Worldwide Finance Awards 2020

Acquisition International - 2020 Worldwide Finance Awards 23 22 Acquisition International - 2020 Worldwide Finance Awards he retail and financial landscapes of the UK are turning digital and fast. While many digital banks are making banking more convenient, OMG saw that those same digital banks have not fully leveraged available customer insights to provide real material benefits to their customers. OMG, or Omega, is the new major player on the digital banking scene, who is revolutionising the way we spend our money. However, they are not just another digital bank or dull money management tool! OMG is a new paradigm digital Bank-as-a-Platform, existing between financially aware, digitally-enabled customers, particularly in the 18-34 demographic, and UK SMEs merchants who use loyalty and reward programs to attract and retain customers. Their service allows customers and businesses to interact directly for mutual benefit, by creating a unique digital ecosystem, that uses data to segment customers and enables merchants to access target customer groups through the running of highly targeted customer loyalty campaigns. As the need for SMEs to embrace the digitalisation of business increases, they are continually developing and implementing their solutions for customer acquisition and retention to increase business activity and customer loyalty. However, given the millions of small businesses currently operating in the UK, there now exists a staggering number of loyalty and reward programs, that customers find near impossible to keep track of. Therefore, many customers do not engage with these programs, which means SMEs lack 360-degree view of their clients. As a result, they are unable to tailor offers for consumers, and customers miss out on advantages that are lost amongst the abundance of loyalty programs and rewards available out there. For OMG, these challenges provide a huge market opportunity in coupling the technological advances in the digital banking space with an integrated loyalty and reward system, which is backed by a network of Merchant partners. Over the past twelve months, Omega’s primary focus has been on securing funding, to create a commercially usable MVP product that stablished in 2014, No Worries Red Umbrella has established itself as firm of skilled and motivated payroll, tax and accounting experts. A specialist payroll firm dealing with contractors in the UK, No Worries Umbrella proclaim that the simplest route to contracting is through their PAYE umbrella. No Worries Red Umbrella offers fast set-up, no accounting or IR35 concerns and in most cases no need to complete a personal tax return. The purpose of the arrangements offered is to be the continuous employer for employees to work on multiple assignments or projects offered by end clients or agencies. The traditional umbrella model caters to skilled workers who opt to be employed through an umbrella company, rather than trading through their own limited company or being self-employed. A small but nimble and accommodating company, No Worries Red Umbrella pride themselves on their years of expertise, that has gained them industry knowledge of the intricacies of daily life as a contractor. This experience enables them to offer customised and professional advice to each client, whether they be a novice or established contractor. OMG is a London-based Fintech Start-Up that is changing the game in digital banking and rewards space. Targeting millennials, a demographic that faces the most financial challenges and is often missing out on financial rewards, OMG provides its customers with current day-to-day accounts that give instant cashback discounts of up to 50% of the purchase price in thousands of UK retail merchants. We meet a new generation of digital bank challenger, as it makes significant plans to revolutionise the digital banking and cashback industry. No Worries Red Umbrella, based in Wimbledon, London, is a specialist payroll firm dedicated to delivering a service that ensures quick and easy payments for contractors across the UK. As this small but impressive firm celebrates success at the Worldwide Finance Awards 2020, we take a closer look at the organisation. Fintech Start-Up of the Year 2020 - UK: Omega Best Specialist PAYE Umbrella Service 2020 - UK T E can be rolled out to a pilot set of customers and merchants in a live environment. They have accomplished this significant milestone, thanks to the support from a syndicate of like-minded investors and the government’s Future Fund initiative, which will now support the beta-testing and product launch quality. Successful market launch and scaling at the beginning of 2021 is the next milestone for OMG. Beginning at the hyper-local level in London to create an adequate level of rewards saturation and the best possible infrastructure for all their clients in the next three years, OMG has made significant progress in establishing a solid base of OMG Merchant Partners across the UK. Their next goal? Giving OMG Customers access to 10% of the UK loyalty rewards market. While the main offices of OMG are located in central London, the company has been thriving in a remote working environment for most of its existence, recruiting from all over the world. At the moment, the team is spread across five different time zones and the large pool of talent from which Omega recruits means they have access to the expertise of the best of industry professionals from jurisdictions where cashback industry is far move evolved than in the UK. OMG is dedicated to promoting SME business activity in the UK by actively engaging with customers and merchants, and providing free, accessible improved digital infrastructure and technology. This includes customers of all income levels, with a particular focus on those for whom easily accessible cashback rewards are highly valuable and engaging. Contact: David Manasyan, co-founder Company: Omega BaaP Limited Web Address: www.omg.one When the organisation was established, customer service and an easy-to-use system were the core values at the heart of the company. Many years later, these same core values have been carried through into their umbrella payroll company, and each staff member has been trained to focus on understanding and delivering their clients’ needs. This, combined with their expertise in the contracting world, has created an effective and reliable team at No Worries Red Umbrella. Indeed, the company has recently been awarded their FCSA Accreditation, not only certificating that their top-class service has been regulated by comprehensive compliance requirements, but also opening more doors for this promising organisation with recruitment agencies who consider FCSA Accreditation as pre-requisite for their Preferred Supplier Lists. This is excellent news for the company, as they look to develop and expand. While many businesses have had to make major technological adjustments to adapt to the new way of working life created by the Coronavirus pandemic, No Worries Red Umbrella have largely been able to continue business as usual. Having always focused on incorporating technology into their services in order to make life easier for their clients, working from home caused minimal disruption to the No Worries Red Umbrella team. As restrictions are lifted, and armed with their recent FCSA Accreditation, No Worries Red Umbrella is ready and waiting for the increased projects that will be available to their contractors, which they remain on hand to assist with. Although they recognise that uncertainty will continue for some time for the UK economy as Covid-19 restrictions remain unpredictable and the full effects of Brexit are yet to be seen, the organisation remains optimistic. As they expect many companies to be unprepared for the impending off- payroll working rules, No Worries Red Umbrella foresee a wave of contractors moving into umbrella employment in 2021. Undeterred by all that 2020 has thrown at them and optimistic about 2021, we are excited to see how this small but energised company develops over years to come. Contact: Claire Weir Company: No Worries Red Umbrella Limited Web Address: www.noworriesumbrella.co.uk

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