Big banks plug $18m into Soho fintech Fidel September 25, 2019 The venture capital arms of Royal Bank of Canada and Citi have supported an $18m (£16.3m) funding round for Soho-headquartered fintech firm Fidel. The series A round was led by Nyca Partners and QED Investors, which have previously backed the likes of Zopa, Clearscore and Acorns. Transferwise founder Taavet Hinrikus and Commerce VC also supported [...]
London overtakes New York to steal global fintech investment crown September 23, 2019 London has overtaken New York to become the world’s number one city for investments in fintech firms, new figures have revealed. In the first eight months of the year alone, London has attracted 114 investments with a record-breaking value of more than $2bn (£1.6bn), according to industry body Innovate Finance and the mayor’s promotional agency [...]
Fintechs are moving at such break-neck speeds that they’re struggling to mitigate the risks September 23, 2019 The “challenger” moniker has been given to a new generation of financial brands because they are disrupting the status quo set by the financial institutions of the past. But it may be that the speed at which these tech-focused firms are expanding will leave them open to significant risk in the near future. In fact, [...]
UK fintechs attracting rising investment despite Brexit uncertainty September 23, 2019 UK fintechs are raising increased levels of investment despite domestic and global uncertainty, but the sector is still struggling with recruitment of talent and a significant gender imbalance, new research has found. The total average investment raised so far this year by fintech firms grew a third compared to the same period two years ago, [...]
Transferwise revenue soars as business customers help fuel growth September 18, 2019 Transferwise has posted a huge rise in revenue for the full year as increased uptake of its borderless account and business service helped fuel growth. The London-based money transfer firm reported a 53 per cent increase in revenue to £179m, while net profit after tax hit £10.3m, up from £6.2m last year. Read more: Transferwise [...]
UK fintech Gocardless to launch in the US September 18, 2019 London-based fintech firm Gocardless will launch in the US today, hoping to shake up recurring payments systems in the world’s largest market. Gocardless has announced a new solution on its platform to support debit payments on the Automated Clearing House (ACH) network, designed to make it simpler for merchants to automatically take payments from customers. [...]
Digital battlegrounds: The war between big tech and regulators September 17, 2019 We now live in the age of the internet of things, where voice-sniffing devices abound, and consumers have the convenience of tailored search suggestions. Perhaps it is Amazon’s Alexa – revealed earlier this year to be forever listening to its users’ conversations – that provides the emblem of the age. However, while such devices can [...]
France plans to block Facebook libra in Europe September 12, 2019 France is reportedly planning to block the development of Facebook’s libra cryptocurrency. AFP reported that France will aim to prevent the social media giant expanding its payment project in Europe. Read more: Facebook libra: Could regulators crush Mark Zukerberg’s dream cryptocurrency? Facebook announced the libra project in June this year, saying it will be a [...]
While MPs argue, fintech must take the lead on driving growth September 10, 2019 Political discord, uncertainty, rapid change to the country’s prospects every day – this is the present state of Britain. To top it all off, the latest survey from IHS Markit suggests that a new recession is possible, with economic growth slipping over the recent period. The UK is at a crucial point. How we respond [...]
Fintech advised by former Amazon and Visa executives to launch travel card September 9, 2019 Fintech firm Currensea has opened the wait list for its new travel money card, the first in the UK to be linked directly to users’ bank accounts. The card is designed to work as an extension of a current account, allowing customers to spend money abroad without having to open a new account. There will [...]