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 [...]
Investigation: City fintech Freetrade accused of deliberately fostering ‘culture of fear’ January 29, 2020 One of London’s most talked about startups has been hit by claims of a toxic workplace culture and dysfunctional management. Freetrade, which offers users the ability to buy and sell UK and US stocks with no commission, has been accused of creating a “culture of fear” among its employees in order to push for unachievable [...]
Barclays takes a stake in digital receipts startup Flux January 29, 2020 Barclays will today take its relationship with digital receipts startup Flux one step further by acquiring a minority stake in the London tech firm. The startup said Barclays will also soon begin an expansion of its ongoing partnership with Flux to reach its entire UK mobile banking customer base, after a successful trial period on [...]
Star stockpicker apologises for ‘having too much’ Wirecard stock January 28, 2020 Former Jupiter fund manager Alexander Darwall has apologised to investors for making too large a bet on fintech Wirecard, which is facing scrutiny over its accounting practices. At one point Darwall, who left Jupiter in July to establish his own fund management business, had over 17 per cent of his £1bn investment trust in the [...]
Tech Nation chair Eileen Burbidge steps down January 28, 2020 Eileen Burbidge, the chair of government-funded industry body Tech Nation is stepping down after five years in the role. Tech Nation is responsible for promoting Britain’s tech sector. As well as advising startups and running a support network for founders looking to grow their businesses, it runs a visa scheme for technology workers. Burbidge was [...]
Fintech startup Upgrade Pack raises $5m seed round for travel rewards January 28, 2020 Upgrade Pack has today surpassed £5m in seed funding after securing fresh investment. The Richmond-based startup provides flight and hotel upgrades as part of a travel-focused rewards app by connecting directly to airline and hotel software. It did not disclose its investors, though Havisham Group led an earlier part of the fundraise last year. The [...]
Funding Circle: Finance chief quits small business lender January 27, 2020 The chief financial officer of small business lending platform Funding Circle is stepping down. Sean Glithero will leave the lender later this year, Funding Circle said. He will be replaced by Oliver White, who is currently chief financial officer of Provident Financial’s credit card unit, Vanquis Bank. Funding Circle’s platform, which has around 80,000 investors, [...]
Philip Hammond joins fintech startup Oaknorth as adviser January 27, 2020 Former chancellor of the Exchequer Philip Hammond has joined small business lender Oaknorth as an adviser. Hammond will work with clients of the fintech startup and “senior policymakers around the world” on the issue of small and medium-sized firms’ access to loans. The ex-Treasury boss said: “I am delighted to be joining Oaknorth’s advisory board [...]
Bank heavyweights inject $80m into City fintech Currencycloud January 27, 2020 Cross-border payments startup Currencycloud has today revealed a fresh $80m (£61m) funding injection from a number of new investors. Visa, World Bank arm International Finance Corporation, BNP Paribas, Siam Commercial Bank and Softbank spinoff SBI Group all joined the series E round’s roster as fresh backers. Existing investors Sapphire Ventures, Notion Capital, Anthemis, Accomplice and [...]
Shares in AI specialist Blue Prism surge after revenue jumps January 23, 2020 Shares in Blue Prism, a London-based robotic automation specialist, jumped over 20 per cent today after the company reported an 83 per cent increase in revenue. Blue Prism’s revenue for the 12 months ending 31 October rose to £101m, up from £55.2m in 2019, with monthly recurring revenue (MRR) coming in ahead of expectations. The [...]