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The Financial
Technologist
ISSUE 2 .. 2021
Back to
business Featuring
■ The Seven Habits of Highly Effective Financial Technology Leaders
■ Our biggest DEI Section to date! ■ The return of our most extensive Salary Survey ever!
The Financial Technologist | Issue 2 | 2021
Contents
04 Introduction by Toby Babb, CEO of the 28 Focus on people and manage what you measure 46 Eventus embraces global expansion, 64 Vortexa and Covid-19: Navigating
Harrington Starr Group - the keys to building a FinTech unicorn digital assets to fuel rapid growth mental health awareness in the grip
Waseem Daher Pilot Eric Einfalt Eventus of a global pandemic
08 The seven habits of highly effective Jessica Irvin Vortexa
financial technology leaders 30 Turning tough times into opportunity 48 Resolving data trauma through optimisation
Colin Slight Realization Group Anders Liu-Lindberg BPI and innovation 66 Taking a punt: using tactical action to
Philip Miller Solidatus achieve your goals
16 Lessons learned over the last twelve months 32 Digital transformation and its cloud-based Michelle Johnson Fexco FX & Payments
James Done Tail operation helped Euromoney TRADEDATA 50 Growing a company in a Pandemic
survive - and even thrive - under 2020’s Alicia Ariffin SteelEye 68 Company growth during a pandemic
17 Volopa - Turning the negatives of the volatile market conditions Nicola Breyer OptioPay
past year into positives Mark Woolfenden Euromoney 53 D I V E R S I T Y,
Graham Smith Volopa EQUITY AND 70 DEI: Is it really that important?
34 The post pandemic market infrastructure INCLUSION Dilyana Valcheva Fnality International
18 The three principles of High-Growth FinTechs growth opportunity
Carrie Osman Cruxy & Co. Hirander Misra GMEX Group 55 An Encompass view of the last 18 months 72 Progress despite the Pandemic
Wayne Johnson Encompass Jeni Trice Get with the Program
21 Fixed income automation- adoption not 36 Payments 2030: building the industry’s core
derailed by Covid market infrastructure 56 A new approach to Company Culture in the 75 SALARY GUIDE
Steve Toland TransFICC Alex Knight Baton Systems crypto space
Dagmara Aldridge Zumo 87 About Harrington Starr
22 The keys behind the growth of the company 38 The pandemic push
James Maxfield Ascendant Strategy Remonda Kirketerp-Møller Muinmos ApS 58 Pursuing balance in a brave new world 89 Contact Us
Dr. Leda Glyptis 10x Future Technologies
24 Productivity in Financial institutions: releasing 40 Customer experience in retail banking:
value and the keys behind the growth of it’s not just finance any more 60 Designing for women: the story of the female
AccessFinTech over the past twelve months Andrew Lawson Zendesk finance research series
Roy Saadon AccessFinTech Dr Anette Broløs and Dr. Erin B. Taylor EWPN
42 Why aligning innovation and creativity with
principles and purpose delivers rapid growth and 62 Outsourced sales deliver higher returns
25 Virtual velocity: how Baymarkets the chance to build back better for clients
powered ahead despite a pandemic Chris Murphy Ediphy Jon Carp, Kenzy Goodwin, David Sayers
Tore Klevenberg Baymarkets and Carl Rogers Finceler8
44 FINBOURNE:Market conditions
27 Why innovation doesn’t stop after 40 years facilitating growth 63 Adaption in the face of uncertainty
Peer Joost DIGITEC Thomas McHugh FINBOURNE Technology Liza Russell iNBOTiQA
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TOBY BABB, CEO,
T H E H A R R I N GT O N STA R R G R O U P
“So, will the City thrive again?
Will we see a return to packed
Welcome to the commuter trains and a thriving
Financial Technologist!
metropolis? How will the split of
work from home and the office gel?”
life never the same again and a strong lean These companies listened to their customers.
Harrington Starr’s financial technology
W
to hybrid or fully remote working, particularly They spent time looking at the issues that the
news, commentary, insight and features. for developers. market faced. They adapted, innovated,
pivoted, or did all three and came out stronger.
So, will the City thrive again? Will we see a They invested in headcount, pulled in more
from “freedom day” where the UK once again return to packed commuter trains and a investment and funding, attacked new
starts to unlock its doors. thriving metropolis? How will the split of territories and played offence. They looked at
work from home and the office gel? Perhaps, their employee value proposition and attracted
Back to Business? It’s going to be interesting. just as was the case when everyone was the best talent. They communicated, thought
sent home last year, we face a time with even about culture, and invested in their people.
Firstly, it could be argued that the financial more questions and even fewer answers … They committed to their strategy, invested in
technology sector has never been busier. Right yet! What the last 18 months has taught us is marketing and added value to their customers.
from March 2020, there have been market that with every difficulty comes an
conditions that have favoured many. Despite opportunity. Behind every negative lies a The key ingredients shone through again and
lockdowns, work from home orders and market positive. As we head back to business, the again, both in the leaders interviewed by The
carnage in early 2020, we have seen an office or whatever the new normal looks like, Realization Group in their blog series that
incredibly robust performance from many. we will see the best in the industry listen follows this intro, but also in the many fast
Whilst companies are once again set to to their customers and find world class growth companies who share their thoughts
open their doors and welcome staff back, it solutions. and insights in the pages that followed. All of it
elcome to the Financial Technologist. In the has not been a case of batten down the is common sense but rarely is it executed as
second issue of 2021 we bring you a magazine hatches but instead, the ships have been There lies the key ingredient of the pages that common practice. I have picked up so much in
packed with content from some of the fastest sailing with real purpose. follow. This issue shines a light on the fast the pages that follow and trust that you enjoy
growing names in FinTech, an insight into the growth icons of FinTech. This year has seen the insight shared as much as I have.
