SoftBank’s Vision Fund loses £4.6bn as tech rout continues February 7, 2023 Japanese investment giant Softbank swung into the red between October and December, driven down by heavy losses at its flagship Vision Fund. Softbank’s Vision Fund suffered the brunt of a global tech rout that has shaved billions from the value of the world’s largest tech firms. Vision Fund booked a loss on its investments of 730.4bn [...]
Chris Woolard on BNPL, regulatory run-ins and getting financial rulemaking right February 2, 2023 The regulatory veteran wants a rulebook for the 21st century, but getting it right might trump speed, Charlie Conchie writes. Urgent. That was the word used by the former-interim chief of the City watchdog Chris Woolard when he gave his verdict on regulation of buy-now pay-later services in a landmark review two years ago today. [...]
London digital lender Zopa bags £75m for dealmaking push February 2, 2023 Digital lender Zopa today said it had raised £75m as it looks to kick off a major growth push and flurry of dealmaking in the coming months. The London-based fintech said the fresh funding round would be used to meet the capital requirements of its “growing balance sheet” as well as fund a major acquisition [...]
Future of UK tech talent visa uncertain after controversial closure of Tech Nation February 1, 2023 Tech chiefs have sounded the alarm over the future of Tech Nation’s lauded visa programme today after the start-up body announced it would wind down after controversially losing a major government contract.
Iwoca hits profits as recession fears boost small firms’ demand for cash February 1, 2023 Fintech lender Iwoca said it hit profitability for the first time last quarter after a surge in demand for borrowing as small businesses were rocked by soaring costs and a looming recession.
FCA is ‘doing its best’ and asks for ‘understanding’ as city regulator counters concern over unfilled roles January 31, 2023 A Financial Conduct Authority chief has called for more understanding from the City and said the regulator is doing its “best” after criticism in recent months it has failed to hire fast enough to meet its swelling remit.
Tech Nation to shut down after government controversially gives funding to Barclays January 31, 2023 Start-up network Tech Nation is to be wound down after the government controversially withdrew its funding and handed it to Barclays, the organisation announced today. Tech Nation, founded by the coalition government in 2010, said it would cease operations from the end of March after the Department for Culture Media and Sport confirmed it had [...]
Hambro SPAC ditches merger talks with biotech firm January 30, 2023 Hambro Perks Acquisition Company (HPAC), a pioneering special purpose acquisition company (SPAC), has abandoned plans for a merger with biotech firm Istesso. HPAC, which became the first SPAC to float in London in November 2021 after regulators overhauled UK rules, had been in talks with Istesso over a planned merger. Istesso is part-owned by London-listed [...]
FCA landed on ‘suspiciously round numbers’ to justify greenwashing rules, top MP claims January 30, 2023 The chair of the influential Treasury committee has slammed the Financial Conduct Authority (FCA) over its planned 'greenwashing' rules, claiming the regulator landed on "suspiciously round numbers" to justify the plans and questioned the methodology it used to reach its conclusions.
UK investors facing dividend drop-off as inflation squeezes profits January 30, 2023 Investors in UK firms are facing a drop-off in dividends this year as rising costs cause firms to rein in their payouts following a bumper 2022, according to new data.
