The document outlines plans to launch a wholesale banking platform called Standard Treasury that will provide banking services via API to fintech companies and power the next generation of financial applications. It details the team's experience in banking technology, regulatory work completed in the UK and US, product roadmap, and financial projections showing an $8.99M series A round will fund the application and launch process. Risks are acknowledged but mitigation strategies are proposed to address challenges in obtaining a banking license, timeline, and hiring.
🔮 Want more VC/investment startup pitch decks? We’ve centralised ALL succesful investor pitch decks at: https://chagency.co.uk/getstartupfunding — check all of them out
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🔮 Our library of pitch decks will not have any advertisement, only a signature. We are a design agency that helps SaaS CEOs reduce user churn.
Monzo: £19.3M VC investment turned into $2B. Monzo's Series C pitch deckAA BB
🔮 Want more VC/investment startup pitch decks? We’ve centralised ALL succesful investor pitch decks at: https://chagency.co.uk/getstartupfunding — check all of them out
🔮 The effort is adhering to the ideology of “The Future Of Freemium” — read more here: https://chagency.co.uk/blog/ceo/the-future-of-freemium-how-to-get-peoples-attention/
🔮 Our library of pitch decks will not have any advertisement, only a signature. We are a design agency that helps SaaS CEOs reduce user churn.
—
Note, this is likely either the Series C or the Series D funding round, given the content of the deck.
In February 2017, Monzo raised £19.5M from Thrive Capital (likely this round).
In November 2017, they raised £71M from Goodwater capital.
🔮 Want more VC/investment startup pitch decks? We’ve centralised ALL succesful investor pitch decks at: https://chagency.co.uk/getstartupfunding — check all of them out
🔮 The effort is adhering to the ideology of “The Future Of Freemium” — read more here: https://chagency.co.uk/blog/ceo/the-future-of-freemium-how-to-get-peoples-attention/
🔮 Our library of pitch decks will not have any advertisement, only a signature. We are a design agency that helps SaaS CEOs reduce user churn.
🔮 Want more VC/investment startup pitch decks? We’ve centralised ALL succesful investor pitch decks at: https://chagency.co.uk/getstartupfunding — check all of them out
🔮 The effort is adhering to the ideology of “The Future Of Freemium” — read more here: https://chagency.co.uk/blog/ceo/the-future-of-freemium-how-to-get-peoples-attention/
🔮 Our library of pitch decks will not have any advertisement, only a signature. We are a design agency that helps SaaS CEOs reduce user churn.
🔮 Want more VC/investment startup pitch decks? We’ve centralised ALL succesful investor pitch decks at: https://chagency.co.uk/getstartupfunding — check all of them out
🔮 The effort is adhering to the ideology of “The Future Of Freemium” — read more here: https://chagency.co.uk/blog/ceo/the-future-of-freemium-how-to-get-peoples-attention/
🔮 Our library of pitch decks will not have any advertisement, only a signature. We are a design agency that helps SaaS CEOs reduce user churn.
Monzo: £19.3M VC investment turned into $2B. Monzo's Series C pitch deckAA BB
🔮 Want more VC/investment startup pitch decks? We’ve centralised ALL succesful investor pitch decks at: https://chagency.co.uk/getstartupfunding — check all of them out
🔮 The effort is adhering to the ideology of “The Future Of Freemium” — read more here: https://chagency.co.uk/blog/ceo/the-future-of-freemium-how-to-get-peoples-attention/
🔮 Our library of pitch decks will not have any advertisement, only a signature. We are a design agency that helps SaaS CEOs reduce user churn.
—
Note, this is likely either the Series C or the Series D funding round, given the content of the deck.
In February 2017, Monzo raised £19.5M from Thrive Capital (likely this round).
In November 2017, they raised £71M from Goodwater capital.
🔮 Want more VC/investment startup pitch decks? We’ve centralised ALL succesful investor pitch decks at: https://chagency.co.uk/getstartupfunding — check all of them out
🔮 The effort is adhering to the ideology of “The Future Of Freemium” — read more here: https://chagency.co.uk/blog/ceo/the-future-of-freemium-how-to-get-peoples-attention/
🔮 Our library of pitch decks will not have any advertisement, only a signature. We are a design agency that helps SaaS CEOs reduce user churn.
