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Gary McQuarrie
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FF News | Fintech Finance
Monzo Bank Announces First Full Year of Profitability Amid Record Growth and Accelerates International Expansion Plans TS Anil, CEO of Monzo, said: “This was a landmark year of record growth for Monzo. We surpassed 9m personal customers and 400,000 business customers, launched game-changing new products, closed a £500m capital raise and, as planned, reported our first year of profitability. I’ve never believed in the idea that a company has to choose between either being mission-oriented or focused on business outcomes. FY2024 proved Monzo is doing both – and that our strategy of placing the customer at the heart of everything we do is working at scale. We’ve achieved scale, growth and profitability, and we have all the right components to seize the huge opportunity ahead.” https://lnkd.in/eKJ_2GnK #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews
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Startups Magazine
At London Tech Week, Anil discussed Monzo’s success, its future, and how the fintech industry is adapting 📱 Describing the Monzo Bank model, TS Anil expressed: “It’s all about being mission focused as a company, and making products that are about making money work for everyone and using that as a moral and strategic compass. That’s the vision: in a single place we want people to meet all of their different money needs, and in doing so, have visibility over financial mistakes so they can make smarter choices to make their money last farther and longer.” 👇 Read more below 👇 #StartupsMagazine #Startups #Entrepreneur
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Damir Ibrahimagic Kopinic
Andrena Ventures is a New Solo GP Fund Gideon Valkin, a former Monzo Bank and ClearScore commercial leader, is launching Andrena Ventures, a solo GP fund based in London. The fund has reached its first close at €11.1 million, with backing from prominent tech founders and VC leaders, and plans a final close later in the year. The first investment from the fund is into Nustom, an AI-powered software startup founded by Monzo co-founder Jonas Templestein.💰 Valkin believes Europe is experiencing a surge in innovative talent, with founding teams from companies like Monzo and ClearScore now tackling problems in fintech, AI, climate-tech, and enterprise software. He aims to provide these teams with investors who understand their challenges and ambitions.📈 The fund's backers include Entrée Capital, RTP Global, Taavet+Sten (founders of Wise and Teleport), Cherry Ventures’ managing partners, Andreessen Horowitz's David Haber, and Hummingbird Ventures’ Firat Ileri. Andrena Ventures is inspired by the "PayPal Mafia" concept, where talent from successful tech companies spin-off to create new ventures. Data shows that European fintech unicorns have spun out 145 startups, raising approximately $5 billion. The fund's first investment, Nustom, is an example of this trend, leveraging Monzo’s technical expertise to automate software development using AI. Valkin has a 15-year background as a founder, operator, and investor, previously backing startups like Packfleet, Yonder, Gradient Labs AI, and Moment. His co-investors include Index Ventures, Accel, General Catalyst, Creandum, LocalGlobe, and Northzone. The fund aims to "provide close support and operational know-how to founders, combining access of institutional funds with the personalized support typical of angel investors". This approach allows Valkin to maintain low ownership stakes while delivering high value to his portfolio companies. ✅ Looking to raise capital for your #VCfund and increase the international pool of your LP #investors? 🤝 Need warm #LP introductions? 📝 Selling #secondaries to increase liquidity? 🧐 Looking for co-investments (Series A/Series B)? ▶ G+QUANT's link for inquiries and fund decks: https://lnkd.in/gjC_EuTE #VentureCapital #VentureFunding #VentureDebt #Fundraising #Innovation #Technology #Entrepreneurship #Investing #Network #Investors #LPs #GPs #EmergingManagers #FamilyOffice #Markets #Economy #Business #Founders #Startups #StartupFunding #ai #artificialintelligence #unicorn #secondaries #secondarydeals
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David Parker