habits of outstanding FinTech leaders, our Alongside that, despite easing of restrictions, it companies double and triple revenue,
biggest ever DEI section and the 2021 salary seems many are playing a cautious game with headcount, investment, logos, and every bit of Diversity, equity and inclusion also form an ever
survey presenting to you some fascinating data September a date that companies are set to data that points in the right direction. We speak stronger part of the jigsaw of success for
on where packages currently lie in the sector. see their staff return to a new office normal. to some of those companies who have risen to companies looking to grow, build and sustain
That said, we also see many who have the challenges the market threw and knocked great futures. This magazine also features a
At the time of writing, we are just hours away completely re-shaped their policies with office them straight out of the park. host of trailblazers in the space sharing what it
GLOBAL LEADERS IN FINANCIAL SERVICES AND COMMODITIES TECHNOLOGY RECRUITMENT
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“A great workplace is more than
TOBY BABB, CEO,
T H E H A R R I N GT O N STA R R G R O U P
just cash in the bank and it has
been good to see sense prevail in
how companies have reacted to
the talent arms race.”
takes to create truly inclusive environments and, in many ways, created a far more better balance, perks, flexibility, training and growth section.
with a diversity of thought that allows exciting future. career opportunities.
companies to shine. I am incredibly proud of So, as we pass the turn of the year and lurch
the work that Nadia Edwards-Dashti has done Financial technology companies have hired at Our next magazine will focus on the best towards 2022, we face another exciting period
in this space and she continues to be a levels well above pre-pandemic levels in a foot workplaces in the sector. Without question for the financial technology sector. Fast growth
powerhouse, lighthouse and so much more to race for the best talent. In some instances, this we will see strong, fair salaries as an important will be a feature, but sustainable growth even
drive real change in the industry. has created a bidding war, in others, companies factor, but so too will be the culture, mission, more important. I am confident that anybody
have looked at innovative ways to stand out as values, perks and environment that is created. reading the pages that follow will be able to
As mentioned, the market has reacted employers to compete for the best. What is A great workplace is more than just cash in take away a host of golden nuggets that will
incredibly well to the challenges thrown up by perhaps surprising, is that we have not seen a the bank and it has been good to see sense help their business or career thrive. If I can
Covid-19 and one of the most fascinating and wholesale change in the salaries being paid in prevail in how companies have reacted to the connect you to anyone who you thought was
unexpected of those has been the incredible the market. talent arms race. The salary survey that follows particularly interesting or whose story could
competition around hiring in the space. As the looks at data collected from several thousand help you in your career, this is what we love to
owner of a recruitment business, if I had been In development, devops, data, security, change hiring companies and job seekers in the sector. do. Please reach out to me.
told in March 2020, as the team left the office and transformation, infrastructure, support, There remains great money to be made for
to work from home, that none of our customers testing and sales, we have seen outliers and people entering the FinTech space but, equally Thank you for reading and enjoy the issue.
or candidates would be in offices again for the companies who have attempted to outbid the as importantly, there are also some great
Toby
best part of 18 months, I would have had competition by over-paying. Overwhelmingly, companies who are truly standing out as
serious concerns over the viability of the however, companies have held their ground, exceptional workplaces. Those that get both
business. What has happened has shocked me paying fair packages but also providing far parts right are heavily featured in our fast
POWERED BY
HARRINGTON STARR
FINTECH
FOCUS TV
FinTech’s Most Innovative
Leaders Speak to Toby Babb
NEW EPISODES EVERY MONDAY, WEDNESDAY AND FRIDAY
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The seven habits
Founder, Cassini Systems), Philip as a connector of the financial And these financial technology
Miller (Co-CEO & Co-Founder, markets community. In many firms also have their own
Solidatus), and Thomas McHugh cases, the pandemic highlighted employees, who have been
of highly effective
(CEO & Co-Founder at Finbourne the importance of financial carrying on the development of
Technology). We learn how they technology. Technology, of products and services, sales to
used these habits to face 2020’s course, underpinned successful new customers and support for
challenges - and to find the new remote working and collaboration existing ones, all whilst dealing
opportunities that lie ahead. across a number of industries. For with the same challenges
financial technology
financial institutions, however, a around home working and family
The Covid-19 pandemic has key differentiator of resilience and commitments. Their leaders,
created challenges at all levels success arose from the extent to pioneers and entrepreneurs with
of society and the economy. The which they had adopted best- visionary aspirations, have had
leaders
financial services community of-breed financial technology to motivate – and sometimes
has faced a particular pressure, solutions; whether these were build – teams and share their
in continuing to perform and AI / ML based chatbots and visions, goals and company
to support and underpin other tools augmenting their culture in a remote working
economic activity, whilst sales and trading or compliance environment. For many, it’s been
individual employees cope functions, cloud-based market an extremely challenging time,
with the demands of working data solutions, trading platforms under circumstances they had
from home; including home- and connectivity suites, or previously never considered or
schooling and caring for children, operational and process-driven planned for. However, the nature
social isolation and uncertainty automation solutions. For the of financial technology firms has
also given them advantages over
other firms in the past year, some
“Financial technology now of which are readily apparent,
others slightly more unexpected.
Colin Slight underpins all aspects of our financial Organisations are defined by
Joint MD and Co-Founder ecosystem, front to back within their leadership. Leadership
sets the culture, tone and values
The Realization Group organisations, and as a connector of which then permeate down and
through the wider organisation.
the financial markets community.” The strongest organisations are
O
those with leaders who actively
define the culture and values
ver the past year, of the common characteristics of 4. They reduce friction and about the future. For financial general public as well, the that they want to espouse to both
the advent of the leaders who have thrived through create efficiency in complicated institutions, the importance of all availability of consumer-focussed employees and clients and take
global pandemic the pandemic, setting their teams processes employees – not just sales and financial technology in the form steps to ensure that these are
has challenged us up for lasting success in the 5. They are masters of engaging traders, but also middle and back of mobile banking and payment instilled across the organisation.