🔮 Want more VC/investment startup pitch decks? We’ve centralised ALL succesful investor pitch decks at: https://chagency.co.uk/getstartupfunding — check all of them out
🔮 The effort is adhering to the ideology of “The Future Of Freemium” — read more here: https://chagency.co.uk/blog/ceo/the-future-of-freemium-how-to-get-peoples-attention/
🔮 Our library of pitch decks will not have any advertisement, only a signature. We are a design agency that helps SaaS CEOs reduce user churn.
🔮 Want more VC/investment startup pitch decks? We’ve centralised ALL succesful investor pitch decks at: https://chagency.co.uk/getstartupfunding — check all of them out
🔮 The effort is adhering to the ideology of “The Future Of Freemium” — read more here: https://chagency.co.uk/blog/ceo/the-future-of-freemium-how-to-get-peoples-attention/
🔮 Our library of pitch decks will not have any advertisement, only a signature. We are a design agency that helps SaaS CEOs reduce user churn.
Coinbase pitch deck designed by Zlides
Want to create a pitch deck that inspires your audience? Get your FREE presentation kit designed by Zlides: http://bit.ly/slideshare_zlides
Bliinx aggregates business interactions between professionals and their contacts so that they can get up to speed on relationships without jumping through a bunch of platforms. They also generate company-wide relationship insights that boost business development initiatives and customer ROI.
If you’re an investor who’d like to find out more about Hive, get in touch with the founder directly via john.ryder@hive.hr, or alternatively drop me an email at alex@mountsideventures.com
The investor presentation we used to raise 2 million dollarsMikael Cho
The investor presentation we used to raise 2 million dollars for ooomf.com (now pickcrew.com)
View the online version here: https://pickcrew.com/investors/
Inilah pitch deck dari raksasa media digital, Buzzfeed. Bagi kamu yang memiliki model bisnis yang serupa dengan BuzzFeed, mungkin kamu dapat terinspirasi dari pitch deck ini.
🔮 Want more VC/investment startup pitch decks? We’ve centralised ALL succesful investor pitch decks at: https://chagency.co.uk/getstartupfunding — check all of them out
🔮 The effort is adhering to the ideology of “The Future Of Freemium” — read more here: https://chagency.co.uk/blog/ceo/the-future-of-freemium-how-to-get-peoples-attention/
🔮 Our library of pitch decks will not have any advertisement, only a signature. We are a design agency that helps SaaS CEOs reduce user churn.
Coinbase pitch deck designed by Zlides
Want to create a pitch deck that inspires your audience? Get your FREE presentation kit designed by Zlides: http://bit.ly/slideshare_zlides
Bliinx aggregates business interactions between professionals and their contacts so that they can get up to speed on relationships without jumping through a bunch of platforms. They also generate company-wide relationship insights that boost business development initiatives and customer ROI.
If you’re an investor who’d like to find out more about Hive, get in touch with the founder directly via john.ryder@hive.hr, or alternatively drop me an email at alex@mountsideventures.com
The investor presentation we used to raise 2 million dollarsMikael Cho
The investor presentation we used to raise 2 million dollars for ooomf.com (now pickcrew.com)
View the online version here: https://pickcrew.com/investors/
Inilah pitch deck dari raksasa media digital, Buzzfeed. Bagi kamu yang memiliki model bisnis yang serupa dengan BuzzFeed, mungkin kamu dapat terinspirasi dari pitch deck ini.
Kibin is the newest and easiest way to get the things you write looked at by another set of eyes. Upload to Kibin and have another user leave edits and feedback on your writing in less than 24 hours!
Find out more at www.kibin.com or www.angel.co/kibin
We help publishers promote their iPhone apps. Instead of screenshots or pre-recorded video, publishers can embed interactive iPhone app demos on any web page.
Businesses use The Daily Hundred to turn their influential customers into an extension of their marketing teams! Our platform allows businesses to connect with and reward these customers for creating and sharing branded content. Thousands of users login to our iPhone, Android and web app everyday to turn their influence into cash and rewards. There are currently two ways that users can earn rewards on our platform. The first way is by taking a picture with a brand's product or service and sharing that image on Facebook or Twitter. The second way is by sharing a message, created by the brand, with their friends and followers on Facebook and Twitter.
Word of mouth is the most effective form of advertising and we have created a platform that allows businesses of all sizes to run powerful word of mouth marketing campaigns at scale.
Mapme Investor Deck.
The deck we originally used to raise our seed round of $1M. See the progress we've made at www.mapme.com. Welcome to try it out and create a map.
