Innovate Finance

 

The voice of Global FinTech, Innovate Finance were looking for top-level administrative support, without having to employ a full-time assistant.

 

Background

Innovate Finance is an independent not-for-profit membership association representing the UK’s global FinTech community. Founded in 2014 with the support of the City of London and Canary Wharf Group, Innovate Finance aims to accelerate the UK’s leading position in the global financial services sector by directly supporting the next era of technology-led financial services innovators, from start-ups to institutions.

Problem

Innovate Finance had initially ruled out having administrative support as the company didn’t believe it could find the required level of assistance, without employing someone full-time for 40 hours a week; hours it simply didn’t need. Innovate Finance came across FYXER after we hired an EA the company had worked with previously. Knowing the quality of our hiring policy, Innovate Finance was confident FYXER would deliver.

 

People

Being the face of the British Fintech community, discretion is essential to the Innovate Finance team.
    • As CEO of Innovate Finance, Lawrence Wintermeyer's time is highly sought after. It was therefore essential that a gatekeeper was hired, who understood his priorities.

Platform

  • Bespoke service - Innovate Finance was not sure of its exact needs. It knew it was less than a full time hire, but by how much?
  • On-demand model - As a non-profit organisation, Innovate Finance keeps an especially close eye on its accounts. FYXER cut the perfect balance between value and productivity.

Process

    • Instantly accessible - Given the high intensity of diary management, using a freelancer was out of the question.
  • Versatile workload - Like many companies, Innovate Finance’s workload can peak and trough and therefore hiring an assistant full-time would not only be expensive, but restrictive too.



Results

 

Working with Innovate Finance over the last 12 months has been a tremendous success. As an organisation wanting top quality assistance, on demand, whilst also placing tremendous value on time and expenditure, Innovate Finance has been the ideal FYXER customer.

 

Platform

Bespoke service - Having initially provided support for Innovate Finance’s CEO, Lawrence Wintermeyer, FYXER now also supports Abdul Haseeb Basit CFO and Janine Hirt, Ecosytem Director (role).

 

On-demand model -

  • Below £1200
    • Hard and soft costs comparison
      • Innovate Finance spent £1200 per month with FYXER. Since starting with us in February 2016 they have spent £14400. (34%)
      • Salary costs (Inc NI) for Assistant of similar quality £38,712
      • Holiday cover @ £150 per day - £3600
        • Total - £42,312
      • FYXER were able to offer a much more tailored, consistent solution at a price that saved Innovate Finance 60% in hard costs alone.

Process

Versatile workload

  • During 2016, Innovate Finance’s monthly usage has ranged from 35-55 hours.

Solution

  • People
    • FYXER identified the need for a comprehensive understanding of the FinTech space. As Lawrence is one of the most sought after people in the FinTech industry, having an assistant with an intimate knowledge of key industry players was crucial for success. Not having someone in the team immediately available, we spent time offline finding the appropriate person. Once somebody became available we offered Innovate Finance the opportunity to work with a Fyxer with a background in FinTech. The Fyxer in question started working with Innovate Finance in November 2016.
  • Platform
  • Bespoke package/On demand model - Innovate Finance set a budget of £1200. We worked with Innovate Finance to establish key priorities and scale the support provided accordingly. We have reviewed the budget at each quarter and have added 2 further users to the account.
  • Process
    • Instant access - At FYXER we champion our ability to respond immediately. All of our team are full time employees so therefore the number one priority in their day is looking after our members. Our response times are always instantaneous.
    • Versatile workload - Trying to staff this volatility yourself is immensely time-consuming. FYXER guarantees you will have support regardless of your ever changing needs.

 

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The voice of Global FinTech, Innovate Finance were looking for top-level administrative support, without having to employ a full-time assistant.