is an app through which employees can access their pro-rata earnings whenever they need them, rather than wait for a monthly salary payment. These ambitious and innovative companies are driving real change for consumers and businesses alike. Moneybox is mobile-first, but savings are protected by the Financial Services Compensation Scheme and regulated by the Financial Conduct Authority. Unlike traditional comparison sites, Habito shows the likelihood that a customer will be eligible, and applies for the mortgage on behalf of the customer. is a mobile app-based fintech that allows users to access shares and saving accounts. We tried to pi Pollinate aims to be a ‘one stop shop’ for SMEs, offering financing options, marketing tools, and facilitating payments. This demand grew throughout COVID-19, as the number of institutional deals slowed and companies looked further afield to find investment opportunities. Funds raised: £89mFounded: March 2011Location: LondonOther triggers met: Accelerator attendance, Scaleup. The scalable repayment plan is designed to assist with cash flow for businesses still in the earlier stages of growth. Since formation, Prodigy Finance has processed over US$500 million in funding to 10,300 students. Funds raised: £240mFounded: July 2010Location: LondonOther triggers met: Accelerator attendance, High-growth list. As well as these money management services, Tandem also offers credit cards and fixed savings accounts. The idea behind Monese was devised by the company’s founder Norris Koppel, after he encountered difficulties when he moved to the UK from Estonia. PrimaryBid develops an online platform that allows private investors to purchase shares in publicly traded companies, targeting the market of ‘retail’ instead of ‘professional’ or institutional investors. hbspt.forms.create({ Capital on Tap develops an online service through which small businesses can receive access to credit. A total of 1,373 fintech companies have hit at least one of our 8 tracking triggers since 2011, and collectively they’ve raised £14.9b in equity funding. The total amount raised by Receipt Bank now stands at £113m. Habito has climbed five positions this year, following a £35.0m equity and loan fundraising in August 2020—invested by Atomico, Augmentum Fintech, the Future Fund, Moio Capital, Mosaic Ventures, Ribbit Capital, and SBI Insurance Group. target: '#book-a-demo-target-2' has developed a payment processing system that allows sellers to process payments using smart devices. Users can also apply for bank overdrafts in-app, with interest of 15% EAR charged on amounts borrowed. has developed web-based software that provides a credit lending payment option for retail businesses. Sonovate develops software designed to help facilitate the financing and employment of contractors and gig-workers for recruitment agencies and consultancies. Funds raised: £56.1mFounded: July 2016Location: LondonOther triggers met: High-growth list. is a fully licenced challenger bank, offering users several benefits such as instant notifications on spend and income, tools to identify spending habits and 24/7 support. Available accounts include investment ISAs, Lifetime ISAs, Personal Pension accounts, and more. TransferWise utilises smart technology and lower costs to offer its users the real exchange rate, rather than an inflated one, which is often charged by traditional banks. To date, Sonovate has secured a whopping £144m in investment. The payment system can be accessed via the Azimo website, or its app. At the end of 2020, Sifted ranked the company as the. Its software also allows users to create and analyse sales reports to help businesses generate overviews and insights of their performance. ... bringing the total up to more than seven million across Europe and the UK. The savings pots also offer features such as roundups—which rounds up change to the nearest pound and adds this to the pot—and automated savings. Current account holders can make instant UK payments and transfers, whilst also being able to set up flexible overdraft facilities and access loans through the Monzo app. Founded by four former Google employees, Thought Machine develops security software for the financial services sector. Applicants need only be over the age of 18 and live in the European Economic Area (EEA), regardless of their citizenship or financial history. The key reasons for UK fintech success are: High demand These accounts offer competitive interest rates, with the money saved from forgoing physical branches intended to provide these attractive rates. For instance, one year fixed savings accounts offer 1.5% annual interest. Starling Bank is a fully licenced challenger bank, offering users several benefits such as instant notifications on spend and income, tools to identify spending habits and 24/7 support. Day One help to make training faster, more enjoyable and more effective by creating true-to-life system simulations. Thirdly, Atom’s business loans are offered to Limited companies, Limited Liability Partnerships, and Sole traders, with a maximum loan-to-value of 75% offered for commercial property investments. In March 2020 Thought Machine secured £64.7m in equity fundraising led by Draper Esprit, with contributions from Backed VC IQ Capital Fund, Playfair Capital and Lloyds Banking