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Anthemis invests in Trov to make on-demand insurance a reality

By | Insights, News, Press, Sean Park | No Comments

One of the benefits of placing early bets on promising startups is the opportunity not just to witness companies come into their own, but to be standing with them, shoulder-to-shoulder, as it happens.

At Anthemis, we recently participated in two follow-on investments with companies we feel as strongly about today as we did back when we wrote our first checks.

We’re excited to be a part of Trov’s Series C round, announced today, as Scott Walcheck and team launch the world’s first on-demand insurance for single items. Anthemis’ track record of picking successful insurance startups goes back to one of our very first investments, Climate Corp, well before “insurtech” was a word. (Don’t get me started on “fintech.”) We look forward to continuing to support Trov as they redefine the consumer insurance category around the world.

You may have also seen the recent news of our follow-on investment in Betterment. We participated in their $100mm Series E financing last month. Anthemis’ early and continued support of Betterment is another great example of our ability to spot companies that aren’t merely putting new, shiny marketing wrappers on broken business models, but who bring truly disruptive, digitally native ways of approaching financial services. It’s this philosophy that has made us one of the earliest and most successful investors in our space and which, I believe, sets us apart from other firms.

Congrats, Trov and Betterment! Here’s to an exciting 2016 and beyond.

Anthemis Group Appoints Leslie Campisi as Chief Marketing Officer

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Tech veteran will oversee global brand for investment and advisory firm dedicated to reinventing financial services for the digital world

Anthemis Group (Anthemis), the leading digital financial services investment and advisory firm, has named Leslie Campisi as its chief marketing officer. An experienced communications professional with more than 17 years’ experience building technology brands, Campisi will lead the team tasked with growing Anthemis’ reputation among investors, clients, partners and entrepreneurs around the world.

Since 2010, Anthemis has been at the forefront of catalyzing and accelerating positive, disruptive change across the financial industry. In addition to advising large institutions on fintech strategy, Anthemis also holds 35 investments in early stage companies in the U.S. and Europe across the retail banking and consumer finance, business and corporate banking, payments, wealth and asset management, capital markets and trading, insurance and risk management, and data technology and infrastructure sectors. Campisi is the second senior U.S. Anthemis hire following the appointment of Tom Ryan as head of Anthemis Americas in November 2015.

Campisi joins Anthemis from MSLGROUP, Publicis Groupe’s strategic communications and engagement agency, where she served as senior vice president, digital practice lead. During her tenure at MSLGROUP, Campisi also oversaw communications for key North American client, PayPal, during the 2015 holiday retail shopping season.

In 2012, Campisi launched European technology communications consultancy Hotwire in North America, where she was a member of the global leadership team. As managing director, U.S., Campisi spearheaded the growth of Hotwire’s offices in New York City and San Francisco and played a senior advisory role on global accounts, in addition to helping early stage companies with their U.S. launch, fundraising and exit strategies. In 2014, Hotwire was honoured by The Holmes Report as Best Technology PR Agency Worldwide.

Commenting on the appointment, Nadeem Shaikh, founder and CEO of Anthemis, said: “We’re thrilled to have Leslie join the Anthemis team. Leslie’s deep experience within the technology sector, coupled with her track record of harnessing communications to drive businesses forward, make her an ideal fit as we continue to grow the Anthemis brand around the world.”
Campisi added: “If you’ve followed the fintech sector as long as I have, you know Anthemis has been at the center of the conversation from day one. It’s an honour to join such a world-class team of advisors and investors. I look forward to building on Anthemis’ stellar reputation and sharing the stories of our many exciting portfolio companies.”

UniCredit SpA and Anthemis Group launch UniCredit Evo Investment Partnership

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200 million investment in financial technology to accelerate innovation

 

UniCredit, one of the leading European commercial banks, and Anthemis Group, the leading financial services technology venture and advisory firm, today announced a new joint investment venture. UniCredit evo (equity venture opportunities) will be a dedicated initiative focused exclusively on identifying and investing in best-in-class financial technology startups. With an initial capital commitment of €200 million from UniCredit, the initiative will target mid stage startups and follow-on investments in more mature and established FinTech businesses, as well as early stage digitally native financial services startups working on more pioneering solutions.