Any questions? I'm at ben@mapme.com
Compliance Project Management -- Presentation at PMI Switzerlandsgarazi
After the global financial crisis of 2008, banks have been heavily pressured by governments and regulatory authorities to comply to new financial laws and regulations (Dodd-Frank Act, MiFID2, FIDLEG, ..). The FATCA legislation is active since 2014. The Automatic Exchange of Information (AEoI), building on FATCA, will become reality for Switzerland for most other clients on 01 January 2017! Others, such as MiFID2, are upcoming.
This presentation, held at PMI Switzerland on 01 November 2016, first provide the background of the financial crisis of 2008, then describes some of the regulatory responses that have been brought to it. Then, it dwells into the specificities of Compliance Project Management, the effective implementation of the regulations in banks.
Keynote: Open Banking - To be or not to be? by Open Bank Project by ArabNet B...ArabNet ME
Simon Redfern introduces the why's, what's and how's
of Open Banking and asks if its possible for banks not to be "open".During this presentation, the audience will be taken on a whistle stop tour of Open Banking APIs, Innovation, Apps and Regulation. Attendees will learn why banks worldwide are prioritizing API initiatives - and gain ideas and insights that will support their own open banking journey.
Open Banking and Payment Service DirectiveLac Vuong
This is a summary of a wonderful EU directive that will extensively yield benefits to players and customers of various industries, beyond fintech, banking, payment and security. Enjoy! I hope you like it as much as I do.
Open Banking - Opening the door to Digital Transformation WSO2
The open data era is just beginning in Australia. While the main purpose of the Consumer Data Right is to provide consumers, better control over their data, it is also paving the way for banks and financial institutions to step into newer business models through digital transformation. This talk will detail how banks stand to benefit from an open data ecosystem with a winning strategy and the right tools to achieve it. It will discuss the following topics:
The journey from Open APIs to Open Banking - An ecosystem for digital transformation
Building an open banking strategy for long term success
Realising the digital transformation opportunities of Open Banking
Fintech Strategic Roadmap for the UK’s Largest Banks: our MIT Fintech course ...Luis Castejon-Martin
It is a pleasure to share with you our final report for the MIT Fintech Future Commerce course, Capstone Project Group 168, developed during this year by a dream team of very experienced managers and consultants as @Colin Bennett @Parrish Pryce-Williams @Andrea Monaco and @Jackie Noakes, working in the financial sector in London (except me in Madrid).
The main goal of the report is to develop our Fintech Strategic Roadmap for the UK’s Largest Banks: HSBC, Barclays, Lloyds, RBS and Santander.
The key recommendation is that every banking incumbent requires a robust Fintech Strategic Roadmap.
Etude du Business Model de Number26 / N26 par le cabinet Onopia, spécialiste de l'innovation de business model, de l'expérience client, du design thinking. www.onopia.com
This presentation by the UK Competition & Markets Authority was made during a workshop on “Regulation and competition in light of digitalisation” held by the OECD in Paris on 31 January 2018. More papers and presentations on the topic can be found out at oe.cd/wrcd.
ORBCOMM is committed to maximizing shareholder value. We continue to increase the number of subscriptions activated on our dedicated industrial IoT and M2M satellite constellation. We have an established global network and proven technology, a low-cost structure as well as key distribution and OEM customer relationships. We also have a comprehensive subscriber management platform that will further enhance our value to our customers and provide new ongoing revenue streams.
ORBCOMM is committed to maximizing shareholder value. We continue to increase the number of subscriptions activated on our dedicated industrial IoT and M2M satellite constellation. We have an established global network and proven technology, a low-cost structure as well as key distribution and OEM customer relationships. We also have a comprehensive subscriber management platform that will further enhance our value to our customers and provide new ongoing revenue streams.
ORBCOMM is committed to maximizing shareholder value. We continue to increase the number of subscriptions activated on our dedicated industrial IoT and M2M satellite constellation. We have an established global network and proven technology, a low-cost structure as well as key distribution and OEM customer relationships. We also have a comprehensive subscriber management platform that will further enhance our value to our customers and provide new ongoing revenue streams.
Garth Grahams Stratmor Slides from Digital Mortgage Conference 2017Mortgage Coach
These are the slides that Garth Graham shared at Digital Mortgage and Sales Mastery -- he provided them to the Mortgage Coach community during his interview at Sales Mastery
Kubernetes & AI - Beauty and the Beast !?! @KCD Istanbul 2024Tobias Schneck
As AI technology is pushing into IT I was wondering myself, as an “infrastructure container kubernetes guy”, how get this fancy AI technology get managed from an infrastructure operational view? Is it possible to apply our lovely cloud native principals as well? What benefit’s both technologies could bring to each other?
