Monzo plans to relaunch paid-for accounts and hire another 500 staff February 17, 2020 British fintech darling Monzo plans to recruit another 500 people as it targets 5.5m users this year and bids again to turn those numbers into a profit. Monzo, which is valued at around £2bn, is set to relaunch paid-for accounts in the first quarter of 2020 after a failed introduction last year, when it reversed [...]
Keep an eye on data: a chat with Duco’s founder about the future of fintech in Britain February 17, 2020 When asked to narrate their journeys from startup to scaleup, entrepreneurs tend to fall into two camps. There are those for whom the travails of growth are a badge of honour: no 20-hour day, unconquerable challenge or unfulfilled investment pledge has been forgotten. Others display an insouciance, as though turning a light-bulb moment into a [...]
London crypto startup secures $8m from Target, Localglobe and MMC February 17, 2020 Cryptocurrency asset management startup Copper has today revealed the close of an $8m (£6.1m) funding round from a number of major investors. Target Global, Localglobe and MMC Ventures all participated in the series A round, which have backed the likes of Transferwise, Delivery Hero, Interactive Investor and Gousto between them. Copper, which designs and manages [...]
Mixed year for Crowdcube as Brexit uncertainty bites crowdfunding appetite February 12, 2020 The UK’s largest crowdfunding platform struggled to achieve its targets under the weight of political uncertainty in 2019, but still managed to report a significant jump in revenue. Sales at Crowdcube rose 36 per cent last year, as a record number of businesses opted to use its services to raise funding from customers and investors [...]
German digital bank N26 quits UK ‘due to Brexit’ February 11, 2020 German digital bank N26 has announced it is pulling out of the UK, saying it will no longer be able to operate in Britain with its European banking licence. The Monzo and Revolut rival, which is valued at $3.5bn after raising $670m in total, said all UK accounts will be shut down by 15 April [...]
Revolut launches open banking for retail and business customers February 11, 2020 Digital bank Revolut today announced the launch of open banking for all UK retail and business customers as it ramps up its challenge against money management rivals. The new feature allows UK customers to connect their external bank accounts to Revolut’s platform, allowing them to view all their balances in one app. Open banking was [...]
Curve opens US office as embattled startup heads across the Atlantic February 10, 2020 London fintech startup Curve has today revealed its first US office, as it opens up shop in Brooklyn, New York as a base for its Stateside operations. The move follows a spate of negative reports about the card management firm, including allegations of misrepresenting user data and editing its own Wikipedia page to hide controversies. [...]
Starling Bank gives shares to employees as it raises £60m February 10, 2020 Challenger bank Starling today said it will hand out shares to all 800 employees after raising £60m to boost its expansion plans. The cash injection, led by existing investors Merian Global Investors and JTC, brings the total raised by Starling to £323m and follows two funding rounds of £105m last year. The digital bank said [...]
Top UK fintech firms accused of editing their own Wikipedia pages February 9, 2020 Two of the UK’s most prominent fintech firms have been accused of editing their own pages on Wikipedia to remove criticism. The Wikipedia pages of card management app Curve and challenger bank Starling both have warnings claiming the firms could have edited their own entries, as does the page of Starling chief executive Anne Boden. [...]
British tech startups retain crown as European fintech capital January 30, 2020 The UK has secured its place as the top destination for European fintech investment for another year, reaching a new record of $4.9bn. Venture capital and private equity investment into the UK’s fintech sector has risen 38 per cent year on year, exclusive data from Innovate Finance today revealed. This was more than three times [...]