Lethal mix of inflation and interest rates cause value of IPOs to nosedive by staggering 90 per cent June 27, 2022 Businesses have endured challenging times recently, largely caused by external world events. Because of this, investor appetite has decreased for IPOs. In fact, rising inflation and interest rates have caused the value of initial public offerings in the US and Europe to fall by a staggering 90 per cent this year. Despite these obstacles 157 [...]
Shock in fintech sector: City watchdog FCA launches tax evasion probe into billionaire founder of Wise June 27, 2022 The money transfer giant Wise revealed this morning that the FCA has launched a probe into its billionaire co-founder and chief executive over his status as a so-called deliberate tax defaulter. Wise said the Financial Conduct Authority (FCA) has launched an inquiry into Kristo Kaarmann’s “regulatory obligations and standards”. It comes after Kaarmann was named [...]
Cybersecurity is not just the IT team’s responsibility: ‘This mistaken belief will cost you dearly’, warns industry insider June 23, 2022 Globally, SMEs have proven themselves to be easy and profitable targets for cybercriminals. Alarming statistics seem to be commonplace these days, but a few released recently still hold enough power to pack a punch. City A.M. spoke to David Steele, founder of SecuriCentrix, about the risks he sees companies take in their approach to cybersecurity, [...]
KPMG opens virtual office in the metaverse for staff in US and Canada June 23, 2022 KPMG has set up an office in the “metaverse” for staff in the US and Canada to facilitate cross-border collaboration. The Big Four firm yesterday opened its first ever “metaverse collaboration hub,” with a view to letting staff work in an “immersive” virtual world. KPMG said its new virtual office will facilitate collaboration between its [...]
Payments firm SumUp hits €8bn valuation after fresh funding round June 23, 2022 London payments firm SumUp revealed it had bagged a $590m funding injection today as it looks to fuel a growth push and rollout new products this year.
Klarna boss slams Barclays for ‘mind boggling’ and ‘irresponsible’ BNPL research June 23, 2022 Klarna’s UK boss has hit out at Barclays today for publishing what he called “mind-boggling” and “irresponsible” research exploring mounting buy-now pay-later debt levels in the UK. Barclays Partner Finance – a division of the bank which offers its own regulated buy-now pay-later-style financing product – issued research today alongside debt charity StepChange warning that [...]
B2B buy-now pay-later firm Playter eyes international push after $55m funding injection June 22, 2022 London-based buy-now pay-later firm Playter said it is eyeing up new international markets with its B2B product today after announcing a $55m funding injection.
BNPL set to hit $607bn by 2026 despite regulatory scrutiny, analysts predict June 21, 2022 The global buy-now pay-later credit market will swell to $607bn by 2026 despite increased regulatory scrutiny of the sector, analysts have predicted.
UK firms risk hamstringing FCA with information overload, former top official warns June 21, 2022 UK firms risk hampering decision making at the City’s top regulator by overloading it with unnecessary information, a former top Financial Conduct Authority official has warned.
Watchdog set to review fees charged by Visa and Mastercard June 21, 2022 The UK’s top payments regulator has set out plans for two wide ranging reviews of Visa and Mastercard’s operations in the UK today amid concerns over soaring card fees.