was lucky enough to inherit a significant sum from my father... currently in Alliance trust platform in 10 investment trusts. They have delivered well in the last 20 years. But they are UK equity based. And highly risky. Do you offer a sanity check service for confused individuals like myself? I don’t know what to do...
Paul | Berkshire | 12/11/2018 | 2
- Private Pension
- Online Investment Platforms
- Funds
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I am 35 and working part time on a reasonable salary. I've recently taken out a Stocks & Shares ISA with Wealthify (from reading the recommendations on Boring Money) where I pay in £40 per month. However, I'm wondering if I should be doing more? Should I be diversifying and using more than just Wealthify? Or is it better to increase the amount into Wealthify?
Holly | Sussex | 17/10/2018 | 1
- Stocks and Shares ISA
- Online Investment Platforms
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I am 25 and starting to seriously financially plan out my future. I would really welcome a 'sense check' on my thinking as well as some help on which investment choices to make. My goals are: To invest for 15 years - my risk appetite is very high (i.e. I could afford to lose all my money). Goal 1 - More Important: To have an investment pot of £1,500,000. Goal 2 - Less Important: To be mortgage free. My plan is: 1) Open an annual Stocks and Shares ISA each of the next 15 years. 2) Open Share trading/dealing account. 3) Reduce my mortgage term to 6 years by 2025. I appreciate the above is a lot to go though, but I'd welcome any help and guidance.
Mo | London | 15/10/2018 | 3
- Stocks and Shares ISA
- Shares
- Online Investment Platforms
- Funds
- Other
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I shall have £10k to invest shortly, and I want to use an actively managed portfolio in a quality company. How would you rate - Investec Click & Invest/True Potential Investor/Nutmeg on the basis of ROI/customer relationship/quality/risk factors etc? I would class myself as a mid-grade risk-taker/reasonably adventurous if appropriate, with a high quality company. I presently use Hargreaves Lansdown and Wealthify but feel the need to diversify. What do you recommend?
Richard | Shropshire | 03/10/2018 | 1
- Online Investment Platforms
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The recent Metro article which Holly participated in has really inspired me and made me think that investing in shares is something which I would like to do. Unfortunately I am completely thrown about where to start. I would be grateful for any advice you could pass my way. Realistically, I would only have about 2k to invest, so any tips would be gratefully received.
Sarah-Jane | London | 12/09/2018 | 3
- Stocks and Shares ISA
- Cash
- Online Investment Platforms
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Is there a reason you don’t list Saga in your Best Buys? Additionally, I have purchased a few investment trust shares but can’t work out how the dividends are paid. Scottish Mortgage is an example. I wasn't given an option to choose how to receive the dividends. It would be useful if you could provide some clarity on how investment trusts pay their dividends.
Carl | Buckinghamshire | 07/09/2018 | 1
- Shares
- Online Investment Platforms
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My wife and I have recently separated. The equity in the house is going to be split 50/50. We don't have any other meaningful assets. We have agreed to co-parent the children equally. My wife is requesting that I pay child maintenance, child care and school expenses. A CMS document states that shared child care results in no child maintenance payments. However, I do agree with the child care and school expenses payments. Our daughter has Autism Spectrum Disorder, so my wife gets a Disability Living Allowance for her and also works full time. If I don't pay the child maintenance, child care and school expenses, my wife is threatening to claim spousal maintenance, and take half my pension. Should I pay the £350/month or take my chances in court?
D | Lincolnshire | 03/09/2018 | 0
- Pension
- Other
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Can you advise me on the best approach when looking to invest in a product that offers compound interest? I’m thinking about funds rather than bank accounts. I also have 4 different pensions on the go. Should I keep them separate to diversify the risk? Or consolidate them? How will these pensions be treated when I retire? Will they be considered in aggregate by the tax man?
Craig | Clackmannanshire | 16/08/2018 | 1
- Private Pension
- Online Investment Platforms
- Funds
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I have about two thirds of my ISA in funds with Charles Stanley Direct and about one third left with St James's Place. I was planning to transfer the remaining one third to Charles Stanley Direct. However the recent platform price increases seem to put me in the worst position possible. I also have a private St James's Place pension. Would I be correct in thinking the fees are also high on this, and I could do better elsewhere? Can I transfer into an SIPP for example?
Gerry | Bedfordshire | 15/08/2018 | 4
- Private Pension
- Online Investment Platforms
- Funds
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I invested my money in a St James's Place managed fund, split into ISAs and bonds, after advice from an adviser who was a St James's Place partner. My investments have done reasonably well, but I've read disturbing reports about St James's Place. Should I have concerns? Should I have found an independent financial adviser?
Glyn | Essex | 09/08/2018 | 6
- Funds
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I wanted an investment trust with an income, so I put £10,000 into The Investment Company. It delivers a reliable quarterly dividend but the capital value has dropped by 10% since I invested 2 years ago. What are your favourite investment trusts?
