Move faster on data sharing or watch rivals ‘leapfrog’ the UK, competition tsar warns July 31, 2023 John Penrose, the government’s competition tsar, has urged the government to move faster in enabling the safe sharing of customer data or watch global competitors “leapfrog” the UK. Alongside a coalition of business groups – including the Payments Association and Open Banking Excellence – Penrose argued that the Data Protection and Digital Information Bill needs [...]
Tory peer’s CMC Markets blames ‘quiet’ conditions as trading falls sharply July 27, 2023 The trading shop run by Tory peer Lord Peter Cruddas said it had suffered a sharp slump in trading activity today as “quiet market conditions” failed to excite investors and revive booming interest seen through the pandemic.
LendInvest founder Christian Faes: Why I left London for California July 27, 2023 Fintech founder Christian Faes tells City A.M. why he's swapped London for California.
Atom Bank swings to first profit as juicy rates tempt in savers July 24, 2023 Atom Bank has notched its first full year of operating profit today after jacking up its savings rates and nearly doubling its customer base over the past year.
PensionBee hails momentum as assets surge to £3.7bn July 20, 2023 PensionBee hailed “excellent momentum” in the first six months of the year today as it closes in on profitability for the first time this year. In its first half results today, the London-listed fintech firm said its assets under administration had rocketed 38 per cent to £3.7bn while adjusted losses narrowed to £8m, down from [...]
Buy-now see-you-later? FCA boss slams claims BNPL firms will quit UK due to regulation July 19, 2023 The chief of the City watchdog said he does not “buy the argument” that buy-now pay-later (BNPL) firms will quit the UK today after it emerged ministers may shelve planned rules over fears firms would leave. The government had been pushing ahead with plans to bring BNPL products offered by firms like Klarna and Clearpay [...]
Wise makes more interest rate hay as income surges 66 per cent July 18, 2023 Wise, the money transfer firm, said the amount of interest income it was raking in on customer balances has continued to rise after it made hay from rising rates last year. In a trading update today, Wise said balances in its customers’ accounts had grown to £11.5bn in the first three months of its financial [...]
Plans to shelve buy-now pay-later rules ‘incredibly concerning’, says Which? July 17, 2023 A top campaign group has sounded the alarm today after it emerged that the government is preparing to shelve plans to clampdown on the buy-now pay-later (BNPL) sector.
Shares in fintech Fiinu fall over 60 per cent as banking licence slips out of reach July 12, 2023 The survival of fintech firm Fiinu was left hanging by a thread on Wednesday after it confirmed that it had not secured enough funding to resubmit its application for a banking licence. Shares in the AIM-listed digital lender, which offers short-term credit to customers, were trading 66 per cent lower after it updated the market [...]
Nutmeg co-founder Nick Hungerford dies aged 43 July 11, 2023 Co-founder of investment app Nutmeg, Nick Hungerford, has died at the age of 43 having been diagnosed with a rare form of bone cancer in 2019. “We are deeply saddened to share the news of Nick’s death,” his charity said in a statement today. “In loving memory of our founder, our work to make sure [...]