all to demonstrate new era. We speak to a group of teams and driving purpose office, technology and support apps, and other innovative These leaders also typically
our resilience, to call upon our financial technology pioneers 6. They are investing in growth staff, and legal and compliance financial products and services, demonstrate the seven key traits
unique strengths and to show about how they have survived and playing offence rather than teams – was vital in ensuring their eased the rapid transition during we’ve identified. Whilst they
leadership as we struggle to face and thrived in the Covid era. defence smooth continued operation. lockdown, towards a more digital don’t always consciously strive
up to the enormous upheaval in While they come from a variety 7. They are constantly innovating And, often unrecognised and and online-based economy. A for these traits, they do become
our personal and professional of different businesses, financial and challenging the norm overlooked, behind the scenes common thread across financial apparent when we look at the
lives brought about by Covid-19. technology leaders tend to share these institutions and teams technology firms is their constant drivers behind their success. And
Entrepreneurs and innovators the following key traits: We talk to six leading are supported and enabled by pursuit of innovation and their many of these traits have served
have been no exception to the entrepreneurs in the field: an array of financial technology desire to apply technology to them well through the turmoil
rule but arguably these individuals 1. They capitalise on market Jennifer Nayar (CEO, Vela providers. the challenges, operational and uncertainty of the pandemic
have been better equipped to opportunity Trading Systems), Leda Glyptis inefficiencies and barriers to – although, for some, there have
adapt to change, due to the 2. They listen to customers and (Chief Client Officer, 10x Future Financial technology now market access and to optimal been unexpected changes in the
inherent nature of what they do. look to solve their problems Technologies), Remonda Z. underpins all aspects of our performance facing their extent to which they’ve utilised
3. They look to add value Kirketerp-Møller (Founder & CEO, financial ecosystem, front to customers - be they individual certain traits for success during
In this article, we examine some throughout the customer journey Muinmos), Liam Huxley (CEO & back within organisations, and consumers or large institutions. this time!
GLOBAL LEADERS IN FINANCIAL SERVICES AND COMMODITIES TECHNOLOGY RECRUITMENT
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Let’s now take a look at each for the firm, it’s been a hugely their customer base, and spot risk management. As that sort of them. That trust creates a financial technology leader to
of the seven traits, and the successful year. the opportunities to address stress in the market came to the bedrock on which to grow the have. However, it’s also one that
ways in which our interviewees these. The pandemic didn’t only fore, it emphasised, for Cassini business over time.” has evolved and developed in
have exhibited them – and The pandemic created a perfect create new market opportunities; and its clients, the role that their new directions during the
been served by them – over storm around demand for the it also highlighted certain client product could play in addressing 4. They reduce friction pandemic. “My immediate
the past year. services that Solidatus offers. needs that had been there all these challenges and solving and create efficiency in reaction was that this is all you’ve
How did they capitalise on it? And along but were exacerbated by clients’ problems. complicated processes got to do as a leader, distilled
1. They capitalise on market how have they continued to market conditions, and gave The ability to identify and down to its essence. Everything
opportunity develop sales relationships and financial technologists the Liam Huxley, CEO and Founder effectively analyse the root else stems from it. But when I
In more prosaic times, new client relationships under opportunity to respond to these of Cassini Systems, describes the cause of complex problems, thought about it in the context of
“capitalising on market pandemic working conditions, and to strengthen their client importance of listening and in order to reduce friction the pandemic, the world has
opportunity” typically involves whilst still capitalising on the relationships. adding value to customers: “I and to create efficiency, is Liam Huxley completely changed. As a
identifying a potential gap or think that listening to customers CEO & Founder,
opportunity? Phillip Miller, fundamentally important in the financial technology leader, your
Cassini Systems
opportunity to be filled in the Co-CEO and Co-Founder of The phased introduction of is in our DNA. We position financial technology space. It’s main job is to think about how
market, and then taking steps Solidatus, comments that “For the new regulatory requirements ourselves to our customers as a key leadership attribute when your customers are served
to research it and to develop an first six or seven months, we let around margin and collateral for partners, rather than as a vendor assessing client and market efficiently, how people can get
offering around it. In pandemic the opportunities come to us. We uncleared trades has created – we want to create a long-term challenges and opportunities, as what they need from your
times, however, “market were almost bewildered by the a need, amongst financial engagement with them, and to well as when turned internally, organisation efficiently, how your
opportunity” became a rather number of incoming leads we had institutions that are subject to employees can efficiently get the
more unexpected target, involving not deliberately built. We were those Uncleared Margin Rules answers and resources they need
rapid mobilisation and movement
towards capitalising on it.
stunned. Our natural growth led
us to bring on more sales
(UMR), for a better understanding
of margin and collateral data “In order to fully understand to solve the problems that they
want to solve, how your teams are
Solidatus is a firm whose product
personnel, but demand still
outstripped our capacity. We then
and exposures. In order to fully
understand the cost of trading,
the cost of trading, firms need operating efficiently, and all the
metrics and KPIs we have around
empowers organisations to
effectively map, manage and
actively invested in building out
our team, and at the beginning of
firms need to be able to assess,
on a pre-trade basis, comparative
to be able to assess, on a pre-trade those kinds of efficiency. Now,
however, it’s become much more
monetise their key asset: data. At
the beginning of 2020, Solidatus
this year, we started making a
conscious effort to reach past
trading routes on different
exchanges or with different
basis, comparative trading routes about making sure that people
are on the same side and on the
entered the pandemic in rude
health. It was already capitalising
those incoming leads and to start
generating leads for ourselves.
Philip Miller
counterparties, and the costs
of collateralising each of those
on different exchanges or with same team, so that we can build
relationships both amongst our
different counterparties, and
Co-CEO &
on a huge market opportunity We’ve also adapted our strategy, Co-Founder, options. own team and with our clients
– the ability for firms to reaching out beyond financial Solidatus that are strong, even if we’re only
understand their data estate and
associated intellectual property,
services to the insurance sector,
and to the Treasury operations
Cassini Systems provides a
margin analytics platform that
the costs of collateralising each able to interact over Zoom. It’s
through those improved
in a disparate, fragmented
environment of systems,
within large multinationals as well.
