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The UK’s fastest growing fintech Allica Bank delivers another record year April 16, 2025 Allica Bank, the UK’s fastest growing fintch, nearly doubled its profit in the last year after another period of rapid growth. The digital bank, which caters towards small and medium-sized enterprises (SMEs), increased pre-tax profits 86 per cent to £29.9m. Lending activity grew over £1bn in 2024 and revenue shot up 68 per cent to [...]
Income at UK fintech Wise jumps as payment volumes soar April 15, 2025 Money transfer firm Wise posted an increase to fourth quarter income driven by growth in international payments. The fintech, which enables digital payments for consumers and businesses, booked an underlying income of £350m for the fourth quarter. This was a 13 per cent increase from the previous quarter. Cross-border volumes soared 28 per cent to [...]
UK surges ahead of France and Germany as Europe’s ‘innovation powerhouse’ April 14, 2025 HSBC Innovation Banking, a subsidiary of Europe’s biggest lender, hailed the UK’s enterprise value in its latest innovation report. UK innovation firms raised £3.2bn of venture capital in the first three months of the year – an eight per cent increase from the first quarter of 2024. The quarter attracted higher amounts of funding, with [...]
Revolut handed £3m fine for money laundering control ‘shortcomings’ April 8, 2025 UK fintech Revolut has been fined €3.5m (£3m) by the Bank of Lithuania for inefficiencies in its money laundering control. The neobank was blasted for “violations and shortcomings in the monitoring of business relationships and [transactions]” by the Bank of Lithuania. The watchdog said failings had “resulted in the bank not always properly identifying suspicious [...]
UK fintech Clearbank bolsters fee income amidst European expansion April 7, 2025 London-based fintech Clearbank announced full-year results for the first time at group level following the business’ expansion across Europe. The firm, which is an enabler of real-time clearing and embedded banking, reported a 63 per cent increase to £53.3m in its fee-based income. Total deposits managed by the fintech reached £10.8bn – up 77 per [...]
Deutsche Bank bets £250m on UK fintech Abound March 27, 2025 Deutsche Bank announced on Thursday morning it had given a £250m backing to UK fintech Abound, boosting the firm’s lending capacity. The latest round of funding compounds existing support from Citi, Waterfall Asset Management and LuminArx – and takes the fintech’s total credit ceiling to £1.6bn. Abound said the additional capital would provide “firepower to [...]
Will London take New York’s fintech crown? March 21, 2025 According to Z/Yen’s 37th Global Financial Centres Index (GFCI 37), the Square Mile is snapping at the heels of the Big Apple.
Fintech boss outlines industry’s Spring Statement needs March 20, 2025 With the Chancellor’s Spring Statement under a week away, a fintech boss has laid out how the government must support the industry. Laurent Descout, co-founder and chief executive of payments platform NEO, said Rachel Reeves must prioritise support for the fintech sector through two key areas: university funding and helping small and medium-sized enterprises (SMEs). [...]
Sibstar: Fintech backed by Dragons’ Den stars Deborah Meaden and Sara Davies seeking extra cash March 20, 2025 Fintech Sibstar, which is backed by Dragons’ Den stars Deborah Meaden and Sara Davies, has launched a new crowdfunding campaign in a bid to raise £350,000. The mobile app and debit card for people with dementia was founded by chief executive Jayne Sibley and secured £125,000 after appearing on the hit BBC One show last [...]
UK fintechs sound alarm on spike in organised crime March 19, 2025 Seven in ten UK fintechs said fraud volumes in their business shot up over the last year, according to new research. Alloy’s State of UK Fraud Report stated 79 per cent of UK fintech firms lost at least £500,000 to fraud in the 12 months to October 2024. Two in five recorded losses between £1m [...]