Peer-to-peer lender Funding Circle recovers slightly after share price crash July 3, 2019 Shares in peer-to-peer lender Funding Circle made steps towards recovery today after plummeting as much as 29 per cent yesterday after it slashed its revenue projections in half. The fintech’s stock recovered by more than eight per cent today to 125p following yesterday’s trading update that said full year revenue growth is now expected to [...]
Fintech firm Revolut leads list of UK’s top 100 startups of 2019 July 1, 2019 Challenger bank Revolut has claimed first place in a list of the UK’s top 100 startups of 2019, it was revealed today. British fintech startup Revolut topped Startups.co.uk’s Startups 100 list for 2019, as it counts 5m customers around Europe and the UK. Energy startup Igloo placed second, while retail startup Trouva took third place. [...]
Mobile banking to overtake branch use by 2021 July 1, 2019 Mobile banking is set to overtake branch use in the next two years, as a boom in the fintech sector drives an increasing number of customers to digital formats. Research by data consultancy CACI revealed 25m customers, or almost half the UK’s adult population, are currently banking on mobile formats. Read more: Transferwise expands to [...]
Bank of Ireland sells UK credit card portfolio to London startup Jaja for £530m June 28, 2019 Bank of Ireland has agreed to sell its UK credit card portfolio to digital finance company Jaja Finance for a face-value fee of £530m. The company announced on Friday its decision to sell the portfolio of cards comprising the existing Bank of Ireland UK, the AA and Post Office-branded credit cards. Read more: London Capital [...]
London tech wages lag behind US despite fintech boom June 20, 2019 Salaries for London tech workers are lagging far behind their US rivals, despite the capital’s status as a leading hub for fintech firms. The average salary for London tech workers is £62,000, up six per cent on last year, according to figures from employment firm Hired. Read more: Five fintech firms scoop combined £25m from [...]
Data breach could be ‘fatal’ for Open Banking sector, treasury committee chair Nicky Morgan warns June 18, 2019 A single data breach at an Open Banking startup could “fatally” damage the developing sector, Nicky Morgan, the chair of the treasury committee, warned today. Open Banking, which allows users to view all their financial information in one place, relies on customers providing their data to a third party. Read more: Are Britain’s banks closed-minded [...]
Surge in demand for UK tech visas as digital sector draws in top talent June 13, 2019 The number of applications for UK tech visas has soared 45 per cent in the last year as the booming tech sector continues to attract global talent. The surge marks the fifth consecutive year of growth in application numbers, according to industry body Tech Nation. Read more: Facebook to create 500 tech jobs in London [...]
Tech firms urge Tory leadership candidates to back UK’s digital sector June 6, 2019 Tech firms have issued a desperate plea to candidates in the Tory leadership race, urging them to avoid a no-deal Brexit and back the UK’s booming digital sector. Tech UK, which represents more than 900 businesses, has written to the candidates warning of “long-lasting and damaging consequences” of a no-deal Brexit for tech investment and [...]
As a global trading hub, the City is ready to face the challenges of a new digital era June 3, 2019 With changes afoot both domestically and when it comes to our relationship with Europe, it is a challenging and frustrating time for many parts of the City. What we must not lose sight of is that London – and specifically the City – has been at the centre of global trade for centuries, and has [...]
Rise in customers with multiple current accounts as fintech boom hits high street banks June 3, 2019 An increasing number of Britons now have products from a range of different financial providers, as the rise in fintech has shifted the focus away from traditional high street banks. Research by peer-to-peer lending firm Zopa revealed one in three Brits holds two or more current accounts, an increase of 36 per cent on the [...]