Investment Aug 2018 | Assembly Capital Partners FinTech I LP

Landbay, founded by CEO John Goodall, originated its first buy-to-let mortgage in 2014.  The firm is a marketplace lending platform which prices and arranges UK buy-to-let mortgages without itself taking on credit risk.  Funding for loans comes largely from wholesale investors.  The borrowers – primarily sourced from mortgage brokers – are professional landlords.  This is a sizeable lending niche in which market share continues to move from the traditional banks to specialists.  As the FinTech ecosystem evolves, we expect banks increasingly to outsource specialist origination.

Landbay is experiencing strong growth in origination and credit quality remains excellent (defaults remain at zero since inception).  The funding outlook is healthy with increasing demand from institutional investors for Landbay loans.  Its digital product offering is highly attractive to mortgage brokers who intermediate most of the professional landlord buy-to-let segment.  Landbay has won numerous customer awards.  Current growth rates should see the firm reach breakeven and move into profit during late 2019 or very early 2020.  Medium-term growth in origination volumes is projected at high levels even if the overall market slows – i.e., ACP expects Landbay to continue to take market share on a 3-5 year view.

Both Michael and David are Angel investors in Landbay.  Michael is a member of the Board.

ACP is encouraged by the recent debt funding deal with a major US bank (£1bn over three years).  ACP is delighted to be able to support the Landbay management team as they scale the business

 
Last updated: August 2019

Investment Aug 2018 | Assembly Capital Partners FinTech I LP

Brismo’s core product is independent standardized verification of the lending track records of marketplace lenders.

Should marketplace lending scale significantly, Brismo’s standardized analytics will be useful to providers of debt capital who will be able to meaningfully compare origination from different platforms.  Platforms, meanwhile, would benefit from expanded access to sources of institutional funding.  Brismo is building a critical component of the marketplace lending ecosystem.

The firm has strong market positions in the US, UK and Continental Europe.  We believe it is as well-positioned to be the industry standard as any other firm.  Brismo is looking to expand its data offering to non-marketplace lenders and has one direct (balance sheet) lender as a client already.  

The Link Group sponsors Brismo’s UK Marketplace Lending Index.  Brismo was selected as part of Technation’s first FinTech cohort.

Michael is an Angel investor in Brismo.  

 
Last updated: August 2019
 
 
 
 
 
 
 
 
 
 

Investment Sep 2018 | Assembly Capital Partners FinTech I LP

PayKii provides a hub of functionality that money transfer firms can link to and thus offer their retail customers cross-border bill payment.  We believe cross-border bill payment of – for example, utility bills or insurance premia – should be attractive to the consumer as it means workers abroad can ensure funds sent home are used for the purposes intended.

Interest from money transfer firms is strong, especially amongst the US majors and in the UAE.  In the US, the PayPal Group (through Xoom) is a client and PayKii is continuing trials with Western Union.  Bill payment capability is now available to Western Union’s US clients both via App and in selected physical locations.  PayKii continues to build out its book of billers (today 600+) and payment channels by country.

Both David and Michael are Angel investors in PayKii.

 

Last updated: August 2019
 
 
 
 
 
 
 
 
 
 
 
 

Investment Sep 2018 | Assembly Capital Partners FinTech I LP

AuditXPRT applies Artificial Intelligence technologies to create intuitive and powerful tools for the automation of compliance and audit. AuditXPRT was selected for the 2018 cohorts of both the Barclays Techstars London and the Supercharger Malaysia accelerators.

The firm’s initial client focus is on banks and ACP looks forward to working with AuditXPRT on the application of these transformational technologies to compliance challenges within the financial services sector.

AuditXPRT has established a presence in South East Asia following significant interest from companies based in the timezone to apply the technologies.

ACP has the right to act as a Board observer or to take a Board seat.

 
Last updated: August 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Investment Dec 2018 | Assembly Capital Partners FinTech I LP

ACP believes Instanda is one of the most exciting insurtech firms in the world.  Instanda operates a PaaS model.  Its software platform (which is native to the Cloud) allows clients to create and distribute insurance products at typically 5-10% of the cost of incumbent insurance software systems and with much-reduced time to market.  The firm was founded in 2012 by Tim Hardcastle (CEO) and Derek Hill.  Tim is a former CIO of the major insurance firm, Hiscox.

The insurance industry has shown a marked appetite for what the Instanda platform delivers – i.e. substantive cost savings and strategically important levels of agility as well as reduced operational risks.  Some of the largest insurers in the world across the UK, Europe and the Americas are now clients with virtually no churn.

Recent breakthroughs include: winning contracts as a default issuance platform rather than for innovation one product at a time; a first contract win in Life & Health with a major carrier; and, increasing levels of book transfers.

Both Michael and David are Angel investors.  Michael joined the Board even before he led the first Angel round of funding.  We consider that Instanda’s huge potential is a function of its relevance across the insurance product spectrum (P&C, Life, Health) and across the range of insurance models (working with carriers and MGAs today and with brokers within 12-24m).  ACP is delighted to support Instanda as it scales globally.

Last updated: August 2019

 
 
 
 
 
 
 
 
 
 
 
 

Investment Jun 2019 | Assembly Capital Partners FinTech I LP

Derivitec is an established company with commercial contracts to provide derivatives analytics.  Built as a cloud-based service, its customers can access clean market data and pricing / risk tools for their portfolios of transactions.  Typical customers are mid-sized hedge funds or foreign exchange brokerages.

With proven demand the company is now looking to scale using partnership agreements ahead of building a focused direct sales force.  

Derivitec did not need to raise capital and ACP is delighted to have sourced shares in a secondary transaction through its relationships, including with the CEO, George Kaye, and early investors.  

David is the lead on the investment and a Board member.  ACP is delighted to be supporting Derivitec as it scales.

 
Last updated: August 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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