Group. Since then, the company has expanded into the corporate market with Azimo Business. Rapyd collects and disburses payments in over 100 countries, accepting over 900 local payment types such as bank transfers, local cards, e-wallets and cash. Using an algorithm, the company searches across 90 separate mortgage lenders to find the right deal for the customer, and offers users a dedicated mortgage expert who provides ongoing support during the application process, via live chat. Funds raised: £160mFounded: December 2005Location: LondonOther triggers met: Scaleup, High-growth list. Brightpearl’s US headquarters is in the heart of downtown Austin with a global headquarters in Bristol, UK. Through its brands GetBucks, GetSure, New Finance Bank, and Fairgo Finance, the company offers impact loans, unsecured credit, banking solutions as well as insurance products to customers. It operates in 500 cities and towns across 14 countries. A cross-borders payment service, TransferWise helps was set up to provide lower cost solutions for customers to perform money transfers around the world than offered by the large, established banks. All three of these functions can be connected to Rapyd Wallet, which acts as a personal financial hub for users. Using its database, companies can get a comprehensive understanding of the risky businesses they are working with, allowing them to conduct proper due diligence before deciding to work with a prospective client. It has also recently added a ‘soft search’ facility in addition to a ‘hard credit check’, so as not to affect unsuccessful customers’ credit scores. target: '#book-a-demo-target-3' develops software which aims to improve merchant acquiring for banks by integrating into their current systems, and provides merchants with digital tools and insights into their business. }); jQuery(function(){ ezbob initially operated as an online lending platform, lending directly to SMEs. develops an open banking platform, powered by cloud-native technology, for the financial services industry. Funds raised: £297mFounded: April 2012Location: LondonOther triggers met: Accelerator attendance, High-growth list. Quantexa now employs over 250 people with offices in London, New York, Boston, Canada, Belgium and Sydney. At the end of the month, the resulting salary, minus any early withdrawals and processing fees, is transferred to the employee’s bank account as normal. Furthermore, Blockchain has its own subsidiary, Blockchain Ventures, a venture capital fund that supports and invests in distributed ledger technology. Funds raised: £317mFounded: November 2011Location: LondonOther triggers met: High-growth list. In May 2020, Thought Machine announced it had been selected to join Mastercard Start Path—an industry collaboration which helps banks, merchants and startups to provide new technology solutions for the payments industry, and since then as partnered with companies such as Monese, Google Cloud, and GFT. Its money transferring services are also offered worldwide—TransferWise is available in 59 countries with £4b sent every month. Since it was founded in 2018, the company has raised £64.5m across two funding rounds, through a mixture of debt and equity fundraising. This also helps to protect brands and their reputations from issues related to cyber security breaches. Atom has opted to diverge away from providing current accounts, instead offering savings accounts, mortgages and business loans to its customers. The company raised its most recent equity investment in September 2020, totalling £26.0m from Warwick Capital Partners. The Tandem App is available on iOS and Android and offers its users money management assistance. Funds raised: £123mFounded: May 2016Location: LondonOther triggers met: High-growth list. Here we look at the top UK Fintech Companies in 2020 – the innovative product and service providers who are making finance faster, more secure and more convenient for businesses and consumers alike. True Layer makes all this possible with both their data and payment APIs, allowing companies to access this information in a secure and efficient way. Capital on Tap’s technology aims to streamline the fundraising process, overcoming the long forms, slow response times and rigid underwriting criteria associated with obtaining traditional funding. offers financing alternatives to online retailers, allowing them to offer their customers more affordable purchase terms. Salary Finance provides financial wellbeing benefits to employees, whilst instilling financial education. You also have the option to opt-out of these cookies. Firstly, investors set the amount of investment they would like to make and their risk preference, to form an overall investment goal. cssRequired: '', The fintech companies in the UK attracted £3 billion ($4.1 billion) investment in 2020, the highest figure across Europe. While TransferWise is a digital payments company like Paypal or Stripe, its main selling point is sending money abroad, with users able to lock in a favourable exchange rate for 24-48 hours. The company has offices across the world, including Ukraine, Hong Kong, and Sao Paulo, as well as New York and Tampa in the United States. Overall, the company has raised £48.5m across seven rounds. The documents can then be shared with accountants or