A slice of the pie: UK financial firms target booming fintech market October 11, 2021 As banks and financial services firms in the UK switch their attention from pandemic survival to driving growth, they are increasingly tapping into the booming fintech space as a way to future-proof their business, according to new research. Almost half (46 per cent) of the UK’s financial services firms are targeting acquisitions and partnerships with [...]
UK fintechs attract record VC investment in the third quarter, outsprinting the total for 2020 October 5, 2021 Venture Capital (VC) investment in UK fintechs has reached an all-time high, as firms in the industry attracted $11.4bn in the first nine months of the year, and raked in the most quarterly funds in Q3 since records began. VCs injected a quarterly record of $4.9bn into British fintechs in the three months to the end of [...]
Exclusive: Pandemic has exposed lack of data literacy amid growing digital skills gap October 5, 2021 Throughout the coronavirus pandemic, key decisions have been made hastily and without the use of data, according to a new survey among thousands of key decision makers across the UK. which was shared exclusively with City A.M. The study shows widespread concerns about data skills despite the vast majority of C-suite executives (75 per cent) [...]
Challenger challenge: Monzo aborts US banking licence application October 4, 2021 Monzo has followed in rival Robinhood’s footsteps and abandoned its application for a US banking license after regulators told the UK fintech it was unlikely to be approved. In a major setback for its international expansion plans, the challenger bank said it had decided to withdraw from the process after recent talks with the Office [...]
Monzo moves ahead of rival fintechs and narrows gender pay gap October 4, 2021 Monzo has significantly improved its gender pay gap, it revealed in a new report today that showed women at the British challenger bank earn 4 per cent less than men per hour on average – narrowed from 2019, when the gap stood at 20 per cent. It brings the fintech into pole position compared to [...]
London fintech TransferGo raises $50m after pandemic fuels growth September 30, 2021 London-based international money transfer fintech TransferGo has raised another $50m in funding in its Series C round. Co-led by Elbrus Capital’s third fund and Black River Ventures, the latest round brings the total TransferGo has raised thus far to $77m. Existing investors Hard Yaka, VEF, SmartHub and Milano Investments backed the round, and new investor [...]
Karren Brady: Female founders must develop a mindset not to be dismissed September 24, 2021 In Karren Brady’s view, the pandemic has been a double-edged sword for women. “I think the negatives are there for everyone to see, in the way that women have been disproportionately affected by job losses, lower wages, and the pressure of childcare while working from home,” the businesswoman and Conservative peer tells City AM. “But [...]
Booming UK tech sector now accounts for one in eight jobs – and they’re much better paid September 23, 2021 As investment in UK startups soared to £13.5bn in the first six months of 2021, hiring surged across the country, with tech now making up 13 per cent of all UK job vacancies. While some industries are still grappling with the fallout from the pandemic, the UK’s tech sector is comparatively booming, and companies across [...]
Exclusive: Startups and finserv firms push for more rules to keep bots under control September 21, 2021 Bots are changing the way we work, saving businesses thousands of hours and significant sums per year as they increasingly play a key role in automating key corporate functions, including customer service and data collections. Despite this, due to the actions of a small number of irresponsible bot users, myths and misconceptions, many business leaders [...]
Revolut is taking on Robinhood with the launch of commission-free retail trading in US September 21, 2021 Revolut, the UK’s most valuable fintech, is targeting the booming retail trading market with the launch of commission-free stock trading for US customers. The $33bn fintech’s “Revolut Securities” arm has today been approved as a licensed broker-dealer in the the US, which will enable it to launch commission-free stock trading to its stateside customers in [...]