Let me take this questions and provide you a short journey through existing deployment models and use cases for AI software. On practical examples, we discuss what cloud/on-premise strategy we may need for applying it to our own infrastructure to get it to work from an enterprise perspective. I want to give an overview about infrastructure requirements and technologies, what could be beneficial or limiting your AI use cases in an enterprise environment. An interactive Demo will give you some insides, what approaches I got already working for real.
UiPath Test Automation using UiPath Test Suite series, part 4DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 4. In this session, we will cover Test Manager overview along with SAP heatmap.
The UiPath Test Manager overview with SAP heatmap webinar offers a concise yet comprehensive exploration of the role of a Test Manager within SAP environments, coupled with the utilization of heatmaps for effective testing strategies.
Participants will gain insights into the responsibilities, challenges, and best practices associated with test management in SAP projects. Additionally, the webinar delves into the significance of heatmaps as a visual aid for identifying testing priorities, areas of risk, and resource allocation within SAP landscapes. Through this session, attendees can expect to enhance their understanding of test management principles while learning practical approaches to optimize testing processes in SAP environments using heatmap visualization techniques
What will you get from this session?
1. Insights into SAP testing best practices
2. Heatmap utilization for testing
3. Optimization of testing processes
4. Demo
Topics covered:
Execution from the test manager
Orchestrator execution result
Defect reporting
SAP heatmap example with demo
Speaker:
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
Essentials of Automations: Optimizing FME Workflows with ParametersSafe Software
Are you looking to streamline your workflows and boost your projects’ efficiency? Do you find yourself searching for ways to add flexibility and control over your FME workflows? If so, you’re in the right place.
Join us for an insightful dive into the world of FME parameters, a critical element in optimizing workflow efficiency. This webinar marks the beginning of our three-part “Essentials of Automation” series. This first webinar is designed to equip you with the knowledge and skills to utilize parameters effectively: enhancing the flexibility, maintainability, and user control of your FME projects.
Here’s what you’ll gain:
- Essentials of FME Parameters: Understand the pivotal role of parameters, including Reader/Writer, Transformer, User, and FME Flow categories. Discover how they are the key to unlocking automation and optimization within your workflows.
- Practical Applications in FME Form: Delve into key user parameter types including choice, connections, and file URLs. Allow users to control how a workflow runs, making your workflows more reusable. Learn to import values and deliver the best user experience for your workflows while enhancing accuracy.
- Optimization Strategies in FME Flow: Explore the creation and strategic deployment of parameters in FME Flow, including the use of deployment and geometry parameters, to maximize workflow efficiency.
- Pro Tips for Success: Gain insights on parameterizing connections and leveraging new features like Conditional Visibility for clarity and simplicity.
We’ll wrap up with a glimpse into future webinars, followed by a Q&A session to address your specific questions surrounding this topic.
Don’t miss this opportunity to elevate your FME expertise and drive your projects to new heights of efficiency.
Neuro-symbolic is not enough, we need neuro-*semantic*Frank van Harmelen
Neuro-symbolic (NeSy) AI is on the rise. However, simply machine learning on just any symbolic structure is not sufficient to really harvest the gains of NeSy. These will only be gained when the symbolic structures have an actual semantics. I give an operational definition of semantics as “predictable inference”.
All of this illustrated with link prediction over knowledge graphs, but the argument is general.
PHP Frameworks: I want to break free (IPC Berlin 2024)Ralf Eggert
In this presentation, we examine the challenges and limitations of relying too heavily on PHP frameworks in web development. We discuss the history of PHP and its frameworks to understand how this dependence has evolved. The focus will be on providing concrete tips and strategies to reduce reliance on these frameworks, based on real-world examples and practical considerations. The goal is to equip developers with the skills and knowledge to create more flexible and future-proof web applications. We'll explore the importance of maintaining autonomy in a rapidly changing tech landscape and how to make informed decisions in PHP development.
This talk is aimed at encouraging a more independent approach to using PHP frameworks, moving towards a more flexible and future-proof approach to PHP development.
State of ICS and IoT Cyber Threat Landscape Report 2024 previewPrayukth K V
The IoT and OT threat landscape report has been prepared by the Threat Research Team at Sectrio using data from Sectrio, cyber threat intelligence farming facilities spread across over 85 cities around the world. In addition, Sectrio also runs AI-based advanced threat and payload engagement facilities that serve as sinks to attract and engage sophisticated threat actors, and newer malware including new variants and latent threats that are at an earlier stage of development.
