KKR raises $2.2bn for second next-gen technology growth fund January 15, 2020 Investment firm KKR has closed its second Next Generation Technology Growth fund at $2.2bn (£1.7bn) — over three times the size of its predecessor. The fund will be dedicated to technology growth equity investment opportunities in Europe, North America and Israel, KKR said. Read more: World’s largest hedge fund sees gold price rising 30 per [...]
Fintech can be the silver bullet to banking the UK’s unbanked January 15, 2020 Can new technology help the 1.23m people in the UK who don’t have a bank account? And could it improve the lives of the 10–12m who still struggle to access affordable loans? New research suggests that the answer to both those questions is yes. It is all thanks to London’s booming fintech sector — one [...]
Why Open Banking is the next finance revolution January 15, 2020 The saying that the “customer is king” has been an accepted truism for a long time. But it is only recently that this has really been the case, with technology largely driving a shift of power away from traditional providers to the consumer. Think of how music streaming services like Spotify completely changed how we [...]
Revolut valued at $5bn ahead of new funding round January 14, 2020 UK-based fintech Revolut is reportedly set to be valued at $5bn (£3.85bn) in an upcoming funding round. Investor Technology Crossover Ventures (TCV) is leading a funding round that is expected to close in January, according to documents seen by Financial News. The documents showed that investors had placed a pre-money valuation of $5bn on the [...]
Rocket list 2020: The best London startups to work for this year January 14, 2020 Fintech firms dominate a new list of 32 fastest growing London startups released today, with the companies listing 499 open positions. Job site Otta, which focuses on the most innovative firms in the capital, has today released its Rocket List, highlighting the firms expanding the fastest in 2020. Nine fintech firms made the list, including [...]
Visa to buy US fintech giant Plaid for $5.3bn January 13, 2020 Visa is to acquire US payments giant Plaid for $5.3bn, a software startup that is used by the likes of Venmo, Robinhood and Coinbase. Plaid, which helps companies connect to users’ bank accounts, was last valued at $2.65bn in a funding round in 2018. Visa and Mastercard were early investors in the tech company, which [...]
Monzo co-founder quits fintech bank – to farm alpacas January 10, 2020 Monzo co-founder Paul Rippon has quit the UK challenger bank he helped begin so he can spend his time farming alpacas. Rippon, a veteran of the banking sector who has also worked at Starling Bank, will leave his role as deputy chief executive of Monzo “to go and enjoy life” with his alpacas. Read more: [...]
Credit card giant Newday set to buy finance platform Deko January 9, 2020 Credit card issuer Newday has reportedly agreed to purchase retail finance platform Deko in a bid to boost its tech credentials. Newday has reached a deal to acquire Deko for up to £40m, depending on the tech provider’s performance, Sky News reported. Read more: ‘Worst year on record’ for retailers in 2019 If the purchase [...]
Travelex held to ransom by hackers January 7, 2020 Hackers are holding foreign exchange giant Travelex to ransom, after a cyber attack forced the company to switch off all its computer systems. It has been reported that hackers infiltrated the company’s systems on New Year’s Eve and that it has taken down 30 of its websites to contain “the virus and protect data”. Read [...]
The top tech predictions for 2020 January 6, 2020 Welcome to 2020. After a week or more of festive cheer and turkey-induced fatigue, it’s time to get back to work. But don’t despair. The year — and decade — ahead is set to be an exciting one, especially in the world of technology. To find out what changes may lie ahead, City A.M. asked [...]