Fran | Greater London | 08/08/2018 | 4
- Shares
- Funds
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Is there an average number of funds that one should ideally hold? I have in excess of 20. I am happy with my portfolio and coverage, but wonder if I have too many funds. The second part to the question is how long should you leave an underperforming fund?
Richard | Hertfordshire | 06/08/2018 | 3
- Funds
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I'm 24 and would like to begin investing. Am I better off using a robo advisor such as Wealthify/Wealthsimple or a fund such as Vanguard LifeStrategy?
Amanda | Greater London | 06/08/2018 | 6
- Shares
- Robo Adviser
- Online Investment Platforms
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I am 73 and cautious. There are two areas that your advice would be helpful..what if you just spend thousands on buying the gold standard footsie companies like shell and the rest and keep them for five years and then cash them in ?
DB | UK | 24/07/2018 | 6
- Robo Adviser
- Online Investment Platforms
- Funds
- Pension
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My wife needs to set up a SIPP with a good value, low cost, low maintenance underlying investment portfolio. We want a good mobile app from a well respected provider. Where can we see the options and directly compare historic returns so we can make a decision?
Guy | HRT | 17/07/2018 | 1
- Private Pension
- Pension
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Nutmeg require a minimum investment of £5,000. As I have less than £5,000 per annum income I am a bit confused about how much I can put into a pension. I know the government will only gross up a maximum of £2,880 per year but can I put more than this in and forgo the gross up?
Barbara | HRT | 10/07/2018 | 1
- Robo Adviser
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I hope you can help. I recently consolidated two modest pensions into a SIPP in readiness to start UPFLS drawdown in May (2018). Whilst I was hoping for growth in my investments I wasn’t expecting it to rocket and now find I could well be looking at exceeding the lifetime allowance, possibly even before my first annual drawdown in May, and I’m unsure what, if anything, I should do.
John | LDN | 03/07/2018 | 1
- Private Pension
- Funds
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I was considering applying for Individual protection 2016, which I understand would give me an LTA of £1,021,390. However, following the Inflation rise of LTA, it seems the LTA is now at £1,030,000. It now seems pointless applying for Individual protection 2016. Have I got this right?
David | LDN | 12/06/2018 | 0
- Pension
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What are the differences between income and accumulation income funds? How do you declare income reinvested in a fund on your tax return?
C | 05/06/2018 | 0
- Funds
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Hi, If I take a lump sum from my pension at age 55, what is the rate of tax after the first 25%?
Judy | 17/05/2018 | 1
- Pension
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We have a portfolio of ISAs/ PEPs worth around £250k, currently invested via Cofunds, managed by Chelsea and Bestinvest. I'm told this is quite an expensive option regarding platform charges. Are there better options?
John | BRK | 08/05/2018 | 6
- Robo Adviser
- Online Investment Platforms
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How long does it take to release money from your pension at 55 years old?
Diane | WYK | 01/05/2018 | 1
- Pension
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Do you have information on taking your pension pot before retirement? My husband is 62, on a final salary scheme & is trying to get clear information on it.
Jo | 17/04/2018 | 3
- Pension
- Workplace Pension
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Can you recommend some very basic books for a 69-year-old widow who is now having to manage her money? Thanks
Martha | 12/04/2018 | 0
- Shares
- Funds
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Hi, I've got an old D.B. pension, approximate value £12k. I would like to invest & top up each month. Who would you recommend? Also I would like to make an investment, & don't know where to start? Thanks
Eve | 04/04/2018 | 5
- Funds
- Pension
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I am post-divorce with a good settlement which I have only partially invested. Are there any courses you can recommend? I have sat in a number of meetings with accountants and financial advisers feeling somewhat patronised! I am sure that there are plenty of women in a similar position to me (aged 55!).
Ellie | 14/03/2018 | 3
- Shares
- Funds
- GIA
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How can I find a good financial adviser?
Byron | Greater London | 01/03/2018 | 0
- Shares
- Funds
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My question is about my wife's pension valuation in a divorce situation. She is on a final salary scheme working for a national charity organisation. I feel the CETV value is too low and certainly does not take into account the inbuilt benefits such as guranteed final salary, life insurance.
Jay | 12/02/2018 | 0
- Pension
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I am a 59 yr old retired lady with no income but I have reasonable equity..is it worth starting a pension or is it too late?
| 06/02/2018 | 2
- Private Pension
- Pension
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Hi, If I take a lump sum from my pension at age 55, what is the rate of tax after the first 25% ??
Gareth | HAM | 26/01/2018 | 0
- Pension
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I am in the very lucky position of just having received a gift of £800k which I want to invest for our retirement. My husband and I are in our late 40s and aim to retire in around five years. We have 11 more years of school fees to fund, then hopefully university fees for two after that. I've put together a plan for us - can you have a look and see if it makes sense?
Fiona | UK | 18/01/2018 | 6
- Private Pension
- Stocks and Shares ISA
- Junior ISA
- Shares
- Cash
- Online Investment Platforms
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Can losses in a pension SIPP be offset against anything?
