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.
UK government should introduce VAT relief for small businesses, says Tide boss July 11, 2022 The government should provide VAT relief for small companies to help them cope with rising business costs, the chief executive of business banking and financial services platform Tide has said. Oliver Prill, who became chief executive in 2018, said small businesses are finding it extremely tough in the current economic climate and that the UK [...]
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.
Exclusive: London fintech Revolut launches first card reader in venture into physical retail July 5, 2022 London fintech Revolut is making its first venture into physical devices with the launch of a card reader for shops and restaurants. Revolut, which now caters to a global customer base of 18m and garnered a $33bn valuation in its latest funding round, told City A.M. it was launching the device in UK and Ireland. [...]
EU set to overhaul listing rules as competition for tech IPOs intensifies July 5, 2022 The European Union is looking to overhaul listing rules to allow founders to retain more control after going public, in a bid to tempt more tech firms into floating in the bloc.
Augmentum Fintech pulls back on fresh investment as ‘price correction’ looms July 4, 2022 Fintech venture vehicle Augmentum reported a “strong performance” in its portfolio last year but said it had pulled back on fresh investments in the past six months amid a rout in global tech firms.
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, [...]
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.
Fintech Cleo raises additional $80m following backing from Brussels investor Sofina June 16, 2022 UK financial app Cleo has raised an additional $80m following backing by Brussels tech investor Sofina. The funding round took place over months but was finalised following pressure on valuations of growth companies, Sky News first reported. Sources close to the deal told the outlet’s City editor Mark Kleinman that the backing raised Cleo’s valuation [...]