We’ve moved into a bigger pond
addresses precisely this need,
having identified it as a growing
of those options.” relationships that we can
maintain a focus on efficiency.”
applications, processes and now, by seeing the opportunity problem for clients, as the rollout
people that is subject to a high and making investment to of the UMR progressed. In the have an ongoing understanding of to focus on the organisation’s The link between relationships
degree of change. The pandemic capitalise on it.” early stages of the pandemic, their needs and how we can own areas for improvement. The and efficiency, particularly during
served to further reinforce these markets became extremely evolve to address them. We have transition to remote teams and to the pandemic, is taken to the
sorts of intellectual property 2. (and 3) They listen to volatile, all over the world. This quarterly review sessions with our working from home, maintaining extreme for those who are trying
problems amongst Solidatus’ customers and look to solve created huge spikes in demand clients, and actively respond to a collaborative and effective to establish a new regulated
client base; workforces became their problems, and they look for margin and collateral and them in terms of the types of data work environment whilst also business, new partnerships and
even more spread out, it became to add value throughout the made collateral liquidity a front and analytics that they recognising and dealing with the relationships, and build a new
even more difficult to speak to customer journey and centre issue for market need. That’s not just about Covid, logistical challenges, was called team, in the midst of a series of
the subject matter experts and to A business of any kind would participants. Firms were being it’s our general business out by all of our participants. lockdowns. Many entrepreneurs
understand what was happening not have a market, if it didn’t called for hundreds of millions of approach – but as a principle it Thomas have found themselves in exactly
with data across an organisation. understand customer needs and dollars in collateral and having has served us and our clients very For Thomas McHugh, CEO and McHugh this position of recruiting and
The firm found itself with a huge wants, and how to add value to to unwind huge portions of well during this time and enabled Co-Founder at Finbourne CEO & Co- hiring people they have never
Founder at
volume of inbound leads, at the the customer throughout their their book just to free up cash us to better respond to their Technology, a firm specialising in Finbourne
met in person. It has created
exact time it was also having to journey. In financial technology, to meet their margin calls. This needs. Customers need to know portfolio management systems Technology many challenges in terms of
adapt to new working conditions. leaders need to keep their helped to emphasise Cassini’s that they're going to get a great and investment data building relationships but also
With 50% planned growth and ear close to the ground to key message, around visibility level of support, and that they can management solutions, this is the some positives in terms of
another 50% demand-led growth understand the challenges facing of data, cost management and trust us to deliver and to help single most important habit for a employees’ efficiency and focus.
GLOBAL LEADERS IN FINANCIAL SERVICES AND COMMODITIES TECHNOLOGY RECRUITMENT
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With no water cooler
conversations at the office and
necessary, and the transition was
fairly seamless. What they weren’t
and to maintain a sense of
common purpose and
with other people in meetings and
on screen, you lose your lateral “We have not been surprised by
the need to juggle multiple
competing priorities at home, it
accustomed to was doing it for
long, indefinite periods, amidst
membership of a wider team.
They acted swiftly to reassure
vision. When I was in the office, I
could sense a ‘disturbance in the any regulatory frameworks, or
can mean that everyone is more
focused on the task at hand.
the personal stress and
uncertainty of a global pandemic.
staff that there would be no
pressure to return to the office.
Force’, even if I wasn’t in a
meeting with anyone affected by commercial drivers. The pandemic,
5. They are masters of “In terms of the mechanics of
Nayar adds “Dealing with a
different type of anxiety across
said disturbance, just from
noticing what was going on yes, that’s come as a surprise to
engaging teams and driving
purpose
moving to remote, that was pretty
straightforward. And certainly, I
the organisation was a new
challenge for me. People were
around me, who was talking to
whom, who wasn’t interacting,
the market. But for us, actually, the
Whilst financial technology
leaders are entrepreneurs and
think our clients appreciated that
because there was no impact on Jennifer Nayar
dealing with family members
getting sick, and in some cases
who was looking upset, and who
was having a birthday. There’s no
entire foundation of the company
visionaries, none of that can be
translated to success in the real
service. It was a very different
situation from a hurricane or
CEO, Vela
Trading Systems
losing those family members.
That was a real challenge, I think,
science to this, but it’s really
important to understand how the
was simply an understanding that
world without the ability to
mobilise, inspire and guide teams
some other natural disaster – that
gets cleaned up and you head
for everyone around the globe,
but also being a head of an
team is engaging with each other
and emphatically not via you as
the financial sector could not survive
of people. It’s not a habit that
comes naturally to everyone, but
back into the office. The real
challenge was all the uncertainty
organisation in which some of
these things are happening. You
their leader.” in the state it was in at that time.”
successful leaders who are less Glyptis tries to address this lack
naturally talented in this area will of information by making a lot of happy to be in other people's RegTech space, the firm had to
identify those within their
organisation to whom they can “The business will get done, the personal time for her team
members. It’s time consuming,
company.” invest heavily in R&D in order to
grow their product and bring it to
delegate and drive this important
form of internal engagement. The contracts will get signed, the deal will and exhausting, but pays
dividends in the long run. Miller
6. They are investing in growth
and playing offence rather than
a market that largely did not even
yet see the need for it. Kirketerp-
pandemic has required all of our
financial technology leaders to
be closed – especially as your clients has put in place similar strategies
to manage the same challenges,
defence
Financial technology is not always
Møller, however, had a clear vision
of the future. “Everything we
lean in more when engaging with
their staff and teams. Without the
and your suppliers are all in the same in the context of a growing
organisation. “For me, it’s been a
an easy sell. It’s often about
solving problems that not
predicted back in 2012 has come
into play. We have not been
nuances of day-to-day
interactions, driving teams
situation as you are, and keen to matter of keeping people in touch
with other people, becoming
everyone has yet fully
acknowledged and recognised,
surprised by any regulatory
frameworks, or commercial
towards a single purpose
becomes impossible without
keep things moving. The far more much more of a servant-leader, a
kind of facilitator, than perhaps I
or introducing efficiencies to
processes and organisations that
drivers. The pandemic, yes, that’s
come as a surprise to the market.
taking the time to make sure
that everyone is engaged, clear
difficult aspect was maintaining a would have been otherwise.
