Chicago Mayor: Brexit could be ‘real opportunity’ to forge closer ties with London July 13, 2022 The Mayor of Chicago said Brexit could be a “real opportunity” to forge closer ties with London today as she looks to court fintech firms on a trip to the Capital this week.
Exclusive: Oxylabs CEO on why controversial web scraping is coming out from the shadows July 12, 2022 The world’s largest and most progressive companies depend on web scraping, a technology that allows large-scale public online data gathering. Web scraping allows them getting deep knowledge of the market they are operating in, it is behind the competitor analysis and even influences product assortment. However, the potential of web scraping remains untapped – many [...]
Plus500 profits soar as bosses hike full year guidance July 12, 2022 London-listed fintech Plus500 said it was expecting annual revenues and profits to sail past market estimates today after a bumper period in the first half of the year boosted by market volatility.
Wirecard forged client list to secure £760m investment from SoftBank July 11, 2022 German payments processer Wirecard forged client data in its efforts to secure €900m (£760m) in investment from Japanese conglomerate SoftBank, as it sought to reassure investors about the fundamentals of its business before it collapsed the following year. The Bavarian fintech firm showed SoftBank’s representatives a fabricated list of clients on a computer in Wirecard’s [...]
Klarna valuation plummets to $6.7bn in new funding round July 11, 2022 Buy-now pay-later giant Klarna announced its valuation had plunged to $6.7bn after its latest funding round today, down from $45.6bn last year, as it becomes the latest firm to be rocked by a global tech downturn. Klarna, which provides both a consumer credit product and retail banking services in some jurisdictions, said today it had [...]
Klarna to unveil $800m fundraising round with backing from Canada’s largest pension fund July 11, 2022 Klarna is set to reveal an $800m fundraising at a valuation below $6bn, it has been reported, with a potential backer including Canada’s biggest pension fund. The fintech giant could announce this week that it has clinched funding from existing and new investors, according to a Sky News report. The Canada Pension Plan Investment Board [...]
Exclusive: Political turmoil causing ‘uncertainty’ and jeopardising rules reform, Starling boss warns July 11, 2022 The chief of digital bank Starling warned that political volatility was causing “uncertainty” for businesses today as she voiced concerns that the government’s business reform agenda could be blown off course. In comments shared exclusively with City A.M., Anne Boden, who founded the digital bank in 2014, warned the tumult of Boris Johnson’s resignation last [...]
London Stock Exchange Group backs new fintech funding review as venture cash dries up July 11, 2022 The London Stock Exchange Group has thrown its weight behind a new review of the fintech funding landscape today as venture cash dries up and valuations plunge in the face of a looming recession.
Revolut executive resigns amid growing tensions with regulator July 10, 2022 One of Revolut’s top regulatory chiefs has stepped down from her role just weeks after boss Nikolay Storonsky criticised the Financial Conduct Authority for its sluggish progress on the firm’s banking licence application.
Fund managers call for FCA blockchain taskforce in plans for ‘Investment Fund 3.0’ July 7, 2022 The UK’s top investment body called on government and regulators to harness the benefit of cryptocurrencies and decentralised finance today, as it claimed the industry was on the cusp of a “major technological transformation”.