THE scheme helps companies in a bid to secure UK’s position as a world leader in fintech.
Scottish start-up Vistalworks has been picked for the UK’s fintech growth programme to help secure the country’s position as a world leader in the sector.
Vistalworks, founded by serial entrepreneur Vicky Brock, was today named among Tech Nation’s Fintech 3.0 cohort, which is delivered as part of the UK Treasury’s fintech strategy. The growth programme is designed for the best and brightest UK fintechs, providing them with coaching, content and networks so they can build technological innovation for the UK.
Vistalworks’ goal is to enable banks and payments providers to be more proactive in preventing high risk illicit transactions that lead to consumer harm and costly claims and refunds.
The Glasgow-based firm has designed innovative software to tackle illicit trade and help keep shoppers safe online.
Illicit trade is the main source of funds for organised crime, and the Vistalworks technology risk-profiles sellers and products on online marketplaces, proving intelligence software and alerts to governments, police, specialist agencies, consumer protection bodies, and corporations such as banks. It also provides a consumer tool which allows shoppers to check a product or seller URL before buying on sites like eBay or Amazon, or they can download a browser plugin that works in the background.
As huge numbers of items on sale are listed by third party sellers, not the host site itself, the Vistalworks tool will warn against potentially dangerous, fake and unlicensed products – enabling consumers to make more informed online purchase decisions.
Tech Nation was set up to fuel the growth of game-changing founders, leaders and scaling companies so they can positively transform societies, economies and outcomes. Over the past five years, Tech Nation programmes have engaged nearly 2,000 businesses, including 600 companies via its growth programmes, contributing more than £425m of Gross Value Add (GVA) for the UK economy.
The fintech programme supports companies to connect with other fintechs at a similar stage, learn from experts and expand their network. Tech Nation’s current mission is to unlock the growth potential of 1,000 scaling tech leadership teams across the UK by 2022.
Vicky Brock, chief executive and co-founder of Vistalworks, said: “Our technology protects consumers and businesses from harmful online criminal sellers at every stage of the transaction, and we want to expand our reach.
“Our goal is to enable banks and payments providers to be more proactive in preventing high risk illicit transactions that lead to consumer harm and costly claims and refunds.
“Illicit trade is the biggest funding source of organised crime and directly harms economies, the environment, businesses, citizens and their communities.
“We want Scotland and the UK to be at the forefront of the fintech innovation that will help tackle this problem.”
Stephen Ingledew, FinTechScotland chief executive said: “The inclusion of Vistalworks on the Tech Nation programme is terrific recognition of Vicky Brock and the team’s exciting and innovative proposition in addressing consumer and business challenges of financial crime.
“The development of proactive tools to deal with high risks transactions handled by banks and payment providers has never been more important in the emerging digital economy and I am inspired by how the Vistalworks team are pioneering innovative approaches which will benefit consumers and businesses.”
Lynne Cadenhead, chair of Women’s Enterprise Scotland, said: “We are delighted that Vistalworks has secured a place on the Tech Nation Fintech programme.
“Founder Vicky Brock is both a vocal supporter of women in STEM and an active Women’s Enterprise Scotland Ambassador.”