Trying to create a mesh of
aren’t always wanted and
accepted by all stakeholders
But for us, actually, the entire
foundation of the company was
on the mission, and has the
support they need.
connection to our people.” communication, and instilling that
kind of tight knit community, I
within the organisation. Some of
our most successful visionaries
simply an understanding that the
financial sector could not survive
think, has been the real challenge have been truly ahead of their in the state it was in at that time.
Vela Trading Systems is that the situation created for have to dig deep to get through over the last year. For me, it's time, recognising the wider trends And neither can it survive in the
headquartered in New York but people, the concern and anxiety some of these times.” been about presenting a human in the market landscape, seeing Remonda Z. state we are in now. There is more
has offices in London, Belfast, that people had around this face by trying to give people an how they are evolving, and acting Kirketerp-Møller change, and more pressure –
Founder & CEO,
Chicago and Manila. The firm pandemic, and in many cases, the For Leda Glyptis, Chief Client esprit de corps, you know, sort of to secure their place in the world Muinmos both regulatory and commercial
therefore experienced the onset fear that they would be asked to Officer at 10x Technologies, a real sense of family, while nearly of the future. This has meant that – to come. And we’re looking into
of lockdown as a wave, slowly return to the office when they leading a business in lockdown no one had met each other. It’s investment has been for the long that crystal ball, we’re prepared,
breaking across their offices weren’t actually ready. I certainly has been both easier than and often the small things, like making term, and their strategies are we’re ready for this.”
around the world. Remote took the approach that the first different to leading a team. “The sure a new joiner has met proactive rather than reactive.
working was already fully enabled thing we had to step up very business will get done, the someone before their first day, For Muinmos, the uphill battle has
via their business continuity quickly was our communication”, contracts will get signed, the deal even if it was three minutes on a Back in 2021, when Remonda really been around human
Leda Glyptis
plans, and given its global says Jennifer Nayar, Vela’s CEO. Chief Client will be closed – especially as your driveway, passing them Kirketerp-Møller founded behaviour, and the pandemic has
footprint, the firm had already Instead of holding town halls Officer, clients and your suppliers are all equipment across the fence, or, Muinmos - a RegTech company actually driven market demand for
experienced and learned from every quarter, these became 10x Future in the same situation as you are, when we've been able to get that developed an AI-driven the firm’s product. “There were
events such as 9/11, Hurricane monthly. Nayar sent out notes to Technologies and keen to keep things moving. together in groups - sometimes compliance engine for client still huge barriers to adoption of
Sandy, monsoons in Manila and the entire organisation, every The far more difficult aspect was larger groups, sometimes smaller on-boarding - RegTech wasn’t yet RegTech solutions before the
others. Staff were accustomed to week on a Friday, even if there maintaining a connection to our depending on the regulations at an articulated concept in the pandemic. Lawyers didn’t want it,
switching to remote working when was no news, to reassure them people. Because you only interact the time - that people have felt marketplace. A true pioneer of the because they saw it as a threat to
GLOBAL LEADERS IN FINANCIAL SERVICES AND COMMODITIES TECHNOLOGY RECRUITMENT
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their jobs. Neither did compliance resilience. Successful FinTech of communication, and to actively
officers, for the same reason. But leaders are aware that you can’t lead the charge in ensuring good
when we’d demo the solution to just introduce something new communication, teamwork,
executives, they were amazed, without considering the context morale and support frameworks in
and keen to bring it into their into which it fits, and how you’re their organisations.
organisations. And of course, going to ensure that it fits into the
there are still jobs for lawyers and organisational culture. “In order to manage a team, at the
compliance officers. RegTech just best of times, there are two things
frees them up to focus on the McHugh broadly agrees with this you need to be able to do well,
high-value and interesting work. sentiment. “I describe it slightly and those two things become
Regulators are now embracing differently; I really don’t like the both much more important, and
and encouraging it, having seen term ‘challenging the norm’ significantly harder, during a
the benefits. And it enables because that indicates disruption, pandemic. You’ve got to drive
organisations to be more resilient, and what most people don’t want results, and you’ve got to still be
during, for example, an in their life is disruption. And so I human. And that puts a burden on
unexpected pandemic.” look at it in the context of Habit you as a leader. But having that
#4, which was about creating human connection with your
7. They are constantly efficiency, rather than challenging teams, particularly in times of
innovating and challenging norms and bringing disruption to stress, is extremely important.
the norm people. I look at it differently. As And it's extremely important that
Innovation is in the nature of the leader of an organisation, you maintain that humanity while
financial technology. It’s all about you’ve got to set the tone from the driving results.”, says Glyptis.
finding new and better ways of top, and come up with a strategy
doing things, of challenging and lay out the plan. The most Miller agrees: “We’ve had to
existing conceptions of what is important quality of leadership is re-learn to trust the human
possible and feasible. It’s an recognising that you can always condition a little bit. And that’s
exciting space to be in, and an be wrong, that you will always be probably one of the best things to
inquisitive mind and spirit of getting new information and that come out of this. We’ve had to
challenge are vital traits for its you have to figure out how you recognise that we’re all in this
leaders. However, it’s all too easy bring that information into the together, that everyone’s got the
to innovate in a vacuum, without journey to make sure you don’t same worries and we’ve all been
thinking of how change can deviate too far off the path.” at home and locked away from
realistically be adopted and our colleagues. So that's one of
embedded within organisations Conclusion the biggest positives, that we will
and across the industry. All of our financial technology be more empathic as a group of
leaders emphasised the impact people when this is all over. I
Human beings fundamentally that the pandemic has had on don’t think that will disappear
don’t like change. A leader can their leadership of people – how too quickly. I think people will
come in and question, can they’ve had to adapt and evolve respect other people a little bit
challenge and innovate but this their people management skills, more. And I think that's going to
has to be done with sensitivity and to become more aware of the role be a good thing.”
