Regulator steps up scrutiny of fintech banks June 26, 2019 Applications to become the next Monzo or Revolut are falling under greater scrutiny, as regulators act on concerns about risk management. The Prudential Regulation Authority (PRA) only approved four applications for banking licences in the 12 months to the end of February, down from 14 in the previous year. However the number of applications remained [...]
Freetrade to close £7m in second crowdfunding round June 25, 2019 Fintech startup Freetrade is set to raise £5m in a crowdfunding round this week, after its last funding attempt got cut short due to excessive demand from investors. The commission-free stock-trading app last headed to the crowd in April. It raised £2m within a matter of minutes, before investment platform Crowdcube crashed due to too [...]
Regulators place heightened check on Facebook’s libra cryptocurrency June 25, 2019 Authorities in the UK and worldwide have ramped up calls for increased scrutiny on new digital currencies and financial disruption, in the wake of Facebook attempting to enter the space. G20 regulatory group the Financial Stability Board (FSB) said today the trend set by Facebook’s libra coin will cause regulators to take a deeper look [...]
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 [...]