Fintech Without Borders: Kalgera at home and abroad

FINTECH WITHOUT BORDERS is fast becoming reality. Regulators are jumping into the fray, as a growing number of entrepreneurs use the world's digital highways to extend the reach of their financial technology. 

Hailing from the island of Tortola in the British Virgin Islands, Kalgera's Founder Dr Dexter Penn keeps one eye on the development of our fintech while keeping the other eye on his ageing parents who still live in the UK overseas territory. As an NHS doctor and researcher, Dexter understands the scale of the potential positive impact Kalgera will have on safeguarding the financial lives of older vulnerable people.

Kalgera will enable people like Dexter’s parents to use their real life network of trusted loved ones to stay on top of their financial affairs in a simple, secure and holistic way. Equally, children abroad will have the peace of mind that they will be able to step in to help their parents and older relatives when they need it most, wherever they are in the world.

Posted on our blog is Arjun’s story, which illustrates the problems that families living on different corners of the globe face when trying to support an older loved one to manage their money. These problems include: a lack of coordination, cooperation and communication between siblings; large time zone differences; a parent who is reluctant to engage with technology and places their trust in strangers who are authoritative figures at their bank.

You can read Arjun’s story here.

We’re using machine learning to detect signs of vulnerability seen in financial behaviour trends to securely alert the right people to take action at the right time to safeguard the financial lives of older people. This will be key if anyone is worried about their older loved ones being targeted by scammers and fraudsters and feeling there is little they can do, especially if they are living far away. The bottom line here is that Kalgera offers older people and their loved ones peace of mind.

The UK is the global leader in fintech and has sparked the imagination of innovators in countries around the world that are using smartphone and digital technology to leap-frog traditional banking systems. Adoption rates in China and India have rapidly accelerated as fintech transcends the vast geography of these countries to allow transactions to traverse huge distances in a split-second. People living in rural communities will be closer to the hub of their financial lives and have greater access to money opportunities and services often only available to those living and working in towns and cities.

The world’s population is not only ageing, but both the young and old alike are on the move. Although Kalgera fintech is designed to meet the needs of older vulnerable people, it also stands to provide us all with the means to keep our families together and enables us all to collaborate and support each other in meaningful ways wherever we are and at any time.

In the media

The UK

An international fintech one-day event will take place during UK Fintech Week (19-23 March) and has a programme of talks and pitches aimed at promoting global investment in the fintech sector. It will bring together international investors and UK fintech firms, along with leading industry figures, regulators and policymakers.

According to UK Government figures, the UK fintech sector contributes £6.6 billion annually to the economy and employs more than 60,000 across 1,600 companies. In the first three quarters of 2017, the fintech sector received investment totalling £2.1 billion.

Belgium bank meets Swedish fintech

This summer, tech from Swedish fintech company Tink will be integrated into BNP Paribas Fortis’ mobile banking application Hello Bank!, with the Belgian bank’s Easy Banking App following on in the autumn.

Tink, founded in Stockholm in 2012, has more than 500,000 users and will provide Fortis with APIs and the foundation to create digital banking services, according to AltFi News.


Fintech startup Nubank announced it had raised USD150 million in a new financing round led by venture capital firm DST Global Investment Partners, according to Reuters.

The Brazilian fintech startup has raised USD330 million since 2012 and received regulatory approval to become a bank in January this year.

German fintech meets Spanish bank

The Financial Times reports Spanish group BBVA is backing German fintech solarisBank, its second major investment in a digital challenger after announcing it had increased its stake in the British digital bank Atom.

SolarisBank provides technology for other companies to offer financial products such as online instant loans and has already raised EUR56.6 million from a group of investors that include Bertelsmann’s financial services subsidiary.

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