BBVA selects Akoni in top 10 Fintechs

At Akoni, we believe SMEs and businesses are the bedrock of economic growth and development.       We were inspired to see that BBVA supports this same viewpoint by launching a global Open Talent competition, with a specific focus on Fintech for Companies – finding solutions for businesses.    Our platform is a cash management platform and smart tools, designed for SMEs and corporates.     We provide an increase to business income – with simple and easy to use technology, and products aligned to the company’s preferences.  This maximises returns on an ongoing basis, ensuring the business earns money while resting.

The BBVA Open Talent is the biggest international Fintech competition for start-ups. There are three worldwide competitions, more than a dozen country-specific opportunities, two special challenges for specific categories, and an all-encompassing, catch-all competition to find the absolute best Fintech start-up from anywhere around the world.

The ‘Fintech for Companies’ category fits with the Akoni philosophy, and focuses on start-ups providing financial solutions for BBVA Corporate and SME customers.    Akoni has participated fully in the international talent search, and we are thrilled to have been chosen among the 10 finalists of this category.   This is another huge success for the Akoni Team and we are proud that our product has been viewed so favourably with many other players from across the world!  Akoni works both with banks, tailoring solutions for their commercial client base, as well as directly with businesses.

We are excited for the finals, which will take place in London in September.    In order to receive regular updates on market rates and make the most of your cash,  you can register at AkoniHub.com – contact us to find out the value we can add to your enterprise.

Read all about the competition  and sign up to join the open innovation day, sharing creative ideas with leading minds

Akoni helps businesses make the most of their cash. Register free at AkoniHub.com and follow us on Twitter

 

ABN AMRO Corporate launchpad – HighTechXL Summit

Felicia Meyerowitz Singh, Akoni’s CEO

July has been an exciting month for the team at Akoni!  We were selected from over 5,000 companies to partner with a leading bank in Europe.   Felicia and Panos, our CEO and CTO, attended the ABN AMRO launchpad, collaborating with various members of ABN AMRO corporate, commercial and digital and innovation teams.  We were hosted by the incredible professional and supportive team at HighTechXL Impact Summit in Eindhoven, a technology conference that matches up start-ups with industry experts, innovation executives and investors.

The Impact Summit was attended by 75 start-ups and scale-ups from 23 different countries, that were selected from over 5000 companies world wide.

We had the opportunity to meet around 20 of the ABN Amro team members, covering a range of responsibilities for commercial and SME Banking as well as digital delivery and innovation. This resonated strongly with our team as we believe passionately that SMEs are the bedrock of economic growth.  We are happy to see banks starting to recognise the additional value for this neglected market and looking forward to providing solutions to improving financial outcomes for business in this market. SMEs should have the option to choose the best business savings account and products, based on personalised products and solutions, which increase cash to the company.  This is a gap in the market which Akoni fills.  We collaborate with leading institutions to deliver this to customers.

Both Panos and Felicia, our Akoni founders, met with industry experts and explored the key benefits and features of our cash management platform for the bank’s customers.
Akoni was delighted to be one of the winners of the ABN Amro pilot programme for our Banking on Business platform.

 

 

 

 

We are excited that our awesome team has brought us along this journey and look forward to more exciting successes ahead!

Akoni helps businesses make the most of their cash. Register for free at AkoniHub.com and follow us on Twitter

 

 

 

 

Poor Financial Management: 5 Practical Tips To Save Your Small Business

The right amount of debt can propel the business into a high growth trajectory but too much debt can pull it down as quickly. The magnitude of the problem is revealed by a U.S. Small Business Administration (SBA) study that shows that half of small businesses tend to collapse within the first 5 years due to poor financial management, including excessive debt.

Akoni can help to increase returns on cash holdings, but we think you should have a look at these tips as well

Read more…

Akoni helps businesses make the most of their cash. Register for free at AkoniHub.com and follow us on Twitter

Small firms urge Bank of England caution

Responding to the Monetary Policy Committee (MPC)’s split decision (6-2) to maintain a 0.25% Bank Rate and its 3% CPI forecast for October, Mike Cherry, National Chairman at the Federation of Small Businesses (FSB), said:

“At a time of unprecedented uncertainty it’s more critical than ever that the MPC approaches interest rate decisions with caution. Against a backdrop of slowing economic growth, increased debt costs would put yet another strain on our embattled small business community.

For the full article click here.

Akoni helps businesses make the most of their cash. Register for free at AkoniHub.com and follow us on Twitter

Insurers too slow to react to SME losses

Insurers are too slow to respond to SME losses, leaving them vulnerable to going bust – and the industry has made little progress since the Financial Conduct Authority’s similar finding two years ago, according to one firm.

The claims service given by insurers to SMEs is lagging behind what the companies expect, a recent survey by MGA and loss recovery specialists Lorega found. At the top of the list of gripes from SMEs were that both interim and final claims amounts were not agreed promptly, which the MGA’s MD said could lead to companies being pushed out of business.

Continue reading…

Akoni helps businesses make the most of their cash. Register free at AkoniHub.com and follow us on Twitter

Bank of England warns Brexit will put strain on regulatory resources

The Bank of England has warned that the task of regulating the City after Brexit will put a strain on its ability to police the financial sector.