The investment partnership with Anthemis will help UniCredit to accelerate the digitalization of its banking group. UniCredit’s aim is to collaborate with emerging players within the FinTech ecosystem and explore, sustain and develop cutting-edge technologies and solutions.

Through the investment partnership, UniCredit and Anthemis will cover the entire lifecycle of emerging FinTech companies, with a primary focus on Europe and North America. The initiative will span across the early startup ideas phase to maturity and apply to different fields of retail banking and consumer finance; investment and corporate banking; wealth and asset management; capital markets and trading; payments and financial data; technology and infrastructure.

The UniCredit evo investment partnership will be directly supervised and managed by two dedicated governing bodies: a Management Board comprised of UniCredit and Anthemis representatives working together to identify the most relevant areas of focus, and an Investment Committee, composed of UniCredit and Anthemis representatives responsible for sourcing, evaluating and finalizing investment opportunities.

Within UniCredit, this joint venture will be led by the innovation team, under the remit of banking group Chief Operating Officer and Deputy General Manager Paolo Fiorentino. At Anthemis, Nadeem Shaikh, Founder and CEO of Anthemis Group, will oversee the partnership.

Mr Fiorentino noted: “Thanks to this partnership, we are ramping up our digital transformation, building a new business model to maximize the combined strengths of traditional market players and newcomers. As a bank we have the resources, financial expertise and large customer base that can complement startup innovation. This will in turn boost our digitalization, enabling us to better adapt to the ever-evolving needs of our customers. Today, Anthemis becomes a key partner on this journey. By leveraging their wide expertise, Anthemis will help us identify top class players and opportunities that will drive innovation and ultimately help us to better serve our customers.”

Nadeem Shaikh, Founder and CEO of Anthemis Group said: “We are delighted to be putting all of the Anthemis assets – a powerful global ecosystem, deep strategic insight and extensive investment experience – to work in the Investment Partnership. UniCredit has proved to be a dynamic partner with a proud history of innovation, and this partnership will allow them unlock further potential in the realm of digitally native financial services.”

 

Anthemis Group Launches Anthemis Institute

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Anthemis, the leading digital financial services investment and advisory firm, today announced that it is launching the Anthemis Institute, an initiative that will bring together academics, entrepreneurs and technology visionaries to explore and shape the future landscape of finance.

The Anthemis Institute will be made up of a range of initiatives including: events and forums with academic institutions and government agencies; publication of research, white papers and books; and development and mentorship of the next generation of finance leaders. The aim of the Institute will be to lead a global discussion on the reconfiguration of financial services for the Information Age, a core tenet of the Anthemis Group thesis.

Initially, the Anthemis Institute will organise its activities into three main pillars:

  • Research: the research arm of the Institute will explore critical themes and structural changes in society and its impact on financial services. Carlota Perez, a British-Venezuelan scholar and Professor at the London School of Economics, will serve as the first academic-in-residence in the Anthemis Institute. Anthemis will also sponsor Prof. Perez’s research and work on her next book, a follow-up to her seminal Technological Revolutions and Financial Capital, published in 2002.
  • Education: the Institute’s education initiative will include deep-immersion and experiential-learning modules for financial services institutions, industry leaders and practitioners to learn about the social, regulatory, technological and industrial changes taking place in society and their impact on the future of financial services.
  • Fellowship: a year-long fellowship programme will provide training, mentorship and resources for a new generation of financial services thought-leaders and entrepreneurs. It will allow participants to develop their own unique contribution to the evolving financial services industry, either as scholars or entrepreneurs-in-residence.

In addition to select Anthemis partners and advisors, the Institute will comprise a diverse cross-section of academics, company founders, investors, futurists and other thought-leaders from technology and financial services backgrounds.

