TfL is investigating thousands of potentially illegal minicab drivers November 4, 2019 Transport for London is investigating almost 2,000 London minicab drivers that may have illegally gained their driving qualifications. Minicab drivers must complete several requirements – passing topographical tests, medical checks and criminal record checks – with TfL before gaining a private hire vehicle licence. Read more: TfL cracks down on illegal minicabs and taxis However, [...]
Does WeWork spell the end of the unicorns? November 4, 2019 WeWork has undergone a dramatic fall from grace recently. Just two months ago the office rental start-up was expecting to offer shares to the public at a total business valuation of $47 billion. This soon halved and then investors rapidly pulled their support for an initial public offering (IPO) above $12 billion. The IPO was [...]
Santander takes majority stake in Ebury for £350m November 4, 2019 Santander has snapped up a majority stake in UK-based fintech firm Ebury for £350m. The Spanish bank’s acquisition of a 50.1 per cent holding in the firm comes as part of a wider effort to target more growth from SMEs. Read more: Debate – will Uber’s move into banking succeed or fail? Ebury, which operates [...]
FTSE 100 and European stocks leap on trade deal optimism November 4, 2019 European markets including the FTSE 100 opened higher this morning, as traders began the week with growing optimism over the current US-China trade war. London’s blue-chip index rose 1.1 per cent to 7,384 points in morning trading, while the Dax and the Cac also made similar gains. Read more: Volatile markets boost TP Icap revenues [...]
DEBATE: Will Uber’s move into banking succeed or fail? November 4, 2019 Can Uber graduate from taxi rank to taxi bank after announcing its move into financial services? YES, says Andrew Mitchell, vice president at JCB. Uber’s drivers are its bedrock. And growing driver service and revenue options without earth-shattering outlays is shrewd indeed. As such, Uber Money is a logical step to maximise its digital-lifestyle standing [...]
Revealed: TfL tightened Uber’s driver checks in London licence extension October 30, 2019 Uber’s licensing restrictions have been revealed to include stringent checks on drivers’ documentation and insurance, prompting claims the ride-hailing app has in the past harboured unlicensed drivers. Restrictions were placed on Uber by Transport for London (TfL) in September as a part of a two-month licence extension in September. Read more: Uber suffers blow as [...]
Uber sizes up to the City in financial services push October 28, 2019 Ride-hailing app Uber has taken a leaf out of the Square Mile’s book, and today revealed a move into financial services. The tech giant has set up a new division within the company called Uber Money, which will include a digital wallet and support for the firm’s debit and credit cards. The debit card is [...]
Spotify finance boss behind streaming giant’s direct listing steps down October 28, 2019 The Spotify finance director who masterminded the streaming giant’s unorthodox stock market float is stepping down from the company. Chief financial officer Barry McCarthy will retire in January and will be replaced by Paul Vogel, who is currently the firm’s head of investor relations. Read more: Spotify fails to hit the right note as subscriber [...]
Travel startup Duffel picks up $30m to revitalise outdated airline technology October 28, 2019 Duffel, a London-based startup seeking to provide airlines with a fresh software update, has today closed a $30m (£27.1m) funding round led by Dropbox and Slack investor Index Ventures. Existing investors Benchmark Capital, which has backed the likes of Snap and Uber, and Blossom Capital also participated. Duffel helps travel agencies to connect to airline [...]
Softbank ramps up investment in finance firm Greensill as it swoops on payday lending October 28, 2019 Softbank has injected a further $655m (£511m) into Greensill as the online finance firm announced a fresh acquisition that could kill off payday lenders. Greensill, which was set up by former Morgan Stanley banker Lex Grensill, has acquired Freeup, a London tech startup designed to offer employees early payment of their salaries. Read more: Softbank [...]