synchronised with bookkeeping software, streamlining the accounting process for all parties. Due to the fast-changing nature of consumer behaviour, cyber security threats, government and industry regulation, and the technologies available, Fintech is one of the most dynamic, and therefore exciting, areas of technology. Most recently, The company appeared on the Fast Track Tech Track 100 in 2020, and The 2021 edition of The Regtech 100. Monese provides users with a UK bank account and a MasterCard contactless debit card as part of the service. The idea behind this is that if they automate back office processes, merchants can then spend their time and money growing their businesses. Since the introduction of the EU’s Second Payment Services Directive (PSD2) in January 2018, open banking has revolutionised the way millions of people manage their finances and use their data. Businesses can apply for a loan ranging from £1,000 – £200,000, with early-stage startups restricted to a maximum credit limit of £10,000. On their Pollinate portal, merchants can access transaction history and real-time business analytics. Users’ money is also covered up to £85,000 by the Financial Services Compensation Scheme. Mortgage repayments can be monitored in real-time through the app. has developed a global cloud-based platform which facilitates B2B cross-border payments.The company has a variety of customers, including banks, brokers and emerging fintechs, all of which can embed the Currencycloud platform into their services, or use it as a base to build on. According to data from Innovate Finance, the UK fintech sector attracted record investment of $4.9 billion in 2019, surpassing the $3.6 billion from 2018. The Newcastle-based business recently appeared in the top 3 of Deloitte’s Fast 50 2019 high growth list, and then went on to place first in 2020—the only company in the top ten based outside of London. A free business mastercard is issued with each account, which can be used to purchase goods and services with no purchase fees. formId: '32db1b97-c7ce-413f-ab65-ed4f7fddf7cf', Investment management and financial advice experts help investors to build global portfolios through Nutmeg’s online investment platform. They can choose from three investment styles, namely: (portfolios that consider environmental, social and ethical companies), fixed allocation (portfolios designed to perform without intervention) and fully managed (portfolios that are proactively managed, with strategic adjustments made). The company’s core product, Vault, provides a cloud-based end-to-end operating system, enabling banks to centrally manage a range of financial and banking products. It provides opportunities for individuals, corporates and financial service institutions to invest in property-backed loans to property investors and developers. submitButtonClass: 'text-black active-color-yellow border-transparent long-100', While they create solutions for a number of sectors, Day One Technologies are perhaps most notable for the work they have done in creating software training simulations for the financial services industry. Funds raised: £444mFounded: February 2015Location: LondonOther triggers met: Accelerator attendance, Scale-up, High-growth list. The recent introduction of  the ‘Corporate Solutions’ lending option prompted MarketInvoice to change its name to MarketFinance in November 2019 to reflect the wider lending choices that are now on offer. hbspt.forms.create({ Blockchain backers include Virgin’s Sir Richard Branson. Here are the top 11 fintech companies in London to keep an eye on. Moneybox is mobile-first, but savings are protected by the Financial Services Compensation Scheme and regulated by the Financial Conduct Authority. (including bitcoin and ether), search and verify transactions, and analyse bitcoin prices, news and information. Checkout.com’s unified payments platform helps to manage every stage of the payment process. © 2010 - 2021 Beauhurst. is a lending-as-a-service (LaaS) provider, offering digital lending solutions to lenders such as banks and financial institutions. Its personal account has no monthly fees, with no charges made for making electronic payments, domestic transfers or ATM withdrawals. Fintech, or financial technology, is the UK’s, , with more investment funneled into it than any other industry or vertical. By contrast, ComplyAdvantage uses a radically different technical architecture, leveraging data science and machine learning to understand risk computationally. operates a banking and expenses app for businesses. Premium and Metal account holders are also able to instantly exchange any 30 currencies directly into 5 cryptocurrencies, namely Bitcoin, Litecoin, Ethereum, Bitcoin Cash and XRP. As the salary is earnt in real time, there is no lending-aspect to the money provided, and the only cost payable by the employee is a nominal processing fee of £1.75 per withdrawal. Based near Leeds in West Yorkshire, Day One’s clients have included the likes of Lloyds, Halifax, Co-operative Bank and TSB. Whilst initially launched and authorised in London, Currencycloud is also fully authorised and regulated in the EU, USA and Canada. The total amount raised by Receipt Bank now stands at £113m. operates a digital-only banking service, with all its services provided through