The latest edition of the OT/ICS and IoT security Threat Landscape Report 2024 also covers:
State of global ICS asset and network exposure
Sectoral targets and attacks as well as the cost of ransom
Global APT activity, AI usage, actor and tactic profiles, and implications
Rise in volumes of AI-powered cyberattacks
Major cyber events in 2024
Malware and malicious payload trends
Cyberattack types and targets
Vulnerability exploit attempts on CVEs
Attacks on counties – USA
Expansion of bot farms – how, where, and why
In-depth analysis of the cyber threat landscape across North America, South America, Europe, APAC, and the Middle East
Why are attacks on smart factories rising?
Cyber risk predictions
Axis of attacks – Europe
Systemic attacks in the Middle East
Download the full report from here:
https://sectrio.com/resources/ot-threat-landscape-reports/sectrio-releases-ot-ics-and-iot-security-threat-landscape-report-2024/
Search and Society: Reimagining Information Access for Radical FuturesBhaskar Mitra
The field of Information retrieval (IR) is currently undergoing a transformative shift, at least partly due to the emerging applications of generative AI to information access. In this talk, we will deliberate on the sociotechnical implications of generative AI for information access. We will argue that there is both a critical necessity and an exciting opportunity for the IR community to re-center our research agendas on societal needs while dismantling the artificial separation between the work on fairness, accountability, transparency, and ethics in IR and the rest of IR research. Instead of adopting a reactionary strategy of trying to mitigate potential social harms from emerging technologies, the community should aim to proactively set the research agenda for the kinds of systems we should build inspired by diverse explicitly stated sociotechnical imaginaries. The sociotechnical imaginaries that underpin the design and development of information access technologies needs to be explicitly articulated, and we need to develop theories of change in context of these diverse perspectives. Our guiding future imaginaries must be informed by other academic fields, such as democratic theory and critical theory, and should be co-developed with social science scholars, legal scholars, civil rights and social justice activists, and artists, among others.
Smart TV Buyer Insights Survey 2024 by 91mobiles.pdf91mobiles
91mobiles recently conducted a Smart TV Buyer Insights Survey in which we asked over 3,000 respondents about the TV they own, aspects they look at on a new TV, and their TV buying preferences.
GraphRAG is All You need? LLM & Knowledge GraphGuy Korland
Guy Korland, CEO and Co-founder of FalkorDB, will review two articles on the integration of language models with knowledge graphs.
1. Unifying Large Language Models and Knowledge Graphs: A Roadmap.
https://arxiv.org/abs/2306.08302
2. Microsoft Research's GraphRAG paper and a review paper on various uses of knowledge graphs:
https://www.microsoft.com/en-us/research/blog/graphrag-unlocking-llm-discovery-on-narrative-private-data/
8. Top Down:
Banking revenue
$1 Trillion
Gross Value:
Wholesale banking
$259 Billion
TAM:
Global Startup
Wholesale banking
$5 Billion
Giant market with a focused start
8
9. This is hard…
…what it takes:
▪ Great API platform
▪ Great backend infrastructure
▪ Banking license in at least one country (UK)
▪ Global roll out (US and Europe)
9
10. 10
Why now? The timing is right:
▪ Regulatory Changes
▪ Technology Maturity
▪ Rapidly growing market with eager customers
11. Our world class team
Chris Dean,
VPE
Co-Founder, Merced
VP, BabyCenter
CalTech Physics
Mike Clarke:
Infrastructure Lead,
Disqus
EE from Notre Dame
Jim Brusstar:
Eng Lead, Sidecar
Eng Lead, FB Platform
BSE in CS from Michigan
11
Dan Kimerling,
CEO
COO of Giftly,
Analyst at TechCrunch
BA/MA, University
of Chicago
Zac Townsend,
President
Risk @ Stripe,
CTO of Newark NJ
BA, Brown, MPA, NYU
Keith Ballinger,
Head Architect
Co-Creator of .Net;
Developer,
Fed Reserve,
Published 2 software
books
David Jarvis:
Software Engineer
CircleCI;
Data Scientist, AK
BA, University of Chicago
12. Current landscape
BIG BANKS
UK
NEW UK BANKSSMALL BANKS
aren't nimble,
too much
legacy tech
bad technology but
worse risk management
and relationship with
the regulators
these are all consumer-
focused retail banks
12
13. Studied US Regulation
Studied UK regulation
Completed early legal and
regulatory work
Met UK Regulators
Complete Regulatory Work
Public API
Developer portal
SDKs
Core Ledger
Authenticate and Authorize
Built Product
H1'15
Prepare Application
Pre-Meetings and Challenge
Sessions
Consulting
Set up UK Subsidiary and
Operation
Regulation
Payment Systems
Customer Information System
Product
Bank CEO
Engineers
Designers
