Renovite Technologies: fintech start-up takes on the impossible

People said it couldn’t be done, but Renovite Technologies did it anyway. The first ever cloud-native ATM solution is now well on its way, thanks to the work of its team based in Dunfermline, Scotland.

Proven expertise

Fintech start-up, Renovite, has a proven track record in delivering leading edge payment technology solutions. With a base in California and an office in India, Renovite had already established a truly global presence before making the decision to establish a team of payment experts here in Scotland.

It’s a decision that has allowed the company to draw on Scotland’s proven expertise in both financial services and the related technology, which is driving significant change in this sector.

Undaunted by the architectural challenges involved in pulling ATMs into the 21st century - using cloud technology, and bolstered by the depth of talent available to them, the company has outlined ambitious plans to grow its presence in Scotland over the coming years.

Jim Tomaney, Renovite Technologies

Cloud-based ATM technology for the fintech era

Renovite’s cloud-based technology may be seen as the more complex end of fintech, but the problems the company set out to solve are mission critical for most 21st century financial services companies. For years, financial organisations have been trying to improve their customer experience and the functionality offered by ATMs, but have been hindered by outdated legacy systems, many of which were designed in the 1980s and 1990s.

At a time when demand for innovation in financial products has reached new heights thanks to the advent of fintech, Renovite’s cloud-native ATM technology means organisations can now respond to these demands more efficiently, with less risk, better security, and a less convoluted management model.

Jim Tomaney is the chief operating officer for the company and leads the Scottish team, based in Dunfermline. He explains, “Financial services businesses with complex legacy systems often try to adapt the technology they already have, as they attempt to keep pace with today’s demands.

“We’ve started from an entirely different position, building from the ground up. Our team has vast experience of ATMs, but instead of adapting systems that are no longer fit for purpose, we’ve used the knowledge gained over years to build a cloud-native solution. Our approach is to develop modern technology that gives financial organisations the agility and flexibility to respond to evolving demands and requirements.”

"The team that we’ve recruited in Scotland already had significant specialist knowledge and expertise. The availability of developers with the right experience, is the single most important reason why we’re here.”

Jim Tomaney, chief operating officer, Renovite Technologies

A long-standing heritage in ATM technology

Scotland has a long-standing connection with the ATM. Scottish-based companies have been building and shipping ATMs to financial institutions across the world for over 40 years. The country’s long-term specialist knowledge and expertise has drawn Renovite to locate its development office here.

The company launched in Fremont, California and Noida, India just three years ago and the Scottish base followed last year.
Jim says, “The team that we’ve recruited in Scotland already had significant specialist knowledge and expertise. Many of us had worked together on other projects in the same sector. The availability of developers with the right experience, is the single most important reason why we’re here.”

Jim Tomaney, Renovite Technologies

Jim Tomaney, chief operating offer, Renovite Technologies, pictured at the firm's Dunfermline office

Scotland is well connected for FinTech

There are other factors that have influenced the company’s decision to choose Scotland. Jim says, “Scotland rates highly for both technical and practical connectivity. In terms of IT connections, the facilities are grade A. There are also real practical benefits of being here rather than in the south east of the UK.

“We lose less downtime to traffic congestion in Scotland, and because we’re close to Edinburgh airport, we can connect with our international colleagues and clients more easily than from many other parts of the UK.”

Work and life both happen here

Jim also suggests that there is a direct link between the quality of life in Scotland and the quality of the work we are doing. Jim says, “You don’t generally see the office lights burning into the night here, and that’s because we can work efficiently and effectively during the day. Our productivity benefits from a work-life balance.

“We expect to see this reflected in our retention rates too. We’ve been here for less than a year, so it’s early in the project, but we believe that we have recruited a team who will stay long term. Compared to London, there is far more stability in the workforce and that really benefits a company like ours. Expertise is built up over time, so retaining that knowledge is extremely important.

“At the moment, the team is a mix of local Scottish talent and developers who have chosen to locate here from elsewhere in Europe. Scotland is seen as an attractive place to live and work and our business is testament to that.”

"Scotland rates highly for both technical and practical connectivity. In terms of IT connections, the facilities are grade A. There are also real practical benefits of being here rather than in the south east of the UK."

Jim Tomaney, chief operating officer, Renovite Technologies

Collaborating on fintech skills

A culture of collaboration amongst Scottish fintech companies is another aspect that will influence company growth. Renovite is one of a consortium of international fintech companies who have joined forces to launch Scotland’s first Fintech Skills Academy along with Fife Council, Fife College and Fintech Scotland.

The aim of the Academy is to provide a steady flow of highly qualified applicants for the growing number of specialist roles in fintech in the region and to avoid the potential of a skills gap developing.

Jim says, “The Fintech Skills Academy programme will help candidates successfully prepare for new roles. At the same time, it will help employers such as ourselves by improving each candidate’s understanding of the standards fintech employers want. It would be hard for us to provide this breadth of training on our own, so it makes sense to work together with other businesses and education providers.”

Renovite plan to add around 20 people to the team here over the next few years. From Scotland and its other offices, the company will develop the sales and marketing of its payments solutions across the world.

Discover what makes Scotland a good fit for your financial services business.