No, P2P lenders aren’t going to topple banks – but we don’t want to May 25, 2016 Peer-to-peer lending was born a decade ago and has offered an alternative and often more accessible route to funding for thousands of small and medium sized businesses. The sector’s popularity has exploded in recent years, leading many, including a newly published report from Deloitte, to assume that platforms now have the established banking sector in [...]
China just joined a major blockchain consortium May 24, 2016 A Chinese insurer is the latest business to join the major R3 blockchain consortium and the first financial institution in the country to become a member alongside the likes of Barclays, HSBC and Goldman Sachs. Ping An, the second largest insurance firm in China, has joined the group, which was formed late last year to work on [...]
We’re fintech investors, but here’s why we’ll never be based in Silicon Valley May 23, 2016 In 1934, Willie Sutton was asked by FBI agents “why do you rob banks, Willie?”. Sutton replied dryly, “because that's where the money is”. We create rather than rob banks, so why did we set up outside of Silicon Valley, where the tech money is? Because that’s where the banks are. Anthemis is in London, New York and Geneva, [...]
Traditional banks’ dominance of lending market set to continue despite peer-to-peer growth, report finds May 23, 2016 Banks will fight off competition from non-traditional lenders and continue to dominate the borrowing market over the next decade, a Deloitte report has suggested. The firm’s Marketplace Lending report estimates that by 2025 marketplace lenders (MPLs), previously known as peer-to-peer (P2P) lenders, will account for up to around six per cent, or £35.5bn, of the [...]
The four things which could tip the scales in favour of fintech startups over banks May 19, 2016 Banks can breath a sigh of relief. Fintech isn't going to make them obsolete any time soon, according to Moody's, but there are four things to look out for that have the potential to swing that balance in the other direction. There won't be a major shock of disruption from fintech, the credit agency has said [...]
Zopa’s got a new finance product, expanding into car refinancing loans and more May 19, 2016 Peer-to-peer lender Zopa is branching out with a new loan product offering car refinancing in a bid for a share of the £12bn a year market. Around 40 per cent of Zopa's loans are used for buying a car and Zopa Car ReFi will be a dedicated product aimed at those who already have a car [...]
This banking platform is using wearables delivering electric shocks to stop people going over their spending limit May 19, 2016 A new banking platform promises to reduce overspending among millennials, by using the "Internet of Things" to break bad spending habits. The platform – called "Interact IoT" – was devised by FinTech company Intelligent Environments and connects individuals’ bank details with smart devices such as Nest and Pavlok. Go beyond your spending limit, and your heating will automatically be turned [...]
P2P lending: Why the Lending Club fiasco won’t send us all back to the dark ages May 19, 2016 You'd be forgiven for thinking, following last week’s news that Lending Club’s chief executive Renaud Laplanche was stepping down amid allegations around loan sales and misconduct, that this is the end of P2P lending as we know it. Commentators have been quick to discredit the P2P sector, with online lenders labelled “banks in disguise”, up [...]
Lending Club fiasco: This is the company helping P2P platforms grow up with integrity May 19, 2016 The resignation of US giant Lending Club’s chief executive last Monday sent a icy wave of unease through the P2P lending industry. Writing in City A.M. last week, AltFi’s Rupert Taylor commented: “the failures at Lending Club justified robust action because they related to a discipline that is central to what distinguishes P2P from conventional [...]
Pay by Fitbit? It could soon be a reality after this acquisition of assets from fintech startup Coin May 18, 2016 Fitbit has indicated a move into payments with the acquisition of technology from a Silicon Valley firm specialising in wearable payments, meaning users might in future be able to pay for things simply by swiping their Fitbit. The tech company has snapped up the assets of Coin, a startup in the fintech and wearables space which created a [...]