Monzo smashes past £2bn valuation in fresh round from Silicon fund June 25, 2019 Just six months on from its last capital plug, digital bank Monzo has raised £113m from major US tech investor Y Combinator in a round that values the startup at more than £2bn. Through its Continuity fund, Y Combinator joined the round alongside other investors including Latitude, General Catalyst, Stripe, Passion Capital, Thrive, Goodwater, Accel [...]
London tech wages lag behind US despite fintech boom June 20, 2019 Salaries for London tech workers are lagging far behind their US rivals, despite the capital’s status as a leading hub for fintech firms. The average salary for London tech workers is £62,000, up six per cent on last year, according to figures from employment firm Hired. Read more: Five fintech firms scoop combined £25m from [...]
Facebook cryptocurrency libra could pose regulatory problems, Bank of England deputy governor warns June 20, 2019 Facebook’s plans to launch a new global cryptocurrency called Libra could raise regulatory issues, Bank of England deputy governor Sam Woods warned. “It does seem clear that something like this could be very important from a regulatory point of view,” Woods told a financial conference in Brussels. Read more: Is Facebook’s libra a step towards [...]
At a time of political flux, UK-US links have never been more important June 17, 2019 It was no surprise to see so much media scrutiny around President Donald Trump’s recent visit to Britain, and there is no doubt that the special relationship between the UK and the US will remain in sharp focus over the coming years. Whatever form that relationship takes in the future, it’s impossible to ignore a [...]
Five fintech firms scoop combined £25m from RBS competition fund June 14, 2019 Five fintech firms have been awarded a combined £25m from an RBS competition fund designed to boost business banking competition. Codat, Fluidly, Form3, Funding Options and Swoop Finance were all given £5m in Pool D of the £775m fund, where the focus shifted to the commercialisation of fintech. Read more: Metro, Starling and Clearbank win [...]
Monzo bounds ahead of rivals with US launch June 13, 2019 Digital bank Monzo has today launched in the US, making it the first of its rivals to finally land in the coveted territory. The bank will launch with its full banking app and debit card, complete with a routing number and FDIC insurance up to $250,000, courtesy of a licensing partnership with Sutton Bank in [...]
Surge in demand for UK tech visas as digital sector draws in top talent June 13, 2019 The number of applications for UK tech visas has soared 45 per cent in the last year as the booming tech sector continues to attract global talent. The surge marks the fifth consecutive year of growth in application numbers, according to industry body Tech Nation. Read more: Facebook to create 500 tech jobs in London [...]
Revolut goes Down Under as it launches accounts in Australia June 13, 2019 Digital bank Revolut will today launch its first accounts in Australia, as it embarks on a public testing period in the region. The startup said it will be opening its waiting list in the country today, which has so far amassed around 20,000 sign-ups. Revolut has opened a regional headquarters in Melbourne to manage the [...]
Augmentum Fintech to double in size as it seeks £150m fundraise June 11, 2019 London-listed fund Augmentum Fintech is courting a £150m capital raise, which would more than double the size of the company. The fintech-focused firm said in a filing it intends to create up to 150m new shares, valued at a total of £150m, subject to shareholder approval. The capital would allow the firm “sufficient flexibility to [...]
London fintech player Worldremit raises $175m in series D funding June 3, 2019 London fintech startup Worldremit has raised $175m (£138m) in a series D funding round led by TCV, Accel and Leapfrog Investments. The cash will fund Worldremit’s plans to grab a greater share of the world remittance market, which was worth $689bn last year. Read more: Fintech startup Worldremit poaches former Paddy Power chief as its new boss [...]