ClearGlass Serves Global Business Organizations
“We currently operate in the UK and have clients in Europe and southern Africa (i.e., South Africa and Botswana), so there is a global appeal for what we do. Our client list includes Aon, General Electric, and Royal Mail,” Dr. Chris Sier, CEO and co-founder of ClearGlass Analytics, told Startup Savant in an interview.
Each of those business clients is a major employer with a significant pension fund. Royal Mail has more than 160,000 employees as of March 2020 who provide postal delivery services in the United Kingdom (UK). GE, a global business that earned $79 billion in revenue in 2020, has over 170,000 employees as of 2020. GE is a large, diverse industrial company that produces products for aviation, healthcare, electrical, and other industries.
European Investor Support for ClearGlass
The fintech company has successfully raised funds from several investors in Europe, including Venture capital firms Lakestar and Outward. Lakestar has invested in Glovo (an app delivery business), Soul Machines (an AI startup business), and Spotify (a music streaming company). Outward is a venture capital company that focuses on fintech technology. The fund has invested in Curve (an app company that has created a digital wallet), Monese (a mobile payment app company), and PrimaryBid (an investment fundraising company).
However, ClearGlass is not reliant on traditional venture capital support alone. The analytics fintech startup has also raised funds from major players in the financial services industry, such as Richard Butcher, Chair of the PLSA (Pensions and Lifetime Savings Association, a UK industry group for the pension industry), and Chris Wilcox, former Global Head of JP Morgan Asset Management.
How the Fintech Analytics Business Helps Pension Funds
The startup company helps pension funds better understand the costs they are paying for investment services. The entry-level plan — Cost Collection (priced at £200 or $277.7 per fund)
— streamlines cost data collection. Higher-priced plans also include benchmarking data. Benchmark cost data is valuable because it helps a pension understand if they pay above-average or below-average costs.
The Transparency Trend Fueling Company Growth
Business growth is supported by increasing demand for fee transparency in the investment industry. In the UK, the Cost Transparency Initiative (CTI) encourages gathering and reporting cost data for institutional investors, such as pension plans. Over 50% of the UK workforce participates in a workplace pension as of 2017.
Beyond the UK, other organizations are demanding greater transparency in financial fees. For example, the Securities and Exchange Commission (SEC) in the United States (US) advocated greater fee transparency in 2020. Meeting this demand from investors requires high-quality cost data.
ClearGlass Hiring in India and The UK
Founded in 2019, ClearGlass is actively recruiting new employees in Bengaluru, India, and the UK. In India, the fintech analytics startup is planning to hire two technical positions. Hiring in the UK includes client service, product, and data job roles.
About the Author
Bruce Harpham is an author and marketing consultant based in Canada. His first book "Project Managers At Work" shared real-world success lessons from NASA, Google, and other organizations. His articles have been published in CIO.com, InfoWorld, Canadian Business, and other organizations. Visit BruceHarpham.com for articles, interviews with tech leaders, and updates on future books.