Blockchain-powered freelancer firm Nodal scoops £250m contract from UK recruiter Minstrell

By Oliver Smith on 13th March 2019

Crypto and Blockchain

An incredible quarter-billion pound deal, which could be a sign of things to come.

Blockchain-powered freelancer firm Nodal scoops £250m contract from UK recruiter Minstrell
Image source: Oliver Hibbs-Brockway/Nodal

Getting paid as a freelancer is never easy as Minstrell Recruitment, a specialist recruiter in the construction industry, knows well.

That’s why this morning they signed a whopping £250m five-year contract with blockchain startup Nodal Labs to automate everything from talent identification to timesheets, invoicing, and payment.

“The Nodal platform will make some of our sector’s most time-consuming and difficult processes easy,” said Steve Moran, Director at Minstrell Recruitment.

Nodal, which is due to launch publicly in April, is building a fully-automated talent platform with a custom blockchain at its core so that all records and transactions can be verified and tracked.

“As a leader in its industry, working with Minstrell Recruitment is a hugely exciting opportunity,” said Oliver Hibbs-Brockway, Founder and CEO of Nodal Labs.

“Nodal has been built to revolutionise the recruitment process, using blockchain technology to record, verify and automate the traditionally slow and cumbersome processes.”

For a relatively unknown startup to announce such a large £50m/year contract is undoubtedly impressive... however, delivering on such a contract is a different ballgame.

Despite reportedly awarding a £500,000 marketing contract, Nodal currently only appears to have 12 employees on LinkedIn.

On the other hand, AltFi understands that Luxembourg-based banking group ABH Holdings recently led Nodal’s Series A funding round and Eitan Jankelewitz, a partner at Sheridan’s law firm once named the ‘blockchain barrister’, sits on the company’s advisory board.

Nodal is said to believe the platform they’re building could extend to many other markets besides recruitment, including payments more generally.

Certainly a lot of promise, but time will tell whether Hibbs-Brockway and his team can deliver.

UPDATE 2019-03-14: In response to AltFi's questions about the value of the Minstrell contract and the efficiency savings that are possible, Hibbs-Brockway said: “The partnership sees Nodal provide Minstrell with the infrastructure that brings together currently siloed systems related to its recruitment and HR. The deal will cut costs through avoiding duplication of entries, delays in processing, and inefficient processes related to the thousands of employees and freelancers on its books.”

Comments

James Thompson

19 Mar 2019 12:40pm

Interesting point Dan. Because I also found it odd after looking at the company finances that they appear to have only in the region of 300k assets. Where is the money coming from? Also happened across an article showing that Hibbs Brockway was investigated by the police for fraud back in 2011, before declaring bankruptcy: https://www.dailymail.co.uk/news/article-1364408/Natasha-Kaplinsky-Why-Im-bored-motherhood.html. (Half way down article) Smells fishy to me. And if it's not, it must be one of the most impressive deals in the London tech scene. Good luck to them!

Oliver Smith - Editor

13 Mar 2019 11:30am

Great point @Dan, we've reached out to Minstrell and Nodal, and will update the article once we hear back.

Dan Tammas-Hastings

13 Mar 2019 11:24am

The numbers look wonderfully odd don't they. It seems implied that Minstrell have approx 50 employees working in building recruitment, but are going to spend £1mm per employee per year to 'generate efficiencies' using DLT. This doesn't look quite right, very happy to be shown how this works obvs.

AltFi Toronto Summit 2019

AltFi is coming back to Toronto following on from a highly successful event last year. We'll again be bringing a high profile international showcase of speakers from the leading fintech and alternative finance leaders.

9th October 2019