More fintechs secure UK banking licences as Revolut struggles to get approval September 7, 2023 Two new challengers succeeded in securing banking licences from regulators today, raising more question marks for Revolut as it struggles to get approval from the City watchdogs.
SVB collapse and rising rates help fintech Clearbank double deposits in six months September 6, 2023 Clearbank has doubled its deposit base in six months as it benefited from rising interest rates and attracted new clients in the wake of Silicon Valley Bank's (SVB) collapse.
Exclusive: Bank of London crowned fastest-growing challenger amassing £300m since getting licence August 31, 2023 The Bank of London has amassed £300m in deposits within six months of taking client money, making it comfortably the UK’s fastest growing SME-focused challenger. Chief executive Anthony Watson said that the bank has been “inundated with demand” since exiting its regulatory restrictions in February this year. Businesses in Britain have been “under-served by both [...]
PensionBee: Fintech ‘well on track’ to hit profit as losses narrow by almost half August 31, 2023 PensionBee’s CEO said the the company was “well on track” to achieving its first profit, as a jump in invested customers helped it narrow losses. The London-listed fintechs’ pre-tax losses shrunk by nearly half in the first six months of the year, from £16.9m in 2022 to £9.2m. Assets under management shot up 38 per [...]
Interactive Investor founder Sherry Coutu: entrepreneurship, climbing mountains and why Sunak’s maths plans don’t quite add up August 17, 2023 Interactive Investor founder Sherry Coutu on education, climbing mountains and entrepreneurship
UK remains European fintech lead despite major investment slump July 31, 2023 Fintech investment in the UK slumped 57 per cent in the first half of the year as rising rates, high inflation and geopolitical tensions dampened investor sentiment. Total UK fintech investment dropped to $5.9bn (£4.6bn) in the first half of the year, down from $13.8bn in the same period last year, according to data from [...]
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.
Italian banking giant Mediobanca backs London with £10.4m investment in startups July 25, 2023 One of Italy’s largest investment banks Mediobanca has committed €12m (£10.4m) to a joint venture with early stage investor Founders Factory to help scale fintech startups. The joint venture will build and invest in 35 fintech businesses over the next five years. Mediobanca’s investment will help underpin a new fintech venture studio accelerator, enabling innovation [...]
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 [...]
UK fintech funding tumbles as interest rates dampen investors’ appetite July 10, 2023 Funding for the UK’s fintech sector cratered in the first half of the year as further interest rate hikes and economic volatility continue to weigh on investors’ appetite for the market, according to new data.