“In order to manage a team, at the best of times,
there are two things you need to be able to do
well, and those two things become both much
more important, and significantly harder, during
a pandemic. You’ve got to drive results, and
you’ve got to still be human.”
GLOBAL LEADERS IN FINANCIAL SERVICES AND COMMODITIES TECHNOLOGY RECRUITMENT
1 5
Lessons learned over
V
The Tail platform can offer olopa is a one-stop which means we now have the
relevance and customer value shop for business The pandemic has provided us right support to focus on our
for all our sister company brands. expense with a brilliant opportunity to next phase of growth. Pooling
the last twelve months
With Volopa, for example, we have management and learn lessons about customer resources and sharing knowledge
already created a partnership international behaviour and what it is that across the business has been
where cashback can be earned at payments. It's a solution for SMEs customers want from us. We have especially important in the past
T
a range of restaurants in London. that need to issue company cards been able to take a step back, Graham 12 months, faced as we were by
to their employees, track their look at the data and base our Smith, a completely unprecedented
ail is a mobile However, there were some missed For merchants and brands spending and pay international decisions on these learnings. As change in market conditions. We
cashback app that opportunities as well. Those pubs alike, providing added value to suppliers in up to 38 different a result, we will be introducing
Managing very much feel that as a business
enables banks and that were adaptable enough their customers is essential in currencies covering 180 several new products and Director, we have come out of this period
merchants to provide to pivot their business model building loyalty and engagement territories around the world. It features in the near future such Volopa far stronger than before.
cashback, rewards, and and offer growlers of beer or a for the long-term and Tail is now was founded in 2011. as virtual cards and cashback
loyalty programmes to customers limited food menu on a click- emerging as a key solution for rewards, as well as a custom
in a seamless, automated manner and-collect basis could have James businesses wanting to strengthen The key to Volopa’s success has API integration so customers
- eliminating the need for loyalty boosted trade and loyalty through Done, their customer acquisition and always revolved around keeping can link our platform with their
cards or vouchers. As a loyalty- offering incentives targeting local loyalty strategy. a very close eye on what our preferred accounting package in
focused solution, we have been customers, but we didn't see this
CEO, Tail customers are doing and how a completely seamless way.
able to learn a number of lessons happening often enough. they use our platform. The last 12 Graham Smith is Managing Director at Volopa, where
about the nature of the months and beyond, going back This is something we have been his responsibilities include to oversee the company's
relationship between businesses There have been other lessons to the beginning of the Covid-19 doing continuously since the business operations, drive company growth, and
and their customers over the last we have learned over the past pandemic, have obviously company was founded – remain provide strategic guidance and direction to the board
12 months, as the full extent of year. We realised that whatever James Done, is CEO at TAIL, responsible for the provided some significant agile and customer centric in all to ensure that company achieves its mission and
the impact of the Covid-19 life throws at us, everyone does success of the business and leading the development, challenges for Volopa and its we do while ensuring we always objectives.
pandemic on all kinds of appreciate money working harder expansion opportunities, strategic partnerships, and customers. With international answer to the needs of the
industries becomes apparent. for them either through relevant the company’s short and long-term strategies whilst business travel coming to a highest quality market segments. Volopa is a one-stop shop for business expense
discounts or higher interest maintaining awareness of the competitive market complete standstill, card spend In B2B financial services, building management and international payments supporting
We’ve seen a number of levels. We offer a solution for one landscape, industry developments - with the goal of took a hit. However, some spend strong relationships and long- SMEs that need to issue company expense cards to
businesses, especially in the of these problems, as Tail offers increasing overall shareholder value. also shifted to other categories. term customer loyalty is key to our their employees, track their spending and pay
hospitality industry, have to users the ability to earn up to 20% SMEs needed to make sure their growth as a business. international suppliers in up to 38 different currencies
completely readjust their focus in cashback simply by spending TAIL, is a mobile cashback app that partners with staff had the ability to work from covering 180 territories around the world.
order to keep serving customers. at any of our partners, which is Banks to enable their customers to earn cashback at home, for example, so purchases Volopa, part of the Quantum
Many pubs and restaurants that paid into their Tail Wallet seven merchants through our platform in a seamless, of office equipment, monitors and Group, has been able to utilise the Previously, Graham was an international client facing
had previously catered only for on- days after purchase. We want to automated manner - eliminating the need for loyalty laptops became more frequent. group’s expertise and resources, Programme Director with a strong track record of
premises punters transitioned to continue to offer customers the cards or vouchers. successful client management, delivering strategic
takeaway. Others have had to shut opportunity to make more of programmes that enable companies to realise a
their doors entirely, and this has their money at a wider range James is a respected business leader, an inspirational healthy return on investment in the financial services,
caused massive problems when it of outlets, and to this end we corporate executive who excels in marketing, retail and card payments sector.
business development, product management, as well
Volopa -
comes to covering wages and rent have brought in new people to
payments. It was very heartening, the business to both focus on as in defining the business vision and ensuring Extensive knowledge of multi-channel B2B and B2C
then, to see a huge number of our growth and boost customer strategies are bought to life through collaboration and card payment solutions and regulatory requirements,
outlets undertake successful satisfaction. innovation. specialises in guiding boards, clients and suppliers to
Turning the
crowdfunding campaigns in order solutions that deliver business requirements and
to pay their bills, and it goes to The past 12 months has certainly With a strong knowledge and experience working in opens up sales opportunities.
show just how deep the bond of been a very active time for Tail, Retail, Financial Services, Travel and Entertainment
negatives of
loyalty between customer and as we were acquired by Quantum sectors, prior to joining TAIL James held key strategic Combines excellent programme director skills with
businesses can be. The learning Group in August 2020. One of the positions at Cornercard UK, Thomas Cook Money, strong bid management, sales and financial controls.
here is that there’s so much more other benefits of the acquisition American Express, Commonwealth Bank of Australia, A calm leader and coach, excels in building trusting
the past year
to loyalty than simply offering has been that we can tap into the Carnival Cruises and HMV. relationships at all levels that overcome traditional
one-size-fits all discounts, and vast experience and knowledge of barriers to change.
businesses that get their loyalty Quantum Group’s leadership team Considered an industry thought leader, he is often
into positives
programmes right will be able as well as the management of invited to speak at events such as Emerging Committed to succeeding through customer focus,
to depend on the goodwill of other Quantum Group companies: Payments Association, Loyalty 360, PayExpo just to staff development, and to maximise profitability
customers when times are tough. Volopa, Valkyrie, and Vantage. name a few.) across all areas of business.)