Interesting comments from Marion King, Trustee of OBIE at the https://lnkd.in/ezwadQYJ yesterday, along with some great data points. “Open Banking together with Real time payments could and should provide a viable alternative to cards” “The Economic model, the pricing mechanism. How is this [open banking] paid for; who pays in the value chain. Because without an effective fair exchange of value the open banking market will not be able to afford consumer protection.” “So where are we now in bridging the gaps . . . . . Standing up the Future Entity, that is the replacement of open banking. That will be a central capability that will manage: the scheme, the trust framework, the standards basically the rules of the game and will liaise and interop with other open data sectors so it goes beyond just payments.” 17% of small businesses use open banking 1.5bn API calls in March 60% of API calls have a payment attached to it, gateway to enabling a transaction or a payment Estimated that UK Open Banking is worth around £4bn of growth and employs around 5,000 people. Tony Craddock Jan van Vonno The Payments Association Adam Cox Sindy Cain Georgina Wilczek
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Matt Cooper
Countless press articles over the past few days covering Monzo Bank posting its first annual profit of £15.4m since launching in 2015 (including this latest one from the Financial Times below) The business is now valued at $5.2b. Lot's of questions (mostly dodged!) about the potential of a London listing or the prospect of a US listing with a growing US focus. Also confirmation that it’s in the early stages of expanding into the broader European market via a new base in Ireland which is exciting. The company said that it expects to grow its customer count to 11 million in the coming year under the leadership of TS Anil. The UK neobank scene appears to be thriving which is great. We currently manage more than 40,000 retail investor positions in Monzo from when they invested in the company between 2016 and 2018. Investors who participated in the 2016 round came in at a pre money valuation of £23.6m 😎 https://lnkd.in/eHcsex_u
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FF News | Fintech Finance
SME Lender iwoca Secures £270m From Citi and Barclays, Taking Total Investment in the Business Past £1bn Christoph Rieche, iwoca CEO and co-founder said: “This investment will enable us to keep up with the high demand from small businesses for our Flexi-Loan product. Business owners choose us over high-street banks because we make faster lending decisions, typically within 24 hours, and our loan terms are much more flexible. Both of these features are crucial for small business owners, and are only possible due to the technology we have developed over the last decade. With more than 130,000 small business loans processed, we have ample data to build market-leading risk models. This data-driven approach also allows us to lend to businesses that are outside the restrictions imposed by the high-street banks, especially when they don’t have multiple years of trading.” https://lnkd.in/ezXdnC8V #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews
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FF News | Fintech Finance
Lemon Raises £500K in Pre Seed Funding Round to Enable SMBs to Save Thousands on SaaS Spending Co-Founder and CEO of Lemon Matt Bird commented: “It’s clear that we’re going through a really interesting period for SMBs at the moment,. Taking into consideration the challenging economic landscape with funding drying up everywhere you turn, SMBs now need the tools and services to help them build better businesses as cost-efficiently as possible. With software being the third largest spend for an SMB, we really think Lemon can become a core part of how an SMB uses SaaS. https://lnkd.in/eHzkqN5v Koen Christiaens Edward Stevenson #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews
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Previse
Whilst no business would intentionally restrict cash flow, limit working capital or jeopardize long-term profitability, even well-established companies may inadvertently be ignoring best practice when it comes to B2B payments. In a recent article for Forbes, Dean Kaplan, President of The Kaplan Group shared seven mistakes that lead to late payments from B2B clients. His list includes: 🔹Neglecting credit checks 🔹Limited Payment options 🔹Not incentivizing timely payments Previse’s SmartPay leverages data and technology to get business paid as early as day one, freeing up working capital and promoting long-term profitability: https://previse.co/en-gb/ Read Dean’s complete list here: https://lnkd.in/eEMpkUZX #B2Bpayments #AI #data #machinelearning #innovation
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Ewan MacLeod
Does your bank app have an "emergency banking mode", so that when all else fails, their basic offering keeps operating? No, is the answer. If you're banking with an incumbent, the answer is almost certainly no. They've got enough trouble trying to keep the lights on with their primary systems. If you're banking with a neobank, the answer is generally going to be 'no' as well. Most of them don't have anything anywhere near the scale of what Monzo Bank has built. Here's their VP of Engineering Thomas Leitch discussing their approach.