Sean Park, founder and chief investment officer at Anthemis, who will chair the new Institute, says: “The Anthemis Institute will explore the macro issues, challenges and opportunities related to the re-invention of financial services. Anthemis’ mission is to drive pervasive change in financial services via transformative technology, and the creation of the Institute will allow us to facilitate and lead the global dialogue on the reconstruction of the industry to better serve our global Information Age economy and society in the decades to come.”

 

Anthemis Group Appoints Industrial Designer Erica Young as Director

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Anthemis Group, a leading financial services investment and advisory firm, has announced that Erica Young has joined the group as director, based in London.  An experienced industrial designer, Erica will apply design methodologies to the innovation challenges and opportunities facing Anthemis’ advisory clients and portfolio companies. Erica will join Anthemis’ advisory team and will report to Nadeem Shaikh, founder and president of Anthemis Group.

Erica joins Anthemis Group from Insight Robotics Ltd, where she held the position of chief product officer and now serves as advisor to the organisation.  Erica has extensive experience in developing and manufacturing products in China for international markets and has worked in a range of different product areas including internet-of-things, fashion, clean energy and robotics. She has been active in the development of the Hong Kong startup ecosystem as an entrepreneur, mentor and teacher of design and social innovation at Hong Kong Polytechnic University.

Commenting on Erica’s appointment, Nadeem Shaikh said: “We think about the future of financial services through the lens of design: achieving the optimal balance of harmony at the intersection of product, user and environment. There are newly emerging patterns in financial services and Erica’s fresh perspective will help us continue to identify and create opportunities for our clients.”

Erica Young added: “Joining Anthemis enables me to apply my background in design methodology to a large vertical that is undergoing dramatic change. Financial services will look very different in the future and it’s exciting time to be part of a company that is driving the change in this space.”

Anthemis Group Announces North American Expansion

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We’re pleased to announce the expansion of our presence in North America with the opening of a New York office 1st January 2016. Tom Ryan, who has held several strategic roles in the electronic trading business of Barclays’ investment bank over nine years, will lead our North American operations and report to Nadeem Shaikh. The full announcement is below.



Anthemis Group Announces North American Expansion

Anthemis Group, the leading digital financial services venture capital and strategic advisory firm, has announced it will expand its presence in North America with the opening of a New York office effective 1st January.  The office will be led by Tom Ryan who has been appointed as Head of North American Operations, reporting to Nadeem Shaikh, founder and CEO of Anthemis Group.

The new location is an obvious next step for Anthemis, which currently advises clients across Europe and Asia and counts a significant number of U.S. companies in its investment portfolio, including Betterment in New York, Trov and Automatic in San Francisco, Payoff in Los Angeles, Blueleaf in Boston and Simple Bank in Portland, which sold to BBVA in 2014.

Nadeem Shaikh, founder and CEO of Anthemis Group said: “Anthemis has built an investment portfolio that includes a who’s-who of top financial start-ups, and a client base of global institutions that rely on our creativity and foresight to adapt to the digital age of financial services. Tom’s experience in building digitally native businesses and products and relationships in the U.S. will be key to our continued growth and momentum.”

Ryan was a Director in the electronic trading sales business at Barclays investment bank for 9 years, overseeing multiple technology, product and marketing initiatives within the firm’s BARX electronic markets business. Prior to joining Anthemis, Ryan oversaw the venture capital arm of Archer Gray, a NY-based media investment company. He currently serves as a mentor to the Barclays Accelerator New York powered by Techstars.

In addition to driving the North American efforts, Mr. Ryan will also oversee Anthemis’ strategy and marketing globally.

Commenting on Tom’s appointment Amy Nauiokas, President of Anthemis said; “We’re excited to leverage Tom’s network and expertise in financial services and technology to build Anthemis’ brand in North America. Since our founding in 2010, Anthemis has been building a valuable ecosystem of startups, incumbents, investors and academics that together are creating the digitally native future of financial services that Anthemis believes in. We look forward to bringing more U.S. based partners and thought-leaders into that ecosystem.”

The new Anthemis New York offices will be located in Soho, at 142 Greene Street.