Hiring
H2'15
Application
Regulatory Assesment
Individual Capital Guidance
Individual Liquidty Guidance
Regulation
Product
Compliance
Engineers
Hiring
H1'16
Application
Goverenance
Policies/Procedures
IT Review
Regulation
Product
Compliance
Engineers
Operations
Support
Hiring
Infrastructure
Logging/Auditing
Online/Mobile Banking
Compliance/KYC/AML
Debit Issuance
Deployment
Testing/Launch
With $10M, we will get authorized in the UK
13
LAUNCH
LAUNCH TO PRESENT
15. Once launched we have durable advantages:
▪ Sticky developer relationships
▪ Regulatory head start (2-3 years)
▪ Risk management network effects
▪ Easy to expand to commercial banking
15
16. 16
Risks & Mitigations:
Risk Plan
1
We can’t get licensed;
significantly less market demand
Sell our software to other banks
2 It takes longer to get license Slow down our burn
3 It takes longer to ship our software Speed up engineering hiring
4 If we can’t find the right people
Work with headhunters and use
contractors, as needed
18. Appendices
A. Background: Past financing, product and progress
B. UK Regulatory Environment
C. US Regulatory Environment
D. Product Roadmap and Use Cases
E. Technology and Architecture
18
19. Appendix A
A. Background: Past financing, product and progress
B. UK Regulatory Environment
C. US Regulatory Environment
D. Product Roadmap and Use Cases
E. Technology and Architecture
19
20. ▪ Secure integration with bank middleware
▪ Public APIs tailored to each partner’s unique needs
▪ Self-service developer administration
▪ Up-to-date documentation & SDKs
▪ World-class developer support
▪ Partner & growth engineering
▪ Turnkey app store
We’ve always been focused on API Banking…
by providing the world’s largest banks all the ingredients
for success in API Banking.
Our history
21. American Banker’s Top
Ten Tech Companies
to Watch
Featured in
$2.7M convertible
note financing
21
Background
FINANCE
ACCELERATORS
Fintech Innovation Lab
Selected by fourteen top banks to participate
Mentored by Goldman Sachs, Deutsche Bank,
Morgan Stanley and UBS
Commerce.Innnovate
Mentored on advanced payments by MasterCard
PRESS
22. 22
Current investors include:
Angels include:
Brian McLoughlin
Cory Ondrejka
Paul Buchheit
Josh Abramowitz
Jonathan Abrams
Greg Kidd
Gus Felder
Jay Mandelbaum
Dalton Caldwell
John Wolthuis
23. Appendix B
A. Background: Past financing, product and progress
B. UK Regulatory Environment
C. US Regulatory Environment
D. Product Roadmap and Use Cases
E. Technology and Architecture
23
24. Easier to start in the United Kingdom
▪ Much friendlier regulatory climate
▪ Political desire for new banks and banking models
▪ New legal pathway to more easily de novo a bank
▪ Specific authorizations to operate our business model
▪ Fewer restrictions on capital structure
Planning to de novo a bank in the United Kingdom:
We have spent the last six months studying
the regulatory and legal landscape.
24
25. Big opportunity in United Kingdom as first market:
Every startup we met said there was a need for the bank, and that they
would either switch their existing business to our bank or would switch all
future product development to our bank. Given what these existing players
told us about their current usage bills with their banks, we believe we could
easily be profitable on the soft commitments we've already received.
25
26. ▪ Improvements to – and streamlining of – the pre-filing system
▪ Reduced capital requirements at authorization
▪ Reduced liquidity requirements for new entrant banks
▪ Simplification and streamlining of application documentation
▪ A reduced minimum realistic time for the application process
of six months (previously two years)
26
New Easier Process to Start Banks
27. Prudential Regulator Authority
▪ Part of Bank of England
▪ Part of “dual” bank authorizations process
▪ Has responsibility for safety and
soundness regulation of U.K. banks
▪ Open to competent business plans
outside traditional banking models
▪ Analogous to the Federal Reserve’s
supervision work in the US
Financial Conduct Authority
▪ Independent agency
▪ Part of “dual” bank authorizations process
▪ Has responsibility for regulating banks in
relation to consumer protection, conduct,
market participation and financial crime
issues
▪ Mash up of SEC, FDIC, and Fincen for a
US analogy
▪ Set up Innovation Hub to guide startups
through agency
Payments Systems Regulatory
▪ Part of the Financial Conduct authority
▪ Standing up on April 1, 2015
▪ Publishing guidance supporting
“challenger” banks
27
Three relevant regulators in the UK, all friendly
28. We met with some ecosystem players like Level39,
Innovate.Finance, the FinTech Innovation Lab, etc. We like the
concentration of community, lobbying power, and knowledge
that we found, as well as the appetite for the type of
infrastructure we're proposing.
