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From FinTech to canned fish: Stéphanie Fels’ success story with Blue Cove Preserves

FinCrypto Staff

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Merci San Francisco

Thanks to French founders network, we had the pleasure of meeting Stéphanie Fels, a bootstrapping self-employed entrepreneur Blue Bay Reservean artisan brand of premium canned fish that recently won the coveted Good Food Award.

Raised in a multicultural family between her parents’ native countries of France and Ecuador, Stephanie Fels created Blue Bay Reserve bringing the quality and culture of canned fish she grew up with in Europe to the United States, producing these canned delights domestically and adhering to responsible aquaculture and sustainable production practices.

“In Europe, in countries like France, Spain or Portugal, there is a real culture of consuming canned fish in a convivial way, which I strongly wanted to develop in the United States. The idea for Blue Cove came to me during one of my regular family visits to France. We opened high-quality fish preserves and served them with fine cured meats and cheeses. I realized that this culinary tradition didn’t really exist in the United States, and there weren’t any high-quality options here either.”


From FinTech to canned fish

After a 15-year FinTech career in New York, the French-Ecuadorian decided to pursue her passion by launching one of the first artisanal premium canned fish brands in the United States. The growing popularity of “gourmet” canned fish and the lack of supply in this product category on the American market created an ideal opportunity for Stéphanie.

“Until now, canned fish has been marketed primarily to the low- and mid-range of the U.S. market, so I wanted to create a brand made with premium fish like cod, sea bass, sea bass or halibut.”

During the pandemic lockdown, while many Americans experimented with sourdough bread recipes at home, Stephanie tested her seafood recipes in her New York kitchen using a pressure cooker and underwent a fruit safety certification program of sea.

In September 2023, he took the plunge and launched Blue Cove Preserves right in the middle of the growing canned fish craze. At the time, The New York Times dedicated a cookbook to this emerging trend titled “The Magic of Canned Fish.” The beginning of a beautiful success story for Stephanie.

A commitment to sustainability

Instead of outsourcing production overseas, as many American canned fish companies do, Stephanie partnered with an American cannery to produce the country’s only canned sea bass.

To overcome the stigma of farmed versus wild-caught fish, Stephanie partners with a farm in Connecticut that uses eco-friendly processes, such as closed-loop aquaculture technology, ensuring fish are free of hormones, GMOs and chemicals .

“We source primarily locally in the United States and use artisanal techniques to cook the fish. Our chef cooks the fish sauces manually. The only automated process we use with a machine is to seal the cans and heat them in a pressurized environment,” explains Stéphanie.

Following strict sustainability requirements, Blue Cove Preserves products have received a green rating from Monterey Seafood Watch, the authority in the United States for the environmental certification of marine products.

The products are packaged in zero waste packaging. The cans are made of aluminium, a highly recyclable material, and the cardboard boxes are FSC certified and recyclable.

Their closed-loop production system also ensures optimal waste management from all forms of seafood production.

Winner of the Good Food Award

Blue Bay Reservewas just awarded the Good Food Award, a recognition that celebrates brands that produce food responsibly in the United States, focusing on the organic origin of the products: a delicious victory for Stephanie.

“I am very grateful to be among the winners of the Good Food Award in the first year of marketing the brand – it is an incredible honor,” says Stephanie Fels.

To win this award, products must be GMO-free, developed under rigorous animal husbandry standards (no artificial ingredients, hormones, pesticides, herbicides, or synthetic fertilizers), and manufactured locally in the United States.

In the canned fish category, particular attention is paid to nutritional quality, ensuring that the fish are fed with marine and plant sources. This award truly crowns the success and excellence of Blue Cove Preserves products.

Selective distribution

If the story of Blue Bay Reserve, whet your appetite, you can find cans of Blue Cove Preserve at one of forty retail locations in the region, including Good Eggs, gourmet food stores like Aurora Grocery Stores or Little Vine in San Francisco, or even at Four Barrel or The Mill . These delicate fish tins are also available in hotel minibars and winery bar tasting rooms.

After the success experienced during the first year of marketing (and e-commerce sales in over 25 US states), Stephanie now plans to expand the distribution of her products to other regions and even beyond the borders of the United States. She remains hopeful as new premium canned fish brands hit the market, saying “it’s a rising tide that lifts all boats.”

New horizons

To broaden her offering, Stephanie is working on launching new cod products and plans to collaborate with a Michelin-starred chef in the near future.

Separately, he invests as an angel investor in various projects, including Rise, a company that offers a blockchain-based payment solution to make it easier for independent workers to pay.

Recently settled in San Francisco, Stephanie envisions a long-term career transition into the heart of Silicon Valley’s disruptive technologies, such as artificial intelligence or quantum computing.

Nothing stops Stephanie in her pursuit of innovation and new challenges.

Find Blue Cove Preserves products at https://bluecovefish.com/ AND https://www.instagram.com/bluecovefish/

This meeting was possible thanks to French foundersthe French-speaking international commercial network. Are you an entrepreneur, investor or business leader interested in joining a business club? Get in touch with Frenchfounders through San Francisco-based Clara Bousquet (c.bousquet@frenchfounders.com).