 

 

 

Amy Nauiokas, Sean Park in Institutional Investor’s 2015 Fintech Finance 35

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Institutional Investor recently recognised Amy Nauiokas and Sean Park in their 2015 Fintech Finance 35 ranking, listing the Anthemis founders #7 in their list of “bankers and venture capitalists facilitating the fintech explosion.” The article noted that Anthemis is “one of the trailblazing fintech-specialising venture capital firms,” and described the firm as having been “ahead of the pack in key fintech subsectors” through investments in companies like Moven, Simple, Betterment, Eris Industries and Trov.

The full article is available here.

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Anthemis Launches ‘Always in Beta’ Research and Innovation Project with Claro Partners

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If you’re anything like us, you have probably read 20 or 30 articles about what millennials need, and your eyes probably glaze over at the very mention of the term. But that’s actually why Anthemis is excited to share some of the great work that Sam Ghiotti and the team here have been doing through a new joint initiative we’re calling Always in Beta. AiB, which is a project of Anthemis and service design firm Claro Partners, is helping banks understand and respond to the needs of the 21st century financial services customer.

For the first iteration of this ongoing project, we brought together six banks (including BBVA and ING) to conduct field research and develop new business models. Our work brought us to cities ranging from Singapore to Dublin, and revealed that the shifts we often attribute to millennials actually run much broader and deeper than that – and have massive implications for the entire financial services industry.

We hope you’ll consider reading Always in Beta’s first report, which outlines the trends we’ve identified, their implications for banks, and the strategies for responding to them. You can learn a little more about our findings and methodology in the press release below.


 

Banks are struggling to stay relevant to a shifting customer base that is driven by technology and need to rethink their business models and value propositions to stay relevant to customers, according to a study by Anthemis Group and Claro Partners.

The report was developed as part of the ‘Always in Beta’ project, a research and business innovation initiative formed by Claro and Anthemis in collaboration with BBVA, ING, Bank of Ireland, Standard Bank, and two other top BIS 50 financial institutions. The new report deconstructs much of the conversation around youth and millennials, urging financial institutions to focus on a new demographic – the digital native – that is shaped less by age and geography and more by technology and structural trends. The report reveals that the digital native customer – who could be a 25-year-old graduate student or a 50-year-old entrepreneur – has fundamentally different expectations than the banking customers of the past and is becoming increasingly dissatisfied with legacy financial services providers.

Claro and Anthemis launched the Always in Beta project in early 2015 to help six international financial institutions understand and respond to their changing customer base and the emerging financial technology landscape. The project took the team to six cities – London, Singapore, Dublin, Cape Town, Istanbul, and Mexico City – to conduct ethnographic field research and consult with experts. Executives from Anthemis, Claro, and the six financial institutions gathered in multiple day-long sessions to share findings and begin developing business models that were responsive to those findings.

“Always in Beta has been an excellent programme to support our innovation strategy,” said Dave Tighe, Head of Innovation, Bank of Ireland. “Not only did it provide us with a fresh way of looking at a key segment for the bank but it also opened up a co-creation model with other banks that was otherwise unavailable to us. This innovative programme was unique in its approach and delivered strongly on the objectives set out.”

Millennials and young people might have been the early adopters of the digital native lifestyle, but the Always in Beta report found that the traits of that lifestyle now span beyond age and geography. Digital native customers of all ages lack three qualities that are central to most traditional financial services products: predictable life paths, financial stability, and long term consumer loyalty.

“Claro and Anthemis are combining our complementary skill sets to help the financial services industry respond to a rapidly changing world,” said Samantha Ghiotti, a director at Anthemis and a principal architect of the project, adding, “shifting consumer needs, the rise of financial technology, and broader structural and economic changes make this a perfect storm for financial institutions, and that’s where Always in Beta comes in.”

Aldo de Jong, co-founder of Claro and the other principal architect of the project, said, “while many financial institutions are starting to focus on youth and millennials, the needs of the entire customer base are shifting, and banks need to develop new value propositions that align with and support the lifestyles of digital natives.”

