RBS-backed digital banking startup Loot enters administration May 22, 2019 Loot, the digital current account for students, has called in administrators after it was unable to secure funding following the collapse of a potential sale to the Royal Bank of Scotland (RBS). RBS owned a 25 per cent stake in the fintech firm through Natwest’s digital bank Bo, which is currently under development and invested [...]
Banking unicorn N26 rapped by German regulator in money laundering probe May 22, 2019 Digital banking startup N26 has been ordered by the German banking regulator to step up its anti-money laundering policies, after a probe found the fintech firm was deficient in several areas. Bafin said today it has issued an order against N26 to "take appropriate internal safety measures" in order to comply with rules on customer due [...]
Transferwise becomes Europe’s most valuable fintech at $3.5bn valuation May 22, 2019 Money transfer service Transferwise today announced the completion of a $292m (£230m) share sale, making it Europe’s most valuable fintech company at $3.5bn. Read more: UK named world's top fintech hub as startups rake in £4.5bn Existing investors Andreessen Horowitz and Baillie Gifford expanded their holdings in Transferwise, while investment was also provided from funds [...]
Fintech startup Wagestream picks up £15m from Balderton and Northzone May 20, 2019 London fintech startup Wagestream has today closed a £15m series A funding round, co-led by venture capital investors Balderton Capital and Northzone. The round was raised in addition to a credit facility of up to £25m Shawbrook Bank. At £40m, Wagestream chief executive Peter Briffett said the total amount raised marks the largest single social impact [...]
Monzo hits 2m customer milestone as fintech race heats up May 20, 2019 Digital banking darling Monzo's current account is set to surpass 2m customers today, as it races to catch up with London rival Revolut. The two fintech startups have been locked in an intense race to command market share in the nascent mobile banking sector, as well as to expand overseas. Read more: Monzo to roll [...]
UK becomes world’s top fintech hub as startups rake in £4.5bn May 14, 2019 The UK is the world’s top fintech hub with high-growth firms attracting more than £4.5bn in investment over three years, it emerged today. London continues to lead the country in attracting high-growth tech investment, receiving £9bn between 2015 and 2018, followed by Cambridge with £583m, according to a new report by startup body Tech Nation. [...]
DEBATE: Is the term ‘fintech’ becoming redundant? May 13, 2019 Is the term ‘fintech’ becoming redundant? Rhys Powell, UK managing director at EBO.ai, says YES. It’s true that the fintech revolution has brought about positive business change, but to stay relevant in today’s modern business world, all financial organisations have had to harness the power of technology. As such, it’s now almost impossible to define where general [...]
Challenger bank Monzo teams up with challenger energy suppliers in bid to steal customers from Big Six May 8, 2019 Monzo customers will be able to use their apps to get a better deal on their electricity and gas, the company announced today. The challenger bank has teamed up with challenger energy suppliers Ovo and Octopus in a bid to lure more customers away from standard tariffs and the Big Six suppliers. Read more: Supercharged: Moneysupermarket booms [...]
London fintech startup Transfergo picks up an additional $3.4m from Seventure May 8, 2019 Money transfer platform Transfergo has added a $3.4m (£2.6m) to its $17.5m series B funding round, as it surpasses 1m customers. The additional investment came from French venture capital firm Seventure Partners, which has previoulsy backed the likes of Push Doctor and Sum Up. Read more: London startup Checkout.com raises Europe's largest ever fintech series A [...]
Time to ditch the tech bros? Women-led fintechs are better investments, says KPMG May 4, 2019 A new report from KPMG has found that fintechs founded by women are more likely to be successful when compared with the industry average. The study, which looked at 91 fintech companies across the UK, found those that were founded or co-founded by a female achieved 113 per cent higher returns for investors. Read more: Banking [...]