We got the sense, as well, that we could be a active, vocal,
and potentially powerful member of the community. Several
people said we might be able to influence UK political
discussion given sufficient time and resources: that we could
be fintech's poster child because we're infrastructure.
28
There is a rich financial technology ecosystem
29. Appendix C
A. Background: Past financing, product and progress
B. UK Regulatory Environment
C. US Regulatory Environment
D. Product Roadmap and Use Cases
E. Technology and Architecture
29
30. 1. Why not start a bank in the US?
2. Why not buy a bank in the US?
3. Why not partner with a bank in the US?
30
31. FDIC not granting de novo charters:
Since the financial crisis the FDIC
has approved only two de novo
applications – one for a
development bank in New Haven
and another for an Amish bank.
ONLY
2
1. Why not start a bank in the US?
31
32. WHY THE FDIC DISLIKES DE NOVOs
▪ FDIC identified that recent de novo banks had a disproportionate
share of failures and serious safety and soundness problems.
▪ After the crisis, the FDIC tightened its policy on de novo banks
and effectively restricted serious consideration of de novo banks
1. Why not start a bank in the US?
STANDARD TREASURY COULD NOT DE NOVO
▪ We do not believe that the Standard Treasury plans fall within
the exceptionally narrow parameters that, at this moment in
time, would cause the FDIC to give serious consideration to
a de novo application.
▪ Barring a major change in the FDIC’s approach to de novo
charters, which we deem unlikely under the current Chairman,
we believe it highly improbable that Standard Treasury could
successfully pursue an application for a de novo charter.
▪ Completely auditable and trackable.
32
33. ▪ customers
▪ technology
▪ loan book
▪ staff
▪ particular authorizations
▪ regulatory relationships
▪ physical plant
33
2. Why not buy a bank in the US?
We’d have to own their
these would be major distractions while we build tech infrastructure
34. Since the financial crisis, all U.S. federal bank
regulators have increased scrutiny of applications
to acquire banks, particularly applications by
non-banks.
34
2. Why not buy a bank in the US?
35. Non-bank applicants can expect to have to meet standards
applicable to de novo institutions including:
▪ a requirement to operate under a business plan
approved by the bank’s primary regulator for the first
seven years of operation
▪ closer supervisory scrutiny
▪ more frequent examinations
▪ operating conditions specific to the particular application,
typically include higher capital standards than required by
otherwise-applicable regulation
▪ the more an application deviates from a
traditional community-banking model, the greater
this scrutiny becomes.
35
2. Why not buy a bank in the US?
36. This heightened scrutiny of non-traditional models
in turn gives rise to longer application processing
times and reduced likelihood of success.
36
2. Why not buy a bank in the US?
37. Restrictions on capital sources:
▪ Many banking regulators in the US have a natural
skepticism towards private equity and venture capital
investors, who they perceive as having short term
profit motives.
▪ While this perception is unfair to many such investors,
particularly in the venture capital industry, few banking
regulators understand the sector well enough to make
nuanced distinctions
37
2. Why not buy a bank in the US?
38. Bank holding company:
▪ There are a complex series of controls that very likely
prevents any non-natural person from owning more than
9.9% of a bank without being subject to registering as a
bank holding company.
▪ Banking holding companies are regulated by the Federal
Reserve and are subject to an onerous set of reporting, risk
management, and internal financial controls.
38
2. Why not buy a bank in the US?
39. 1. Lack of control
2. Bad technology interfaces
3. Aren’t responsive
4. Designed unscalable internal control & risk management
5. Are reluctant to white label
6. Stuck in legacy mindset
7. Bad culture and worse technology culture
39
3. Why not partner with a bank?
40. Appendix D
A. Background: Past financing, product and progress
B. UK Regulatory Environment
C. US Regulatory Environment
D. Product Roadmap and Use Cases
E. Technology and Architecture
40
41. The Amazon Web Services (storage, compute platform) or Uber
(logistics, transportation platform) of banking:
the high-volume provider of core financial services.