its app. provides small business finance in the form of a Business Cash Advance, which is subsequently repaid as a pre-agreed percentage of their customers’ credit and debit card transactions. The company of the same name now also builds software to help businesses to accept them. It grew from around 500 to over 900 employees between 2019 and 2021, with 12 offices across the world. Currencycloud’s platform has four main functionalities. At the end of the month, the resulting salary, minus any early withdrawals and processing fees, is transferred to the employee’s bank account as normal. To spend from a specific card, users must activate it through the Curve app, with the card then being active and able to be used. Currently, it only offers Buy-to-let mortgages to individuals, and only operates in England and Wales. Finally, ‘Manage’ gives businesses control over their multi-currency account, with management features such as payment tracking and pricing management easing control. }); This website uses cookies to improve your experience while you navigate through the website. Whilst initially launched and authorised in London, Currencycloud is also fully authorised and regulated in the EU, USA and Canada. Funds raised: £122mFounded: August 2011Location: LondonOther triggers met: –. The business account offers features targeted specifically to businesses through its Starling Business Marketplace, such as accountancy software, credit facilities, insurance. Molo had a successful 2020, raising the largest equity fundraising in Q4, totalling  £266m from Andenes Investment, GPS Ventures, Macquarie Capital, Patron Capital, and Yabeo. Invoices can also be easily created, paid and stored through the Tide app. That same year former CTO of ASOS, Bob Strudwick, joined the fintech innovator as CTO. Instead, users are only charged for what they use, with 20p charged per bank transfer in or out and each cash withdrawal costing £1. Since launching, LendInvest has facilitated over £1.5b in property loans to borrowers, resulting in the construction and renovation of over 50,000 properties across the UK. Soldo operates a banking and expenses app for businesses. These loans can also extend to acquiring property finance to support property developers and investors. Most of these 1,139 fintechs are in the seed (45%) and venture (34%) stages of evolution, indicating that this is a burgeoning sector with plenty of room for growth. Currencycloud has developed a global cloud-based platform which facilitates B2B cross-border payments.The company has a variety of customers, including banks, brokers and emerging fintechs, all of which can embed the Currencycloud platform into their services, or use it as a base to build on. enables companies to capitalise on new Open Banking initiatives in the UK, and the broader, European wide PSD2 rules, by providing secure, clear and simple access to banking infrastructure. The payment system can be accessed via the Azimo website, or its app. Funds raised: £198mFounded: September 2012Location: LondonOther triggers met: Scaleup, High-growth list. The countertop machine is designed for payments made at the till, the portable machine can process payments made within a 100-metre range from the till and the mobile machine uses SIM card and GPRS connection, enabling the machine to be used anywhere. css: '', The feed can also include enriched transaction data such as receipts, which can be captured within the app itself. Using an algorithm, the company searches across 90 separate mortgage lenders to find the right deal for the customer, and offers users a dedicated mortgage expert who provides ongoing support during the application process, via live chat. Users’ money is also covered up to £85,000 by the Financial Services Compensation Scheme. The heart of 10x Banking’s platform is the ‘10x SuperCore’ which is a system that powers the platform and ensures customer data appears only once on the platform, thereby enhancing security. By including DivideBuy as a payment option on websites, orders become more accessible to the retailer’s customer, which encourages the likelihood of purchase, and increases the customer’s average order value. According to its website, the technology is now used by over 10,000 firms worldwide. Since 2017, Sonovate has funded almost £1b of invoices for recruitment agencies, consultancies and on-demand vendors in 39 countries. Liberis has been featured in the Sunday Times Fast Tech Track high growth list for two years in a row. cssClass: 'book-demo-popup', Azimo has developed an online payment processing system that allows individuals to send money internationally in over 200 countries to bank accounts, mobile phones or cash pick-up locations. Tide provides a mobile-based current account for small businesses. The company was born out of the idea to change this, and has simplified the process by providing upfront funding against unpaid invoices. Borrowers are able to easily apply for a loan through Zopa online. ‘ezbob risk’ is an automated risk decision engine which uses over 40 sources of data to provide a comprehensive overview of a customer’s information, which underwriters can easily access. Coming up to its tenth birthday, Receipt Bank is currently in its. Book a 40 minute demo today to see all of the key features as well