Tech Lowdown: Silicon Valley fintech Plaid launches in the UK
Welcome to our weekly round-up of the latest news and updates from the accounting tech world.
This week, Tech Lowdown features Plaid’s European launch, new additions to the Xero marketplace and news about Fathom and Receipt Bank.
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Silicon Valley fintech Plaid launches in the UK
US fintech Plaid is set to expand into the UK. The company works as an intermediary, providing other apps with the technology they need to link to their customers’ bank accounts.
Looking to replicate its success in the US, where it integrates with 15,000 banks, Plaid's strategy is focused on expanding in Europe, starting with the UK, to take advantage of the Open Banking initiative. To support the expansion, Plaid is opening a UK office where it plans to hire 25 new members of staff by 2020.
Plaid already supports integration with eight of the biggest UK banks and it has launched with two customers – one of them the budget management app Emma.
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SME lender Growth Street joins the Xero Marketplace
Business finance provider Growth Street has partnered with Xero to make its lending product GrowthLine available on the Xero app marketplace.
GrowthLine provides borrowers access to up to £2m of funding. With the new partnership, GrowthLine transactions will be automatically reconciled in real time, reconciling withdrawals and repayments on behalf of the users.
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Fathom announces updates for consolidated groups
Fanthom has refreshed its financial intelligence app to improve its user experience. The company has included a new filtering option for users who have many companies in their accounts. The new filter allows them to see only consolidated groups, benchmark groups or to sort by data source or the most recently updated companies.
As part of the new update, Fathom has also added automatic updates for consolidated groups. When users access their reports or analysis, Fathom will show an updated version of the consolidation.
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Intuit acquires data analysis expert Origami Logic
Intuit celebrated a successful third quarter – earning more than a billion dollars a month and surging to 4.2m global users of QuickBooks Online – by splashing out an undisclosed sum to acquire Silicon Valley marketing data analyst Origami Logic.
Origami’s “expert platform” collects data from a variety of sources and uses artificial intelligence techniques to generate insights. According to Intuit CEO Sasan Goodarzi, “This acquisition will accelerate Intuit’s ability to organize, understand, and use data to deliver personalised insights that help customers quickly achieve success and build confidence whenever they use Intuit products.”
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Receipt Bank announces new MasterCard
Receipt Bank has announced the launch of its new MasterCard. Receipt Bank users will be able to use the new card to make company purchases, avoiding using their personal card and waiting to get reimbursed.
The card can be used like a prepaid or credit card, and the spend data automatically integrates with Receipt Bank and Xero.
Employers can apply for unlimited cards and manage them centrally with a single admin account to monitor employee spending. Among its benefits, Receipt Bank has announced the card will provide 0.5% cash-back on all spending and zero foreign exchange charges.