Contego isjoining a wealth of industry expertise to become a founding member for the newly-launched industry body Innovate Finance.

Contego is a founding member of Innovate Finance, a government-sponsored initiative which aims to champion technology-led financial service innovators and improve all aspects of banking, finance and commerce. Innovate Finance is made up of just over 50 founding members, which range from start-ups like Contego through to established industry players like Barclays and Aviva. It will provide a single point of contact to key industry stakeholders and influencers such as policy makers, expertise, investment and technology, meaning that companies have greater access to organisations that can help with issues such as compliance and regulation.

Launched by George Osborne, Chancellor of the Exchequer, the City of London Corporation and the Canary Wharf Group, Innovate Finance is designed to promote the UK’s rapidly growing Fintech sector. It will champion technology-led financial service innovators and improve all aspects of banking, finance and commerce. Innovate Finance is based in London, which has just been named as the world’s most influential city by Forbes, making it the perfect HQ for Innovate Finance.

Claire Cockerton, chief executive and director of Innovate Finance, said: “The time has come for radical transformation of the financial services industry. Whether you are a consumer, banker or young entrepreneur – we all see enormous potential for innovation and growth in the financial services sector.”

Contego delivers an in-depth, real-time risk score enabling businesses to reduce risk by improving fraud detection, identity verification and regulatory compliance. Through its single-point solution Contego aggregates best-of-breed data from a variety of sources, including law enforcement agencies, commercial suppliers and social networks to verify individuals and companies.

Compliance and regulation are key to safeguarding consumers and the reputation of the City, but they can also represent significant barriers for organisations, especially start-ups. After 10 shaky years in the financial services industry reducing risk is crucial for companies to rebuild trust and protect their brand.