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Talence Ltd
Exciting news for the UK startup ecosystem: fintech reclaims its position as the best-funded sector, raising £1.4bn in Q1 2024. Key rounds, including Monzo's £340m and AccessPay's £18.8m, demonstrate the sector's resilience and potential for growth. Despite a slight dip in overall investment levels, the UK remains Europe's leading destination for startups, with total funding reaching £3.9bn. Discover more insights into the evolving landscape of startup investment in Dealroom and HSBC Innovation Banking's latest report. #Fintech #StartupInvestment #UKStartups
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Startups Magazine
Monzo Bank has reported its first annual profit since launching nearly a decade ago. The London-based fintech has benefited from higher interest rates and growth in transaction fees and subscriptions 👏 Monzo CEO, TS Anil, commented on the news on his LinkedIn: “I’ve never believed in the idea that a company has to choose between either being mission-oriented, or focused on business outcomes. FY2024 proved Monzo is doing both – and that our strategy of placing the customer at the heart of everything we do is working at scale..." 👇 Read more below 👇 #StartupsMagazine #Startups #Entrepreneur #Monzo
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FF News | Fintech Finance
Hometree Partners With Barclays in £250m Deal to Accelerate Green Home Improvements With "Pay as You Save" Finance for UK Homeowners Simon Phelan, Founder and CEO of Hometree, said: “Many homeowners naturally want to invest in renewable technologies but are put off by the extraordinarily high upfront costs. That’s why we’re focused on removing barriers to help more households take control of their energy bills and carbon emissions. We’re delighted to be working with Barclays to help us develop and scale flexible finance solutions with all-inclusive cover built-in, to enable homeowners to make the switch to clean, green energy with confidence.” Matthew Boyes https://lnkd.in/egkHXH8k #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews
232 Comments -
FinMatch.io
FinMatch Launches to Boost BNPL Success for UK Merchants FinMatch, a new BNPL service provider, today announced its launch to empower UK businesses of all sizes with expert-led Buy Now, Pay Later (BNPL) solutions. Combining deep market insights with personalised guidance, FinMatch helps merchants maximise sales and the overall profitability of their BNPL implementations. Addressing the BNPL Opportunity and Challenge "The rapid rise of BNPL presents a massive opportunity for UK businesses. But with a crowded provider landscape and complex regulations, merchants often struggle to achieve the expected results," said Scott Law, Co-founder of FinMatch. "We bridge this gap, ensuring merchants select the right partners, integrate BNPL seamlessly, and have an ongoing strategy to optimise performance." FinMatch Differentiators Data-Driven: FinMatch analyses a merchant's unique requirements, the competition, target customers, and goals to create tailored BNPL action plans. Merchant-Centric: A focus on outcomes. FinMatch helps businesses enhance their customer finance proposition, reduce costs, and stay compliant. B2C, B2B & Hybrid Expertise: Whether serving consumers, businesses, or both, FinMatch crafts solutions that drive growth across market segments. Services That Deliver Results FinMatch offers a choice of three service options: Starter: For merchants new to BNPL, includes a detailed Action Plan and personalised provider introductions. Performance: Perfect for optimising your existing setup or introducing two or more BNPL providers to boost conversion. Hybrid: For merchants who sell to consumers and businesses. As part of this service we carefully optimise for dual audiences. All service options include a one-to-one briefing, a tailored action plan, personal provider introductions, biannual reviews and on-going merchant support. Action Plans FinMatch bespoke action plans distil our deep BNPL expertise into a step-by-step blueprint, ensuring the right provider fit and a seamless implementation that drives results from day one. Actions Plans include, BNPL Provider Selection, Credit Product Configuration, Regulatory Guidance, Website Integration and Ongoing Optimisation & Performance Analysis. James Doel, FinMatch Co-founder, added, “I’m excited to help ambitious merchants give their customers the perfect payment experience. Seeing the immediate results for their business never gets old!” Pricing & Availability FinMatch is available now for UK merchants, from £41 a month. About FinMatch FinMatch is a UK-based BNPL Service Provider founded by BNPL industry veterans with a proven track record of success. The company's team brings together deep expertise in finance, e-commerce, and technology. To learn more, visit www.finmatch.io
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FF News | Fintech Finance