Henryk | HAM | 17/01/2018 | 0
- Private Pension
- Pension
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We have four grandchildren (2 English living in UK, and 2 Irish living in Eire). We have decided to start savings plans for their futures. Their ages are 18yrs, 11yrs, 8yrs and 4yrs respectively. My age is 75yrs, and my wife is a little older. What should we do, please?
John | BKM | 01/01/2018 | 1
- Junior ISA
- Lifetime ISA
- Shares
- Funds
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Given the recent poor performance in Woodford Equity Income, do you think I should sell it or wait for the fund to recover?
Jenna | Cornwall | 17/12/2017 | 3
- Funds
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I am already receiving a pension from a final salary scheme and I am retired. I have a sum of money I want to invest. Can I start another pension as a saver and, if so, how much can I put in every year?
Collette | Greater London | 25/11/2017 | 0
- Private Pension
- Online Investment Platforms
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I am a 59 yr old retired lady with no income but I have reasonable equity..is it worth starting a pension or is it too late?
LL | NFK | 10/11/2017 | 2
- Private Pension
- Shares
- Pension
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If I were retired and drawing my pension, can I earn an income from doing some sports coaching too? If so, how much can I earn without it affecting my pension? Thanks
Charlotte | DEV | 07/11/2017 | 0
- Pension
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I am getting long in the tooth at 79, a little forgetful and I am going through a painful divorce. This has shattered my confidence and I need help.
Richard | Kent | 05/11/2017 | 3
- Private Pension
- Funds
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I have just sold my house and have a significant sum of money I want to invest. I may want to draw some income but also want to achieve capital growth. Are there funds that aim to achieve both or should I just invest for growth and draw money as I need to for income?
Jon | SRY | 13/09/2017 | 1
- Funds
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Please help me. Choosing a pension from Aviva. It asks if I want growth or income? Which one do I choose ? I'm 46 .
Ria | Greater London | 11/09/2017 | 8
- Private Pension
- Pension
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I am interested in the Fund piece that Holly refers to in today's Money Supplement in the ST’s with 'Lindsell Train Global Equity'. I am looking for a fund for myself (54 yrs old) but also my son (19 yrs old). Is this fund suitable for either of us with an investment strategy of 10 years +.
Richard | 22/01/2017 | 0
- Funds
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I am confused about index funds, e.g. Vanguard Equity fund. Do they track an index or include the yield? In the case of Vanguard, their low cost is attractive but their portfolio is made up of other Vanguard funds. I assume these probably each carry a fee structure - is this correct?
Robin | Gloucestershire | 03/09/2018 | 0
- Online Investment Platforms
- Funds
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Is it worth using a financial adviser when it comes to switching pensions funds, or should I do the research and pick the funds myself? I am no expert in stocks and shares.
Helen | Dorset | 10/08/2018 | 4
- Private Pension
- Shares
- Funds
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I've got £20,000 from an endowment policy (astonishing, I know), and I'm looking into how best to invest to get a reasonable return without excessive risk. Any thoughts much appreciated!!
Penny | Peterborough | 09/08/2018 | 1
- Stocks and Shares ISA
- Cash
- Online Investment Platforms
- Life Insurance
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I am looking for a fund for myself (54 yrs old) but also my son (19 yrs old). Is this fund suitable for either of us with an investment strategy of 10 years +.
| 29/05/2018 | 3
- Robo Adviser
- Funds
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I use H&L and although they are a bit 'plumy' on the phone I quite like their website and the costs are OK. So I was thinking of H&L for [my son]. I would be telling him to open these two funds and regularly invest and forget about them for 10 years!
R | Greater London | 29/05/2018 | 1
- Lifetime ISA
- Robo Adviser
- Online Investment Platforms
- Funds
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Given the recent poor performance in Woodford Equity Income, do you think I should sell it or wait for the fund to recover?
| 29/05/2018 | 0
- Funds
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I have a bit of excess money to play around with and I have been looking at Investment funds. What is the typical % growth rate of an investment fund?
David | Greater London | 07/09/2017 | 7
- Online Investment Platforms
- Funds
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Why should I bother with paying into a pension at my age of 55 years now when I have never had one?
Tee | Greater London | 07/09/2017 | 4
- Private Pension
- Pension
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Can I sort a pension out myself online?
Sharon | Greater London | 07/09/2017 | 0
- Pension
- Workplace Pension
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What might a savings pot of £100,000 get me as a retirement income?
Aboodi | Greater London | 06/09/2017 | 1
- Pension
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Pensions vs ISA - which one is best?
Roderick | Greater London | 06/09/2017 | 0
- Stocks and Shares ISA
- Junior ISA
- Lifetime ISA
- Pension
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What funds could my millennial children invest in?
Anthony | Greater London | 06/09/2017 | 1
- Funds
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What are the changes with pension annuities? My mother in law has asked as her retirement is looming. I've read in the press it's changing but it all feels confusing. I just need some simple clear advice. Thanks
Keith | Greater London | 06/09/2017 | 2
- Private Pension
- Pension