Fintech start-up Lifetise begins crowdfunding push March 15, 2020 Award-winning start-up Lifetise has launched a crowdfunding campaign on the Seedrs platform, just weeks after its chief executive was named one of Innovative Finance’s rising stars of fintech. The platform, which helps people decide how to afford big life decisions like buying a house, was recently listed as one of the 2020’s most influential fintech [...]
The Budget has recognised the potential of UK fintech March 12, 2020 All eyes were on the chancellor yesterday, as he delivered his first Budget against a challenging backdrop for the UK’s economy and health system alike. The focus was very much on backing the NHS, supporting small business, and boosting infrastructure spending across the country — and rightfully so, given the circumstances. We’ve also seen vital [...]
Budget 2020: Government to issue UK fintech sector review March 11, 2020 Chancellor Rishi Sunak has today announced the government will carry out a review of the UK’s burgeoning fintech sector, as part of its goal to champion Britain’s leading tech talent. The review will explore the support the government can provide to ensure “growth and competitiveness” in the sector. Fintech has been the UK’s top performing [...]
Sequoia crypto fund Paradigm makes first Europe investment with London startup Argent March 9, 2020 A cryptocurrency-focused fund backed by unicorn investor Sequoia Capital has led a $12m (£9.2m) funding round for digital wallet startup Argent. Paradigm has now joined Silicon Valley stalwart Index Ventures, Creandum and Firstminute Capital — who also participated in the round — as Argent’s newest backer. The series A investment also marks Paradigm’s first investment [...]
Former Goldman boss Michael Sherwood joins Revolut board March 5, 2020 A former senior Goldman Sachs executive has joined the board of fintech giant Revolut, as it seeks to bolster its board in the wake of a significant investment. Michael Sherwood, the former co-chief executive of Goldman Sachs International, has today been appointed Revolut’s board as a non-executive director. Sherwood is joined by fellow new non-executive [...]
Ant Financial takes minority stake in fintech unicorn Klarna March 4, 2020 The highest valued fintech company in the world, Ant Financial, has taken a minority stake in payments platform Klarna. The “buy now pay later” specialist confirmed that Alipay owner Ant Financial had bought a less than one per cent stake, but refused to disclose how much it is worth. Ant Financial is part of the [...]
Draper Esprit leads $83m funding round in Thought Machine March 2, 2020 Technology company Thought Machine has raised $83m (£64.74m) in series B funding led by Draper Esprit. The venture capital firm, which has invested in a number of fintech businesses, contributed £26.5m to the funding for Thought Machine, a technology company that builds cloud-native technology for banks. Thought Machine’s banking platform, Vault, counts Lloyds Banking Group, [...]
Fintech unicorn Klarna posts first ever annual loss February 26, 2020 Klarna, the joint largest fintech startup in Europe, has suffered its first ever annual loss, with the “buy now pay later” specialist hit by heavy credit losses. The company, which lets people pay for online purchases in installments, reported a loss of 1.1bn Swedish krona (£87.5m) on revenues of 7.2bn krona last year, its first [...]
Revolut closes $500m from early Netflix investor as it seeks to turn a new leaf February 25, 2020 British digital banking giant Revolut has today revealed the close of $500m (£387m) in additional funding, making it tied with Klarna as the most valuable privately held fintech firm in Europe at $5.5bn. The funding, which was led by new investor TCV, takes Revolut’s total amount raised to date to $836m. TCV, a Silicon Valley-based [...]
Investors splash the cash on British fintech startups February 24, 2020 Global investors poured money into the UK’s fintech sector last year, almost doubling the amount invested here between 2018 and 2019 — despite the rest of the world suffering a slight downturn in funding. British fintech companies attracted $48.5bn (£37.4bn) of investment in 2019, up 91 per cent from $25.4bn a year earlier. Data released [...]