London fintech Upp. pockets $10m as it eyes global expansion June 27, 2023 London-based fintech Upp. has secured $10m (£7.8m) in seed funding as its artificial intelligence and machine learning model wins over investors. The startup, which uses AI to automate online retail, has garnered support in a funding round spearheaded by Californian venture capital firm Bonfire Ventures. Mark Mullen, co-founder of Bonfire Ventures, said Upp. is “the [...]
Payments watchdog wants open banking to ‘inject more competition’ into card market June 27, 2023 The UK’s payments regulator today argued that the card market did not have “sufficient competition”, but suggested progress on open banking could open it up to a wave of innovation. Chris Hemsley, managing director of the Payment Systems Regulator (PSR), said the watchdog was looking to find ways of “injecting more competition into this market [...]
Fintech firm CAB Payments eyes £850m price tag in rare London IPO June 27, 2023 Fintech firm CAB Payments has revealed it will look to fetch a price tag of more than £850m next month when it floats in London in a much-anticipated IPO.
Wise shares surge after interest rates push profits up 234 per cent June 27, 2023 Shares in money transfer Wise have rocketed this morning as the firm posted a 234 per cent boost in profits over the past year on the back of rising interest rates. In its full year results today, the London-listed fintech firm said profits had surged from £43.9m in 2022 year to £146.5m in 2023. Wise [...]
Venture capital investors brace for ‘real toughy’ of a year as interest rate pain looms June 27, 2023 Venture capital investors brace for 'real toughy' as interest rate pain looms
Plan to tackle fraud makes UK ‘less attractive’ for investment, payments lobby group warns June 26, 2023 The UK’s payments industry is under threat from proposals designed to tackle fraud, the main payments body has warned. In a letter to Lord Dominic Johnson, minister of state for investment, the Payments Association – which represents over 300 payments firms – warned “some regulators regulate in a way that stifles the growth of our [...]
Blackrock and Mastercard fuel crypto confidence as Bitcoin climbs above $31,000 June 26, 2023 Bitcoin has climbed to its highest level in over a year in recent days as top financial firms including Blackrock doubled down on their commitment to crypto.
UK must have a ‘Goldilocks’ approach to crypto rules or risk scaring firms off, warns minister Griffith June 20, 2023 The UK must strike a “goldilocks” approach to crypto rules and not scare off a crop of fintech firms with an overly “hot” regulatory clampdown, the City minister has warned.
Former Klarna chief joins Treasury-backed fintech body June 20, 2023 The former UK chief of Klarna has joined the board of the government-backed Centre for Finance, Innovation and Technology as the group looks to spur an “aggressive” push for the UK’s fintech sector.
Revolut hit with 40 per cent valuation write down amid banking licence woes June 15, 2023 Revolut’s value has plunged by nearly 40 per cent over the past year as it struggles to win a banking licence and fails to provide full “visibility” on its accounts, according to a major investor in the firm. London-based Revolut, run by Russian-British founder Nik Storonsky, bagged a $33bn valuation at the peak of the [...]