Deputy governor Sam Woods also said the Bank’s regulatory arm, the Prudential Regulation Authority, faced “a material risk to its objectives” – which include promoting financial stability – as it deals with the UK’s exit from the EU.

Read the full story here.

Akoni helps businesses make the most of their cash. Register free at AkoniHub.com and follow us on Twitter

Small businesses working hard to meet living wage challenge

The article below outlines the struggles British Small Businesses face with being able to keep up with the National Living Wage for their employees. They do seem to manage to find the funds by adjusting their budget but we can’t help to think that Akoni can add value to this issue, by offering Small Businesses better returns for their existing cash. This of course means more money on their accounts for anything that is needed to keep the business going and perhaps even grow:

“British small businesses are managing to stretch their budgets to cover the national living wage for their employees.

New research from the Federation of Small Businesses (FSB) shows the majority (64 per cent) of small firms impacted by the National Living Wage (NLW) have stretched to meet the latest rise by taking lower profits.”

Read the full article here http://smallbusiness.co.uk/small-businesses-meet-living-wage-2540101/?platform=hootsuite

Business in Britain June 2017: An Analysis by Lloyds Bank

Business confidence has risen significantly in the last six months according to the latest Business in Britain report. The survey, now in its 25th year, offers insights on the recent performance and expectations of domestic businesses. The survey is based on the responses of over 1,500 firms, especially small and medium-sized companies, drawn from all industries and all parts of the country.

Read it here http://resources.lloydsbank.com/insight/business-in-britain-july-2017/

5 traits of successful teams according to research by Google

Over the years, Google has embarked on countless quests, collected endless amounts of data, and spent millions trying to better understand its people. One of the company’s most interesting initiatives, Project Aristotle, gathered several of Google’s best and brightest to help the organisation codify the secrets to team effectiveness.

Specifically, Google wanted to know why some teams excelled while others fell behind.

https://www.inc.com/michael-schneider/google-thought-they-knew-how-to-create-the-perfect.html

Where are corporates hoarding their cash?

Treasure

The UK has so far defied the pessimists over Brexit, and done remarkably well in its recovery from the latest recession.

The fast-growing FinTech sector is doing particularly well, and the government has identified it as a priority area, saying it provides 60,000 jobs and contributes around $9 billion to the economy.

According to trade body, Innovate Finance, $564 million of venture capital poured into British FinTech companies in the first half of 2017. That’s up 37% from the first half of 2016.

More than half the investment came from outside Britain, with a third coming from venture capital firms based in the United States.

Worldwide, FinTech investment for the first half of the year stood at $6.5 billion. Just over half that went into US startups and $1 billion into China. That places the UK third for global FinTech investment.

The UK figure still lags behind 2015, when a record $676 million was invested in the first half of the year and over $1.3 billion for the entire year. However, from July 1 to July 23, UK FinTech has already raised another $155 million.

Abdul Haseeb Basit, Innovate Finance’s Chief Financial Officer, told Reuters: “Things have slowed but we’ve seen an improving recovery since the referendum last year.”

But it’s not all good news.

  • Unemployment has fallen to a 40-year low (however, inflation-adjusted wages are significantly below the level they were ten years ago)
  • The UK has been the second fastest growing economy in the G7 for the past two years (however, growth is based on household and government consumption, not investment and net trade)
  • Business investment as a share of GDP is virtually back to pre-crisis levels (however, it is still low by international standards and seems to have plateaued. In manufacturing, it fell by 6.6% last year)
  • Profit margins in the first quarter of 2017 rose to a post-recession high (however, companies are choosing to save, rather than invest)
  • Sterling has lost value since the Brexit vote (however, instead of improving their export prices or investing for productivity, UK firms are banking the extra profit in low-interest or no-interest deposit accounts)

Productivity is the ‘magic pill’ that raises economic output per worker and leads to higher wages and living standards – but productivity growth is lower.

One of the reasons for the UK’s weak productivity, is poor levels of investment.

Cash deposits by private non-financial corporations were up by more than 10% last year, reaching 648bn. That’s equal to four times annual business investment and nearly a third of annual GDP.

Corporate cash

Samuel Tombs, chief economist at Pantheon Macroeconomics, says business investment would surge if firms spent just a small proportion of their stockpiled cash.

With uncertainty hanging over the UK economy, it seems that companies are looking to invest more abroad, particularly in the eurozone, and less at home.

Chancellor Phillip Hammond, has reportedly said that we must hold our nerve and stick to the plan for bringing the public finances back into balance.

SMEs are the bedrock of growth, and underpin our economy. We therefore support the calls for the Chancellor to make Britain the best place in Europe to invest, by offering tax incentives and any other measures.

Meanwhile, businesses should be using cash planning tools to generate income from their surplus cash. By moving it into accounts with the best interest rates, they could earn enough to employ a new staff member for improved productivity, or to launch a marketing campaign that drives further business growth.

Akoni helps businesses make the most of their cash. Register for free at AkoniHub.com

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