A company which aims to bridge the gap between FinTechs and financial institutions has been backed by Industrial Thought Ltd.
Industrial Thought Ltd is a group of companies focused on accelerating the future of wealth management.
It has backed collaboration platform Finbridge Global with £150,000 cash plus £350,000 worth of ‘strategic support’.
According to 2023 statistics from Deloitte, there are currently around 30,000 FinTech startups worldwide with a global market value of approximately £252 billion. The UK FinTech market is valued at £15.9bn.
However, despite the significant opportunities this represents for startups, investors and financial institutions, it is challenging to search and compare FinTechs based on their capabilities, limiting the number of potential collaborations.
Finbridge Global has been created to bridge this gap. It claims to be the only global platform with a smart assessment engine that can define a FinTech’s suitability for an organisation, aiding the creation of powerful partnerships.
It includes an in-depth evaluation, expediting the Request for Information (RFI) process, and also identifies strengths and weaknesses. Where weaknesses emerge, FinTechs are provided with a clear path to improvement.
“FIs recognise that they can reap major benefits from technology innovators in areas such as operational efficiency and better consumer outcomes,” said Barbara Gottardi, CEO and founder of Finbridge Global.
“Yet, while most of these organisations are keen to engage fintechs, they struggle to get the information they need to establish trust. Our goal is to simplify the process, promote transparency, and ultimately facilitate progress.
“Working with the right partners is key to achieving positive outcomes, which also applies to our own growth as a technology startup. The investment from Industrial Thought allows us to cement our positioning, build strategic partnerships, and encourage adoption in the UK, before expanding the platform’s global footprint in 2024.
“We’re incredibly pleased to work with the team and leverage their expertise.”
Nuno Godinho, group CEO of Industrial Thought Ltd, added: “Finbridge Global’s commitment to collaboration reflects our firm belief in the power of partnerships to fast-track the future of financial services.
“The technology behind the platform stands out for its comprehensive capabilities and streamlined approach, and the standardised assessment criteria is a crucial element to build trust.
“As part of our strategic investment approach, we don’t just look at the financial value we can offer, but also the benefits we can add through the support of our shared services and sales channel. We look forward to helping Barbara and her team maximise the platform’s impact in the UK and beyond.”