GLOBAL LEADERS IN FINANCIAL SERVICES AND COMMODITIES TECHNOLOGY RECRUITMENT
1 6 1 7
The three
“I’ll price how Bloomberg price
because that is what everyone 40k
knows. It will speed up our
35k
principles of
negotiations.”
When did anything disruptive run 30k High Low
on principles which existed
before? Propensity to churn
25k
high-growth
AUM (£000)
One of our clients was aiming for 20k
that 8% conversion. When we
helped them take a step back and
FinTechs
15k
transform their product and
pricing, this jumped by c. 30%.
10k
For FinTechs, too often growth
stagnates due to principles 5k
viewed as necessary in large,
regulated and complex enterprise 0k
deals. But a disruptive approach
to your commercials, not just your 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36
tech, is proven to overcome this. Number of data sources
2. They are uncomfortably
Carrie Osman, Founder narrow
The lure of choice is most true in product for all the required data different contract cycles, often beliefs’ you have as a company
& CEO, Cruxy & Co. financial markets. Opportunities sources, or are we doing too remains a pipedream. based on the FinTech status-
to drive upside and cost savings many/not enough? quo. Are they true?
A
are everywhere - from the Those who win walk the line ■ Plot every single choice you
stringent regulatory requirements 3. The vision is water-tight, between selling what is on the have on growth, from a new
2x year-on-year When growth works, it is not at to the fragmented data bedrock. but they still sell what is on truck today and the long-term feature to a market, based on:
growth rate means any cost. Growth at any cost the truck today vision.
there are significant creates a desire to try everything, FinTechs start to dance from There are two ends to the ● How much can I make
choices for not think about the one or two market to market, use-case to spectrum: SteelEye were born from MiFID II from this?
FinTechs. things that will work. This slows use-case. But this is dangerous. with specific solutions to solve for
down time to revenue. What seems to be a simple flip this. But their vision of ● How long will it take to
It brings a pull towards multiple from buy-side to sell-side, or CRO Selling a Selling an compliance data driving yield this?
sub-segments as you move from Unprofitable growth is a to CTO, results in months of niche point- end-to-end competitive advantage remains
(e.g.) brokers to the buy-side. It benefit you receive when you configuration, new product end tool platform the driving force behind their ● What effort and cost is
creates a desire for new products prove you can grow profitably. developments, and new sales success. required for us to do this?
in a market laced with complexity. Proving that your choices yield collateral.
It demands choices on where to results must come before It’s the middle ground which wins Equally, PrimaryBid initially enable ■ Of every product feature
go when the lure of financial dipping into your bottom-line In this example, one of our maximum value. retail involvement in IPOs and you have today, rank them on a
markets such as New York or to guarantee fast growth. FinTech clients was focusing on ABBs. But with rising ESG scale of 1 – 3. 1: this will achieve
Shanghai is so strong. funds of all sizes. What became On the left of this scale, value is requirements looming, the our three-year vision. 3: this is
So what are the fast growth clear is they only won where the limited, headroom is low, long-term strategic demand from far removed from our three-
But with over 60,000 FCA principles that can ensure intersection of data-sources and stakeholders are technical and it investment banks to deploy is year vision. What should you
registered firms in the UK, and FinTechs thrive? AUM was middling. becomes difficult to claw your way imminent. PrimaryBid is well stop doing?
over one million Financial up as the product develops. positioned to take advantage
Services and Insurance 1. They reject the commercial This drives where you go next. of this shift.
companies in the US, each with status-quo Which new market has most But at the other end, the demand
nuanced demands and Things we hear all the time: funds like this? How many in our for a bank to rip and replace 26 So what can you do to uphold
expectations, this becomes “A good SaaS conversion rate is home market have we not even different systems, all with these principles?
difficult to navigate. 8%. That’s what we will aim for.” spoken to yet? Have we built a different stakeholders and ■ Identify the top 3 ‘limiting
GLOBAL LEADERS IN FINANCIAL SERVICES AND COMMODITIES TECHNOLOGY RECRUITMENT
1 8 1 9Fixed income
regarded as very difficult to
automate.
automation -
The good news is that the two
services complement each
other, offering a cross-sell
adoption not
Steve opportunity for new prospects
Toland, and our existing clients - which
includes six investment banks,
Co-
derailed by Covid
a global exchange and a market
Founder, data vendor.
TransFICC
F
Managing Growth
To manage this growth we had to
ive years ago, TransFICC to reduce costs, scale businesses increase headcount, and are still
was founded by two and manage risk. Additionally, doing so.
