Tide secures £44.1m in ‘one of the largest ever’ fintech series B funding rounds October 7, 2019 Fintech company Tide has raised £44.1m in its first round of Series B equity funding in a bid to increase its business banking market share. Read more: Scottish fintech paysend closes £8.5m series B round Tide announced it had secured the funding yesterday in what it is calling “one of the largest ever” series B funding [...]
Kaspi.kz IPO: Kazakh fintech postpones London float October 7, 2019 The London float of Kazakh fintech group Kaspi.kz has been postponed due to “unfavourable market conditions” in the technology sector. Read more: Fund veteran Martin Gilbert leaves Standard Life Aberdeen to join Revolut The initial public offering (IPO) was set to be the largest by a Central Asian company on the London Stock Exchange (LSE) [...]
Augmentum Fintech backs German tech rental platform October 1, 2019 London-listed investment fund Augmentum Fintech has led an €11m (£9.8m) funding round backing German technology rental firm Grover. Augmentum invested €6m in Grover – which offers consumers flexible subscriptions to products including smartphones and laptops – the fund’s first investment in Germany. Read more: Augmentum Fintech to double in size as it seeks £150m fundraise [...]
Fintech star Revolut’s losses double to £33m as it splashes cash to expand October 1, 2019 Losses at fintech behemoth Revolut more than doubled to £33m in its latest financial year, as it ploughed money into a massive expansion. Revenue rose 354 per cent year on year to £58.2m in 2018, according to accounts filed today. However the cost of sales rose 247 per cent, meaning the fintech recorded a loss [...]
Funding Circle investors face four month wait to withdraw cash September 28, 2019 Funding Circle is conducting an internal review after it was revealed investors are having to wait more than 16 weeks to withdraw cash. The peer-to-peer platform told The Times it was “exploring a range of options” to tackle the problem delaying investors from selling their loans in its secondary market. Funding Circle has around 80,000 [...]
Ecommerce needs a new approach to fraud prevention September 26, 2019 In 2018, global ecommerce sales reached £2.27 trillion – a staggering number, and an 18 per cent increase over 2017. That growth will continue, as ecommerce reaches new markets and consumers become more comfortable with shopping online. It’s a huge opportunity for retailers, but there’s a risk that threatens to hold it back – fraud. Ecommerce purchases [...]
Big banks plug $18m into Soho fintech Fidel September 25, 2019 The venture capital arms of Royal Bank of Canada and Citi have supported an $18m (£16.3m) funding round for Soho-headquartered fintech firm Fidel. The series A round was led by Nyca Partners and QED Investors, which have previously backed the likes of Zopa, Clearscore and Acorns. Transferwise founder Taavet Hinrikus and Commerce VC also supported [...]
London overtakes New York to steal global fintech investment crown September 23, 2019 London has overtaken New York to become the world’s number one city for investments in fintech firms, new figures have revealed. In the first eight months of the year alone, London has attracted 114 investments with a record-breaking value of more than $2bn (£1.6bn), according to industry body Innovate Finance and the mayor’s promotional agency [...]
Fintechs are moving at such break-neck speeds that they’re struggling to mitigate the risks September 23, 2019 The “challenger” moniker has been given to a new generation of financial brands because they are disrupting the status quo set by the financial institutions of the past. But it may be that the speed at which these tech-focused firms are expanding will leave them open to significant risk in the near future. In fact, [...]
UK fintechs attracting rising investment despite Brexit uncertainty September 23, 2019 UK fintechs are raising increased levels of investment despite domestic and global uncertainty, but the sector is still struggling with recruitment of talent and a significant gender imbalance, new research has found. The total average investment raised so far this year by fintech firms grew a third compared to the same period two years ago, [...]