SmartSave Launches Two-year Fixed-rate Savings Product at 5.06% AER Andy Mielczarek, CEO and Founder of SmartSave, a Chetwood Financial Limited Financial company, said: “We’re constantly evaluating how we can best serve UK consumers, not just with highly competitive rates, but also bringing different products to market. Expectations of a base-rate cut have risen throughout the year as inflation has dropped, and we know there is an appetite among savers for longer-term fixed-rate products – so, we’re delighted to reveal our new two-year bond, which has a market-leading rate. https://lnkd.in/eimfxSHx #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews
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Richard Bendelow
Word of warning to retailers and agencies When choosing and recommending payment solutions, ensure you fully understand that providers that don’t do KYC checks (Know Your Customer) up front do them whilst you are trading and locked in, if they decide they don’t like a business after trading starts, they can put a hold over your earned money. They deem it their money due to the risk of chargeback and can legally withhold money from your business, potentially starving you of working capital that you may need to pay your suppliers and curtail your marketing spend, this can negatively spiral your business into a rapid descent to administration. (This isn’t speculation, it came from a retailer I met today!) Be very vigilant and don’t just assume getting on a KYC free payment solution or joining an ecommerce provider that white labels and forces / overly encourages you to use one is a good thing - it could literally be the end of your business. Whilst a bank or decent acquirer will drag you kicking and screaming through KYC and may put unfavourable terms to you if your books aren’t showing massive positivity, it is usually better the devil you know than the angel you don’t And don’t assume the ecommerce provider that white labels and sells you it will be able to help, they most likely will have no say.
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Scottish Mortgage Investment Trust PLC UK
Remittance is not only a financial transaction but often a lifeline for families with dependants living abroad. Find out how Wise is making cross-border money transfers easier. 👇 Check out the infographic now, created in collaboration with Visual Capitalist. Capital at risk. #GlobalFinance #InvestInProgress
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Fintech Wrap Up
Monzo Bank Announces First Full Year of Profitability Amid Record Growth and Accelerates International Expansion Plans Monzo, the UK’s largest digital bank, today announced its first full year of profitability, achieving a pre-tax profit of £15.4m for the financial year ended 31 March 2024. This was driven by a 2.5x jump in gross revenues to £880m, across diversified income streams. This broad-based revenue growth has been driven by 9.7m customers who are trusting Monzo with more of their money, using it to spend, budget, save, invest and borrow. Monzo added 2.3m customers in the year, including 200,000 new business customers, and is already the UK’s seventh-largest bank. Customer deposits grew at a significant rate of 88% to £11.2bn, with deepening engagement across Monzo’s customer base, as the bank added more products and features to help customers manage more of their financial lives. The 2024 financial year saw Monzo scale and invest with discipline as it made strides on its ambition to become the one app customers turn to, to manage their entire financial lives. By bringing the best of banking and technology together, Monzo launched many game-changing products and features including Instant Access Savings, Monzo Investments, Cashback, and an industry-first in its fraud-preventing Call Status tool. Monzo’s Instant Access Savings Account launched at a time when it was needed most, attracting 1.3 million customers in just over a year. Monzo continued to invest in and grow its existing subscription offerings, with more than 500,000 customers subscribing to Monzo Plus and Monzo Premium to access key benefits. Its Investments product enjoyed exceptional uptake from first-time investors and a new Cashback rewards offering has seen £1.5m paid back to customers since its November launch. Throughout the year the company continued to help customers manage their money in the face of persistent economic challenges and the ongoing cost-of-living crisis. It passed on the majority of base rate rises to customers, paying out more than £130m in interest. It has also continued to support customers with their borrowing needs across a wider range of services including overdrafts, personal loans and Monzo Flex. Gross lending increased 84% to £1.4bn as the business continued to safely grow its lending business. Monzo’s popular savvy budgeting tools and features were put to work, with automated round-ups saving customers more than £16m each month and the 1p savings challenge helping customers put away £16m in FY24. Source Fintech Finance News #digitalbanking #fintech #banking
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