Buy-now pay-later firms braced for clampdown as Treasury looks to grant regulator new powers February 13, 2023 The government said it will give City watchdogs the power to “clamp down” on buy-now pay-later firms this year as it prepares to publish a much-delayed update on the scope of regulation around the sector tomorrow morning. The Treasury will lay out the details of regulation that will include plans to bring firms like Klarna, [...]
Natwest: Pensions fintech bought by bank in £144m deal which will ‘shake up savings’ February 13, 2023 Natwest is to buy pensions fintech Cushon for £144m in a move the bank says will bolster its offerings of “financial wellbeing” products. The FTSE 100 lender said it would take an 85 per cent stake in the London-based fintech while the company’s existing management would retain the remaining 15 per cent. The chief of [...]
How crisis has become the norm for the UK’s small businesses, Tide chief February 9, 2023 Economic crises have rocked the UK’s smaller firms over the past three years – now they’re becoming par for the course, boss of small business banking firm Tide tells City.A.M.’s Charlie Conchie Small business banking has played a strangely starring role in the national drama of the past three years. When Covid first began to [...]
Bank of London maintains $1.1bn valuation with fresh funding injection February 8, 2023 Fintech clearing bank the Bank of London revealed it had bagged a fresh $40m funding injection today as it gears up for full operations after winning its full banking licence last month.
Arm revenues jump to £620m as Softbank gears up to float UK chipmaker February 7, 2023 British chipmaker Arm said revenues had surged 28 per cent in the past quarter as its parent company Softbank gears up for a much anticipated float at the end of this year. In a trading update on its third quarter trading the Cambridge-headquartered firm said revenues had topped $746m (£620) after its partner firms shipped [...]
New innovation department could be a ‘gear change’ for tech growth, industry chiefs say February 7, 2023 The creation of a new government department for technology and innovation could be a “gear change” for the growth in the UK’s tech sector and represents a “significant” boost for UK innovation, tech chiefs said today.
London digital lender Zopa bags £75m for dealmaking push February 2, 2023 Digital lender Zopa today said it had raised £75m as it looks to kick off a major growth push and flurry of dealmaking in the coming months. The London-based fintech said the fresh funding round would be used to meet the capital requirements of its “growing balance sheet” as well as fund a major acquisition [...]
Future of UK tech talent visa uncertain after controversial closure of Tech Nation February 1, 2023 Tech chiefs have sounded the alarm over the future of Tech Nation’s lauded visa programme today after the start-up body announced it would wind down after controversially losing a major government contract.
London’s fintech boom ‘would have happened with or without Brexit’, Lord Mayor says February 1, 2023 London’s fintech boom “would have happened with or without Brexit”, Lord Mayor Nicholas Lyons said today, adding that the so-called Edinburgh reforms will help the City power the UK’s future economic growth. Lyons said the City achieved its reputation as a thriving hub for fintech success “independently of Brexit”. He stressed, however, that Brexit still [...]
Iwoca hits profits as recession fears boost small firms’ demand for cash February 1, 2023 Fintech lender Iwoca said it hit profitability for the first time last quarter after a surge in demand for borrowing as small businesses were rocked by soaring costs and a looming recession.