SaaScada is an industry proven cloud-native core banking engine that unlocks trapped customer value, mitigates risks, and drives real-time data insights. Our goal is to increase financial inclusivity by giving smaller players the ability to compete with mainstream giants through well-designed financial products that meet real customer needs.
By rearchitecting how core banking services are delivered, we reduce the cost of running a bank account, while simplifying and accelerating the development of new products and services – enabling launch in months instead of years in a compliant, secure way.
How did you come up with the idea for the company?
Back in 2013, Nelson and I wanted to design a full bank account for people who couldn’t qualify for first class one, such as the homeless, people in debt, or those on low incomes. Yet when we tried to find a platform that would enable us to do this, there was nothing – just a load of snake oil salesmen.
So, we built it ourselves and launched the Change Account – a fully featured current account with all the functionality you’d see from a modern challenger bank, including secure wallets for priority payments integrated with full mobile functionality. The Change Account was acquired in 2016, but the core banking engine that drove the account is at the heart of SaaScada today.
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How has the company evolved over the last couple of years?
We have been flying under the radar until now. Our big focus for the past few years has been on our technology. Our unique product API and our focus on data has enabled banks to deliver innovative and profitable products quickly understanding the needs of their customers. Now, we can demonstrate confidently that we are delivering to customers and are proven to be robust, scalable, and reliable. We achieved 85% year-on-year growth in FY22, securing a strong roster of clients and partners – such as Allica Bank and NEXA Finance.
We are initially focusing on a section of the banking market that has traditionally been excluded from developing best-in-class solutions, those organisations with a balance sheet size of £0.5bn – £4bn, which is where we can add significant value. In July, we secured £2.5m funding, which will enable us to continue to build our engine, our partner networks, and our footprint to take ownership of this market.
What can we hope to see from SaaScada in the future?
In terms of the product vision, the big area we are now focusing on is data. We currently store all data and make it all available in real-time event streams – everything that happens we record it. Having this single point of truth enables our clients to have a 360-degree view of the customer and business operations enables the creation of bespoke data sets that can be used to track and understand customer trends and enables automated and customisable reporting.
But we want to take things even further. Banking needs to be more instinctive to enable the creation of communities of interest. To do this, data needs to be enriched with information outside of the core – such as social media – to deliver true hyper-personalisation.
