Monzo secures additional £60m in funding December 2, 2020 Digital bank Monzo has topped up its earlier fundraising round with an additional £60m in funding, bringing its total raised this year to £125m. The challenger bank had previously closed a £65m top-up in June at a reduced valuation of £1.2bn, down from £2bn. The latest funding, first reported by TechCrunch, is effectively a top-up [...]
EU regulator extends repayment holidays amid second wave December 2, 2020 The European banking regulator is allowing banks to grant a new round of loan repayment holidays amid a second wave of infections. The European Banking Authority (EBA) has today announced that guidance on legislative and non-legislative moratoria that expired on 30 September is being reactivated until March 31 2021. “The role of banks to ensure [...]
Revolut offers UK customers the opportunity to be paid a day early December 2, 2020 Revolut is now offering its customers the opportunity to be paid a day early in a move that will prove popular as people struggle with pandemic uncertainty. Revolut customers that receive a salary payment via Bacs credit – which the majority of the population does – will be able to access their salary a day [...]
Barclays issues scam warning to SMEs ahead of Brexit December 2, 2020 A surge in business scams this year has triggered Barclays to issue a scam warning ahead of the end of the Brexit transition period. The high street bank has today issued a warning to UK SMEs to remain vigilant as the transition period ends, as thousands of businesses fall victim to sophisticated scam tactics. New [...]
Challenger lender Koto launches in the UK for left-behind consumers December 2, 2020 A challenger lender focused on providing credit to freelancers and self-employed has today launched in the UK following an investment round. Koto, authorised by the Financial Conduct Authority, has closed a £1.3m funding round which it says it will use to expand and acquire its first 50,000 users. Kotto hopes to cater to “near prime” [...]
OECD downgrades UK economic outlook ahead of Brexit deadline December 1, 2020 The OECD has downgraded its outlook for the UK economy amid surging coronavirus cases and has warned of a hit from a no-deal Brexit. In its latest economic outlook, the global economic organisation said it expected UK GDP to contract by 11.2 per cent this year compared to the 10.1 per cent forecasted in September. [...]
Unicredit shares drop after chief executive steps down December 1, 2020 Shares in Unicredit fell nearly eight per cent on the open following the announcement that its chief executive would step down after a disagreement over strategy. On Monday the Italian bank announced its chief executive Jean Pierre Mustier would step down at the end of his mandate in April. In a statement Mustier said it [...]
Pets at Home sells five specialist vet practices for £100m December 1, 2020 Pets at Home has agreed to sell five of its specialists referral practices for up to £100m. The FTSE 250 firm today announced it would sell the practices to Solihull-based Linnaeus Group, which operates over 150 veterinary clinics across the UK. Pets at Home said the disposal comprises £80m in cash on completion and a [...]
Klarna-challenger Zilch becomes first ‘buy now pay later’ firm to secure FCA licence November 23, 2020 The City regulator has issued its first licence to a Buy Now Pay Later (BNPL)company, months after launching an inquiry into the unsecured credit market. London-based Zilch has become the first company in the UK’s BNPL market to become fully licensed by the Financial Conduct Authority (FCA). Zilch has worked with the regulator for over [...]
Global dividends start to make a tentative recovery November 23, 2020 With the impact of the pandemic still lingering, global dividends have dipped again this quarter although there are encouraging signs the worst is now over for investors. Payouts in the third quarter dipped fell by $55bn to $329.8bn, the lowest since 2016, according to Janus Henderson’s latest dividend tracker. The 11 per cent decline was [...]