The report reveals several points of misalignment between banks and digital native customers, and develops a new paradigm for developing business models that meet their needs:

  • While banks expect their institutional authority to equate with trust, digital natives develop trust based on shared interest and their network.
  • While banks emphasize products that help customers plan their future, digital natives want offers that help prepare them for an uncertain future.
  • While banks encourage delegation of financial decision-making, digital natives want to be empowered to make their own financial decisions.
  • While banks provide customers with raw information, digital natives want information overlaid with meaning and context.

De Jong noted, “who is able to take the greatest advantage of the opportunity to serve digital native customers – financial institutions, startups, or large technology companies like Google or Apple – remains to be seen. Always in Beta was designed with this opportunity in mind, and we see it as an exploration that is just getting started.”

“Banks are seeing their market share declining at the hands of small digital financial services startups that are made by and for digital natives,” said Nadeem Shaikh, founder and CEO of Anthemis. “The financial services industry has misunderstood the size and nature of the impact technology has had on customers.” He added, “Always in Beta is the first project that combines in-depth customer research with business model development – combining analysis with action to help build the financial services products of the future.”

Notes:

The report is an outcome of a consortium project conducted by Claro Partners and Anthemis Group, in partnership with BBVA, ING, Bank of Ireland, Standard Bank of South Africa, and two other top BIS 50 financial institutions. Always in Beta is an ongoing partnership between Anthemis and Claro focused on helping financial institutions respond to a changing customer landscape and growing financial technology sector.

The Always in Beta team conducted research in London, Singapore, Dublin, Cape Town, Istanbul, and Mexico City to understand the implications digital natives and financial technology have for financial institutions. Although the project scope was defined as consumer-facing financial services, the outputs have direct critical impact for other sectors of financial services such as private banking and wealth management, commercial banking, and insurance. Some of the methods used to reach the report’s conclusions include:

  • Ethnographic field research
  • Expert and startup interviews
  • Secondary research
  • Industry landscape mapping
  • Cross-company and proprietary workshop

About Anthemis

Anthemis is an investment and advisory firm focused on re-inventing financial services for the 21st century. We work with a diverse group of customers and partners – from start-ups and venture capital firms to financial institutions and private equity firms – to catalyse and accelerate positive and disruptive change across the financial industry.

 About Claro Partners

Claro is an international business innovation and service design firm.  We make sense of disruptive shifts in business and society to develop new market opportunities strategies and business models.  By combining social science, design thinking and business strategy, we lead our clients to solutions that create value for both business and society.

Institutional Investor: Anthemis Goes Beyond “Conventional Venture Financing Remit”

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In the pages of Institutional Investor, Jeff Kutler outlined Anthemis’ past, present, and future, taking particular note of our unique position in digital financial services:

Amid the crowd of investors flocking to financial technology innovations and start-ups, Anthemis Group wants the world to know, as stated on its website, that it is “not a traditional venture capital provider.” Who would want to say otherwise, especially in the space now trendily labeled fintech? Anthemis, though, backs up its claim with a relatively long history; incubation and advisory activities beyond the conventional venture financing remit; and personnel with diverse backgrounds.

Kutler hits the nail on the head. Anthemis sees the digital revolution in financial services as both profitable opportunity and urgent necessity. That’s why we go, as Jeff says, “beyond the conventional venture financing remit.” It’s good business – multiple revenue streams, each influencing and informing the others – but also good citizenship.

Founder and Chief Investment Officer Sean Park wrote extensively on the philosophy underpinning the Anthemis business model here.

Wired: Anthemis’ Sean Park One of 50 Most Influential People in Europe

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Wired published its annual list of the 100 most influential people in Europe, and Anthemis founder and chief investment officer Sean Park came in at number 33. Park joins the likes of Zaha Hadid, Jimmy Wales, and Baroness Martha Lane Fox on Wired’s list, which identifies people driving change in the vanguard of technology, design, media, finance, and politics.

SeanYou can read the full list here. You can also watch Park’s 2013 speech at Wired Money – where he laid out his vision for “hacking regulation” – here. And you can keep in even closer touch with Sean on Twitter and Tumblr.