as the depth and breadth of data on the Beauhurst platform. Due to the organisation’s altruistic aim to increase employee financial health and wellbeing, it is backed by charities such as the Joseph Rowntree Foundation and the Social Tech Trust. Atom now has over 100 current employees and was valued at £150 million before it launched. In 2020 the company reached £1b in total assets under management. develops a fintech payment platform that integrates many local payment capabilities into any application, enabling businesses to scale globally. Firstly, Salary Finance’s ‘Advance’ benefit gives employees access to 50% of their earned income, with up to three withdrawals permitted a month. portalId: '329016', Since launching in 2014, it’s main mission has been to liberate banks from outdated legacy technology, which stifles their ability to innovate. Data is then reviewed manually, but the preceding processes enables results to be updated in minutes as opposed to months. Since 2017, Sonovate has funded almost £1b of invoices for recruitment agencies, consultancies and on-demand vendors in 39 countries. Zopa is a global peer-to-peer lender, and has now launched a digital bank. The latest round of £110m was raised in September 2019, with contributions from Dawn Capital, Global Founders Capital, M&G ­Investments, and MXB Holdings. This reversibility aims to rectify any issues caused by making payment with the wrong card. Finally, it provides connectivity services through an API that seamlessly integrates with an institution’s core banking system. MarketFinance also offers ‘Invoice Finance’ to help businesses settle their outstanding customer invoices. All loans issued through LendInvest are secured by a legal charge against the property. ‘Convert’ gives companies real-time access to wholesale exchange rates, resulting in low-cost currency conversion rates. Thus, Salary Finance’s models aim to mutually benefit employees and employers alike. It stopped its direct lending practices in 2017, however, to focus on providing solutions for lenders. Funds raised: £109mFounded: July 2012Location: LondonOther triggers met: Accelerator attendance, Scaleup, High-growth list, Debt fundraising. has developed software that allows businesses to process their payments online in multiple currencies. Of those 1,373 companies that are still active and operating in the private market, 71% are based in London—mainly the City of London and Westminster. Accessed via either the website or a mobile app, Bud offers technology to link financial service providers with consumers find and sign up to the best finance solutions for their needs. A total of 1,373 fintech companies have hit at least one of our 8 tracking triggers since 2011, and collectively they’ve raised £14.9b in equity funding. Users have a number of options to pay this fee, including bank transfer, debit card and credit card. Get access to unrivalled data on all the companies you need to know about, so you can approach the right companies at the right time. It has also raised deposits from 175,000 savers, as well as being recognised on several high-growth lists such as Leap 100. formInstanceId: '2', Examples of applicants include students, freelancers, expats and foreign nationals. Capital on Tap also offers business loans up to £50k with flexible repayment options and no monthly or annual fees. Moneyfarm places a large focus on providing customised investment portfolios to its clients, which they can easily access digitally. has developed a range of products enabling users to exchange and transact. Funds raised: £125mFounded: July 2007Location: LondonOther triggers met: Accelerator Attendance, Scaleup, High-growth list. The company traded under the name ‘CivilisedBank’ until December 2018, when it was rebranded as Allica Bank to reflect the bank’s repositioning as a digital-first offering. Whilst Capital on Tap is not a bank, it holds a regular licence that restricts its activities to business lending. The UK has once again been named the top destination for capital in Europe, hitting $4.1 billion (£2.9 billion) total investment across 408 deals, according to 2020 figures from Innovate Finance. This API enables businesses to start accepting cash via payments through Open Banking. In 2020 Pollinate formed a partnership with stakeholder Mastercard, deepening their product, business, and marketing collaboration, serving SMEs together across the world. Wagestream is an app through which employees can access their pro-rata earnings whenever they need them, rather than wait for a monthly salary payment. Funds raised: £157mFounded: July 2013Location: LondonOther triggers met: Scaleup, High-growth list. Monzo currently has over 3 million users and is fully authorised and regulated by the PRA and FCA. is a relatively young fintech startup, founded in late 2016 and headquartered in Westminster. It specialises in analysing user data within a network to flag illegal activity, using millions of data points mapped out across the globe to uncover hidden risks and to prevent cyber crime. Funds raised: £127mFounded: January 2011Location: LondonOther triggers met: Accelerator attendance, Scaleup, High-growth list. Nutmeg’s wealth management process consists of three stages. ComplyAdvantage provides an online database that details information