Scottish fintech selected for fintech growth programme

Vistalworks just announced it  has been selected for the UK’s fintech growth programme.

The company will be part of the Tech Nation’s Fintech 3.0 cohort, delivered as part of the UK Treasury’s fintech strategy.

The growth programme aim to provide coaching and networking to some of the best fintech firms in the UK so they can develop new solutions to support the UK economy.

Vistalworks’ solution allows financial institution to fight fraudulent transactions and reduce consumers detriment thanks to a state of the art software that creates risk profiles for sellers and products. The new technology also sends alerts to governments, police, specialist agencies, consumer protection bodies, and corporations such as banks.

Thanks to a browser add-on, consumers can also check products are licit before buying them.

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, chief executive of FinTech Scotland, 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.

“As a visible role model, she inspires other women and girls to pursue careers in STEM industries and we know that diversity is a key driver of innovation.

“This in turn fuels economic growth, making gender diversity a key component in rebuilding our economy after the impact of the COVID-19 pandemic.”