Engineers and a trading firms want applications
Salesperson, with plans deployed faster, with more We also had to change our
to create an API as a flexibility to work as part of a operational processes, making
service, for banks and asset modular solution. This is often them more robust, with better
managers to connect with the driven by clear legacy vendor forward planning and faster
hundreds of Fixed Income migration deadlines. onboarding of clients and
trading and data APIs offered venues. Using this new process,
by different venues. Perceptions of technology are combined with automated testing
also changing. Previously when and in some cases auto code
Since then, our firm has grown we mentioned that firms could generation, we haven’t missed a
quickly. But perhaps the greatest use The Cloud in workflows like deadline and are able to connect
period of growth was in 2020/21 RFQ, Axes, post-trade or manual clients with venue APIs in weeks
when we doubled the number of intervention, the usual response as opposed to the market norm of
employees to 30. Most of the new was, “trading businesses use co- six months.
hires are Engineers and Business location.” Now, TransFICC clients
Analysts, brought in to automate are split between those that host Clients are also getting faster,
workflows and reduce the time it trading infrastructure in the Cloud with one bank going live on a
takes to connect to a long list of and those that are hosted in co- venue with TransFICC within two
venue APIs. location data centres. weeks of starting work.
Fast Forward Evolving our Business The Key to Our Success
While initially, Covid lockdowns When we launched TransFICC It’s a cliché but it’s true – our
caused banks to focus on our focus was on our “One API” success comes from our people.
supporting traders working from service.
home, the need to adjust to the We have a very detailed hiring
fixed income changing market However, over the past two process, but once people have
structure was unaltered. More years we have increasingly been joined, we want them to stay.
than ever, firms need technology asked to also automate complex We give them autonomy, the
to navigate highly fragmented trading workflows. Because Fixed opportunity to learn, to see ideas
pools of liquidity, to manage Income has different asset types valued, to be involved in new
exploding market data rates with different workflows, much enhancements and to see the
and to comply with regulatory of the market (apart from Rates) end results deployed with clients.
reporting requirements. has been highly manual, which These values help to drive our
increases the cost of the trade, is continued growth.
Fast forward to today, and the slow, and introduces an increased
pace of change has accelerated, risk of human error. Now we are
as banks and the buy-side also deploying solutions for complex
focus on automating workflows, workflows that previously were
GLOBAL LEADERS IN FINANCIAL SERVICES AND COMMODITIES TECHNOLOGY RECRUITMENT
2 1W
hen we
launched
up taking hands-on leadership
roles to drive change forward. “Like many to the delivery of successful
outcomes we provide for them. “We produce a large amount of
Ascendant
Strategy back
This was the genesis of the
consulting model we wanted to entrepreneurs So, as I reflect on the journey thought leadership and white
focus was very much on
in 2017, the build.
who take the we have been on over the last 4
years, here are some of the keys papers as well as being quite
developing a niche gap in the
market that we had identified
Our early experience (or naivety)
was that whilst our product step outside to our success:
visible in the market where we
when working in investment
banks. Namely, that driving
was seen as an attractive
proposition, changing buyer the corporate 1. Brand Credibility
We have worked hard to de-
are often invited to sit on panels or
innovation and transformational
change across the post-trade
behaviour was extremely difficult.
And even though prospective world, we personalise the brand, making it
less around finding people that
write articles for trade publications.
environment was extremely
challenging, that industry-wide
clients were interested in how
we could help, translating that found that we know and more around clients
finding our brand. We produce
Clients appreciate our insights
cost cutting from the prior
decades had significantly
interest into revenue was a
lot more challenging than we building your a large amount of thought
leadership and white papers
and thought leadership, which
reduced leadership capability
within banks and the emergence
had anticipated. Like many
entrepreneurs who take the step own business as well as being quite visible in
the market where we are often
builds trust and credibility when
of FinTech was going to drive
wholesale transformation across
outside the corporate world,
we found that building your is very invited to sit on panels or write
articles for trade publications.
developing relationships.”
the industry. As historical buyers
of consultancy, we found these
own business is very different
from operating within a mature, different from Clients appreciate our insights
and thought leadership, which
skills hard to find and often ended established brand; where things
operating builds trust and credibility when
developing relationships.
within a 2. Consistent Messaging
ask for help (not just googling
a problem) and being open to
us a new sense of this, but this is
the most important factor I think
mature, Dedicating time and effort to
ensuring your message is out
constructive feedback has been
important as it has helped us
in running a business. It can be
very easy to get drawn into a cycle
established there in the marketplace was
something we missed out on at
learn as an organisation. And as
importantly, change our approach
of frustration – things not working
out as you hoped, LinkedIn awash
James Maxfield, brand.” inception. Being busy generating
revenue took priority, but we have
along the way. with everyone else’s success
stories, no-one returning your
learnt that your communication to 4. Think Like A CFO emails – but figuring out how to
Managing Director, the market has to be consistent It can be easy to get distracted take a step back is important.
Ascendant Strategy such as cash flow, business
development and sales are things
to support your brand growth and
ensure people know you are still
by potential collaborations or
exciting concepts, but these
How you do this – exercise,
fresh air, seeking out positive
that are taken for granted, as out there. We have a marketing can be a distraction that do people to talk to – is normally a
The keys
opposed to things you have to organisation that helps us with not actually help your business personal choice, but reminding
fight for. this, and it has been a wise progress. We wasted a lot of time yourself of your successes (you
investment. We as founders had in the early days on discussions have had them), what you are
But as we near our 4th year of very little experience in marketing and ideas that never actually good at (you are good at this) and
behind the
operation, I take great pride and it has played a critical role generated any revenue. Being when you have bounced back
and a sense of achievement in our growth, through helping honest around where you are from adversity (you have been
in our resilience and how the build our brand and maintaining spending your time is critical here before) are all important
organisation has grown over a consistent presence in the for a small organisation – and considerations.
growth of the
time. We added two significant market. not being afraid to ask ‘how do
investment banks as clients over we get paid from this’ is also an
the course of the last 12 months, 3. ‘Know What You Don’t Know’ OK question to ask. Time is a
which was no mean feat given A lot of great people have given precious commodity and how you
how lockdown limited business us some really valuable advice allocate your resources is key to
company
development and access to along the way, around things driving your success.
people. And we continue to win such as branding, financial
repeat business with our clients management and business 5. Keep A Perspective
as well, which is a testament development. Knowing when to The last 18 months has given all of
GLOBAL LEADERS IN FINANCIAL SERVICES AND COMMODITIES TECHNOLOGY RECRUITMENT
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