A pair of Canada-based Finovate alums – Coconut Software and PayTic – have earned spots in the first cohort of the UK Fintech CTA program. The program runs for eight-weeks, much of it conducted online, and includes a needs assessment and company analysis, participation in the Innovate Finance Global Summit, virtual market briefings, mentor-matching and coaching, as well as strategic business-to-business introductions.
In addition to the digital sessions, participants in the program will be invited to attend local events in the U.K. that will help the firms build and grow their in-market presence and their network. This will enable them to introduce their value proposition to key market participants, investors, as well as potential customers.
Joining Coconut Software and PayTic are a number of other Canadian startups including Symend, OneVest, VoPay, Four Eyes Financial, Octav, and Sibli.
“We are so excited to be selected for the first cohort of the UK Fintech CTA, proudly representing our country’s growing payments landscape as we expand our efforts in the U.K.,” PayTic noted on LinkedIn last week. “Thank you Canadian Technology Accelerators | Accélerateurs technologiques canadiens for this recognition and opportunity to scale!”
Headquartered in Charlottetown, Prince Edward Island, PayTic made its Finovate debut last year at FinovateSpring. The company offers a SaaS solution that manages all of the significant aspects of program management for card issuers and BIN sponsors in a single interface. PayTic’s technology serves as a central hub within the payments ecosystem, enabling users to automate reconciliation, network report generation, dispute submission, fraud detection, network fee analysis, and robust business intelligence.
At FinovateSpring, PayTic founder and CEO Imad Boumahdi and Director of Product Kate Firuz demoed how PayTic’s platform can help banks, card issuers, BIN sponsors, and fintechs save significant amounts of money by analyzing and optimizing network fees against program activity. The technology enables users to instantly reconcile data across the payments ecosystem from the program and account level to the transaction level. This empowers users to identify exceptions in real-time, generate accurate reports, and remain compliant.
Founded in 2020, PayTic has raised $4 million in funding. Visa Accelerator and Outlierz Ventures are among the firm’s investors.
More than 4,000 kilometers to the west via the Trans-Canada Highway (44 hours if you’re driving), Saskatoon, Saskatchewan-based Coconut Software is the other Finovate alum that will be joining PayTic as part of the UK Fintech CTA program. Founded in 2007, Coconut Software offers a customer engagement platform to help financial institutions better schedule, manage, and measure customer, prospect, and employee interactions.
Coconut Software made its Finovate debut as part of our special all-digital FinovateSpring conference in 2021. At the event, Senior Solutions Engineer Andre Doucette demoed enhancements to the firm’s appointment scheduling and lobby management technology. These upgrades improved the platform’s online queuing and lobby management capabilities.
Named to the 2023 Technology Fast 50, Coconut Software counts a number of North American financial institutions among its customers, including RBC, Arvest Bank, Vancity, and Rogue Credit Union. The company has raised more than $35 million in funding from investors including Klass Capital and Information Venture Partners. Katherine Regnier is founder and CEO.
Interested in demoing at FinovateSpring in San Francisco in May? We are happy to read applications from innovative companies with new solutions that are ready to show. Visit our FinovateSpring hub today to learn more.
Photo by Mukesh Tanna