Over time this will include white labeled services like:
PAYMENTS
• Cash payments through companies like ZenPayroll, LendingHome.
• Card payments merchant acquiring through companies like Stripe, WePay, Balanced
Payments
• Card issuing through companies like Card.com, TrueLink Financial
Our product
ACCOUNTS
• Deposits through companies
like Simple, Bee, Zenefits
• Custodial accounts through companies
like WealthFront, Betterment, Sigfig
• Escrow accounts through companies
like Angellist
LENDING
• Real-time mortgage
decisioning for companies
like Trulia
• Warehouse facilities for companies
like Lending Club
$
We are providing banking infrastructure via API to partners
who will use and resell our services at scale.
41
43. 1. Commercial Customers (Lever)
1. Open a new account
2. Collect all the information for CIP and KYC
3. Automatically run KYC (and credit) checks
4. Open account with zero dollar
5. Accept a BACS/CHAPS/FPS from another bank
account / investor
6. Rent office space
7. Create a letter of credit
8. Pay corporate rent
9. Send BACS/CHAPS/FPS to particular counterparty
10. Pay for other things (debit cards, checks,
other payments)
11. Accounting and identity (Xero or direct connections)
12. Bill pay
2. Commercial Customers with Debit Features (Lever+)
1. Accept ACH debits
2. Drawdown wires
3. Wholesale Payments Customers (ZenPayroll)
1. FBO accounts
2. KYC on beneficiaries
3. ACH Debit to corporate
4. ACH Debit at scale to FBO
5. ACH Credit from FBO
6. KYC on counterparties
Example use cases
43
4. Wholesale Resellers of Retail Accounts (Bee/Simple)
1. Open retail accounts
2. Information
3. Payments
5. Card Issuance Programs (TrueLink, card.com, Giftly)
6. ISO/PSP and Merchant Acquiring
(Stripe/WePay/PayPal/Balanced)
7. Custodial accounts for asset managers
(Betterment/WealthFront/Sigfig)
8. Advanced data and analytics on usage, counterparties,
international accounts
9. Foreign exchange execution, settlement, accounts
10.Private wealth management tools
11.Broker dealer execution, settlement,
white labeled portals
44. 44
Economics by program type
Fixed revenue per program Variable revenue per transaction
Acquiring Minimal set-up fees
Significant revenue per dollar
processed
Issuing
Significant set-up fees and ongoing
program management fees
Significant revenue per card
issued and swipe
Cash
Payments
Minimal set-up fees
Mixed: Significant revenue per real-time
dollar processed, minimal for multi-day
settlement
Custodian
Significant set-up fees and ongoing
program management fees
Little revenue per dollar of AUM
Origination
Significant set-up fees and ongoing
program management fees
Little revenue per origination;
ongoing revenue for servicing
45. Appendix E
A. Background: Past financing, product and progress
B. UK Regulatory Environment
C. US Regulatory Environment
D. Product Roadmap and Use Cases
E. Technology and Architecture
45
46. Our core banking system is built using an API-first design.
Every operation in the bank is controlled by a secured rest
API, with a micro-services architecture on the backend.
Because we started from scratch, our system is built with
security, reliability, speed, and usability.
Our technology
▪ Payments and Transfers
▪ Authentication and Authorization
▪ Logging and Auditing
▪ Documentation
API
▪ Bank Manager Operations
▪ Online Commercial Banking
▪ Developer Portal
UX Infrastructure
▪ Core ledger
▪ Customer information System
▪ KYC, AML, Fraud detection
Technology Stack
▪ Clojure on JVM
▪ PostgreSQL
▪ Kafka
▪ Storm
46
▪ AngularJS
▪ AWS (Beanstalk, RDS, ELB, S3)
47. OUR SYSTEM
▪ API first
▪ High volume, Reliable, Secure
▪ Completely auditable and trackable
HIGH LEVEL DESIGN
▪ API uses OAuth and JWT to auth every request/response
▪ All synchronous calls are delegated from the API gateway to the
relevant internal micro-services
▪ A large percentage of those calls create events that are asynchronously
handled by our fault tolerant master workflow system.
▪ Each micro service has its own cluster of machines with its own
datastore
▪ There are separate public and private API services. Public for general
consumption, private for services used by the Bank Personnel.
Technical Details
47
After building out APIs for core banking systems in the US we
determined that none of the standard offerings met our desire
to drive the entire bank with a secure API in a highly performant
manner. All of our services and UX are built around the existing API.