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We are the editorial team of FinCrypto, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on FinCrypto, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Lloyds and Nationwide invest in Scottish fintech AI Aveni

FinCrypto Staff

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Lloyds and Nationwide invest in Scottish AI fintech Aveni

Lloyds Banking Group and Nationwide have joined an £11m Series A funding round in Scottish artificial intelligence fintech Aveni.

The investment is led by Puma Private Equity with additional participation from Par Equity.

Aveni creates AI products specifically designed to streamline workflows in the financial services industry by analyzing documents and meetings across a range of operational functions, with a focus on financial advisory services and consumer compliance.

The cash injection will help fund the development of a new product, FinLLM, a large-scale language model created specifically for the financial sector in partnership with Lloyds and Nationwide.

Joseph Twigg, CEO of Aveni, explains: “The financial services industry doesn’t need AI models that can quote Shakespeare, it needs AI models that offer transparency, trust and, most importantly, fairness. The way to achieve this is to develop small, highly tuned language models, trained on financial services data, vetted by financial services experts for specific financial services use cases.

“FinLLM’s goal is to set a new standard for the controlled, responsible and ethical adoption of generative AI, outperforming all other generic models in our selected financial services use cases.”

Robin Scher, head of fintech investment at Lloyds Banking Group, says the development programme offers a “massive opportunity” for the financial services industry by streamlining operations and improving customer experience.

“We look forward to supporting Aveni’s growth as we invest in their vision of developing FinLLM together with partners. Our collaboration aims to establish Aveni as a forerunner in AI adoption in the industry, while maintaining a focus on responsible use and customer centricity,” he said.

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Fairexpay: Risk consultancy White Matter Advisory acquires 90% stake in fintech Fairexpay

FinCrypto Staff

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Treasury Risk Consulting Firm White Matter Alert On Monday he announced the acquisition of a 90% stake in the fintech startup Fair payment for an undisclosed amount. The acquisition will help White Matter Advisory expand its portfolio in the area of cross-border remittance and fundraising services, a statement said. White Matter Advisory, which operates under the name SaveDesk (White Matter Advisory India Pvt Ltd), is engaged in the treasury risk advisory business. It oversees funds under management (FUM) totaling $8 billion, offering advisory services to a wide range of clients.

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White Matter Advisory, based in Bangalore, helps companies navigate the complexities of treasury and risk management.

Fairexpay, authorised by the Reserve Bank of India (RBI) under Cohort 2 of the Liberalised Remittance Scheme (LRS) Regulatory Sandbox, boasts features such as best-in-class exchange rates, 24-hour processing times and full security compliance.

“With this acquisition, White Matter Advisory will leverage Fairexpay’s advanced technology platform and regulatory approvals to enhance its services to its clients,” the release reads.

The integration of Fairexpay’s capabilities should provide White Matter Advisory with a competitive advantage in the cross-border remittance and fundraising market, he added.

The release also states that by integrating Fairexpay’s advanced technology, White Matter Advisory aims to offer seamless and convenient cross-border payment solutions, providing customers with secure options for international money transfers.

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Rakuten Delays FinTech Business Reorganization to 2025

FinCrypto Staff

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tipranks

Rakuten (Japan:4755) has released an update.

Rakuten Group, Inc. and Rakuten Bank, Ltd. announced a delay in the reorganization of Rakuten’s FinTech Business, moving the target date from October 2024 to January 2025. The delay is to allow for a more comprehensive review, taking into account regulatory, shareholder interests and the group’s optimal structure for growth. There are no anticipated changes to Rakuten Bank’s reorganization objectives, structure or listing status outside of the revised timeline.

For more insights on JP:4755 stock, check out TipRanks Stock Analysis Page.

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White Matter Advisory Acquires 90% Stake in Fintech Startup Fairexpay

FinCrypto Staff

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White Matter Advisory Acquires 90% Stake in Fintech Startup Fairexpay

You are reading Entrepreneur India, an international franchise of Entrepreneur Media.

White Matter Advisory, which operates under the name SaveDesk in India, has announced that it is acquiring a 90% stake in fintech startup Fairexpay for an undisclosed amount.

This strategic move aims to strengthen White Matter Advisory’s portfolio in cross-border remittance and fundraising services.

By integrating Fairexpay’s advanced technology, White Matter Advisory aims to offer seamless and convenient cross-border payment solutions, providing customers with secure options for international money transfers.

White Matter Advisory, known for its treasury risk advisory services, manages funds under management (FUM) totaling USD 8 billion.

Founded by Bhaskar Saravana, Saurabh Jain, Kranthi Reddy and Piuesh Daga, White Matter Advisory helps companies effectively manage the complexities of treasury and risk management.

The SaveDesk platform offering includes a SaaS-based FX market data platform with real-time feeds for over 100 currencies, bank cost optimization services, customized treasury risk management solutions, and compliance guidance for the Foreign Exchange Management Act (FEMA) and other trade regulations.

Fairexpay is a global aggregation platform offering competitive currency exchange rates from numerous exchange partners worldwide. Catering to both private and corporate customers, Fairexpay provides seamless money transfer solutions for education, travel and immigration, as well as simplifying cross-border payments via API and white-label solutions for businesses. Key features include competitive currency exchange rates, 24-hour processing times, extensive currency coverage of over 30 currencies in more than 200 countries, and secure, RBI-compliant transactions.

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