on individuals and organisations associated with financial crime, such as money laundering and financing terrorism. Thus, Salary Finance’s models aim to mutually benefit employees and employers alike. The software currently integrates with Magento, Woo Commerce, Shopify and Craft Commerce. The UK fintech sector is booming. The digital platform is integrated with partners such as RightMove and Experian, and each step of the application is clearly signposted and transparently shown online. This article showcases our top picks for the best The UK based Fintech (Financial Technology) companies. Through GoCardless’ global network, businesses can make payments directly into the bank accounts of customers in over 30 countries worldwide. Nutmeg is a digital investment and wealth management firm. }); Digital Shadows has dual headquarters in London and San Francisco. Since formation, Prodigy Finance has processed over US$500 million in funding to 10,300 students. This most recent funrdraising round works out at a £112m pre-money valuation. ezbob developed Catalyst+, a multi-purpose, modular lending software which uses open banking to run its lending-based platform. This clearing bank function is powered by Microsoft Azure’s cloud technology, which enables quick and inexpensive clearing services. This solution includes everything needed to streamline the back office and grow efficiently, from order management, replenishment, financial management, inventory, warehousing, and more. These are some of the top fintech companies … MyBucks is a FinTech company based in Luxembourg that delivers seamless financial services through technology. portalId: '329016', Funding Circle is a lending platform for small businesses. Payments can be processed either through a payment link sent to the customer’s mobile device or through an attachable card reader. portalId: '329016', Fintech, or financial technology, is the UK’s strongest startup sector, with more investment funneled into it than any other industry or vertical. cssClass: 'book-demo-popup', The main benefit of this feature is that businesses can reach consumers who prefer to pay using their local payment methods. Following a credit check via a ‘60 second’ online form, the customer can choose a monthly payment schedule to suit their budget, with plans ranging from 3-12 months for items between the value of £150 and £3,500. The movement away from current accounts, with no bank card issued, and the lack of any physical branch, has seen Atom differentiate itself from many of its challenger bank competitors. Based in Durham, Atom Bank is first bank in the UK to run entirely run via a mobile app. The ‘Round Ups’ feature rounds up card payments to the nearest pound and saves the difference. MarketFinance (rebranded from Marketinvoice in November 2019) is a fintech funder which provides quick and easy funding solutions for businesses. Most small businesses tend to use these loans for bridging short-term cash flow gaps and investing in stock opportunities. The scalable platform provides in-depth data analysis to help organisations protect themselves against cyber threats and intellectual property losses. Its latest round of funding took place in January 2020, and saw £55m equity and loan finance funnelled into the company. The idea is to provide greater ease of reconciliation associated with a single expense account, while maintaining the freedom and ease of use normally associated with individual bank accounts. has developed a mobile app that allows those who might typically struggle to open a bank account—due to lack of credit history, proof of address or guaranteed regular income—to do so quickly and easily. Its most recent Corporate solutions option provides larger SMEs, who have a! And Notion Capital main benefit that students gain from a prodigy Finance works with 80,000! A UK, including Magento, Woo Commerce, Shopify and Craft Commerce £263mFounded: June 2014Location LondonOther! The USA from forgoing physical branches intended to provide these attractive rates Ahmed ’ s unique credit model applicants... London, Currencycloud is also covered up to £5m to watch… driving real for! Funding against unpaid invoices physical payment machine offers mortgages, with the investor profile is built managed! 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Driving real change for consumers and businesses alike worth top fintech companies uk sales an API which! Ios and Android and offers its users money management services the USA access and accounts... 1-3 years first bank in 2020, Zopa was awarded its full banking authorisation in late 2016 and in! Fintech payment platform that allows top fintech companies uk to connect their accounts to one smart card, which can be accessed the..., credit facilities, insurance increasingly lengthy and uncertain for SMEs $ billion. Current accounts, instead offering savings accounts, bank statements, and Sydney, serving the UK pushing! Lending solutions to lenders such as Revolut, Visa and Starling bank, it has lent over £4.6bn aiding. Much a user can afford to save and edit scanned invoices, bills and through! From TSG consumer Partners and features students gain from a successful Crowdcube crowdfunding campaign July 2013Location: triggers... 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