Wise stock makes comeback after sudden share dive following Citi note that urged clients to dump fintech Dumping fintech Shares in fintech company Wise are making a comeback this afternoon after they tumbled in London yesterday afternoon and this morning following an analysts at investment bank Citi urged clients to dump the stock yesterday. The downgrade was driven by analysts batting away Wise’s forecasts for revenue, saying the stock now priced in “excessive long-term [...]
Tech Special: The jobs, sectors and countries most at risk of automation and robotics in 2022 Tech & Innovation Digital change and automation are driving enormous productivity gains in the world of work. However, the rapid changes mean many individuals, businesses and even entire nations will be hugely impacted by automation and tech, with some roles and jobs to be replaced by robots altogether. Many of the industries that are most at risk of [...]
2021: Best year ever for UK tech sector with £26bn in VC, 116 unicorns, record London listings and more jobs UK tech in 2021 The UK tech sector looks back on its best year ever, raking in £26bn in venture capital, record London listings, more jobs and the number of British unicorns climbing to 116. Success feeds cities outside London as Cambridge has become the leading regional tech city in the UK thanks to its combination of high levels [...]
Online auctioneer ATG posts strong revenue in first full year results since London IPO December 2, 2021 Auction Technology Group this morning said that its full year revenue rose 34 per cent to £70.1m from £52.3m a year earlier, outperforming expectations set out at its February IPO as bidders and auctioneers continued to rally online. Adjusted EBITDA hit £31.8m, a margin of 45 per cent and a 43 per cent increase on [...]
China hands out new fines to tech giants in anti-monopoly crackdown November 20, 2021 Chinese tech giants including Alibaba Group and Tencent Holdings have been fined for failing to report corporate acquisitions, adding to an anti-monopoly crackdown by the ruling Communist Party. The companies failed to report 43 acquisitions that occurred up to eight years ago under rules on “operating concentration”, according to the State Administration for Market Regulation. [...]
Founder of tech firm where David Cameron chaired advisory board steps down after sexual assault claims November 19, 2021 The founder of a tech group at which former prime minister David Cameron was an adviser has stepped down amid allegations of sexual harassment. Zia Chishti, who founded Afiniti, was accused this week of pressuring a former employee into having sex with him on a business trip, when it was also alleged he beat her. [...]
Adapt or die: What can retail, health and other industries learn from banks? Turns out, a lot November 10, 2021 What can retail, health and other industries learn from banks? Turns out, a lot. A third of Brits rate their digital experiences in financial services a 9 or 10 out of 10 compared to other industries. In fact, whether it is making payments, getting a loan or even opening a new account, by far most [...]
UK fintech body slams government for ‘ducking’ to roll out sector strategy November 8, 2021 UK fintech’s industry body, Innovate Finance, has attacked the government for inaction in delivering on its recommendations for the sector in the Kalifa report, published earlier this year. Adam Jackson, director of policy at Innovate Finance, said: “The main policy and regulation recommendation that has been ducked so far is for a FinTech strategy. “Kalifa [...]
Private equity and UK tech powering £8.4bn M&A tsunami on LSE’s AIM as deals jump 155 per cent November 8, 2021 The value of M&A deals on London’s Alternative Investment Market (AIM) has jumped 155 per cent to £8.4bn in 2020/21, compared to £3.3bn in 2019/20, according to new research shared with City A.M. this morning. The large rise in the value of AIM M&A deals this year is due in large part to a number [...]
Takeover of British tech firm Blue Prism under threat November 7, 2021 The US takeover of tech firm Blue Prism is in doubt, with around 30 per cent of the shareholders prepared to block the billion dollar deal with the buyout firm Vista.