Almost 40% of Growth Street investors are millennials
Growth Street has revealed that 37.4% of its investors are under the age of 35. The figures go against the views of those who have claimed millennials do not think about saving and investment. Growth Street felt simple digital interfaces and investment products offered by alternative lenders were aimed at giving younger people greater investment flexibility than ever before. Greg Carter, CEO of Growth Street, explained that millennials had traditionally been underserved by conventional investment products. “In the past, investment products have targeted older individuals with higher disposable incomes, but Growth Street is turning this convention on its head. “We’re delighted to see that almost 40% of our investors are […]
Online lender RateSetter valued at over £200 million as it raises £13 million to launch new ISAs
RateSetter, one of the UK’s three biggest peer-to-peer lenders, said on Tuesday it has raised £13 million in equity funding from its existing shareholders. City fund managers Woodford Investment Management and Artemis were both existing investors and took part in the funding round. The funding will be put towards launching its new “Innovative Finance ISA,” a new product that will allow consumers to hold peer-to-peer loans in an ISA. RateSetter plans to launch the product once it receives full authorisation from the Financial Conduct Authority. RateSetter is the last of the UK’s “Big 3” peer-to-peer lenders waiting for sign-off from the City watchdog. Founded in 2010, RateSetter allows ordinary people […]
UK fintech shrugs off Brexit, trumps Germany
Research from Fintech Global shows that despite the Brexit vote investors continue to commit more capital to UK fintech companies. Since the Brexit result many years of uncertainty for markets and teh broader economy have set in to investors’ expectations. Quickly shifting news agendas and polling results have been an ongoing feature of Brexit Britain and prompted stock market and currency volatility. The imminent general election has only increased the trend and that is before official talks begin in three weeks time. The ‘Brexit effect’ was notable for its hit to investment in the UK’s world-class fintech scene as well with the questions over the City’s competitive edge in the […]
Digital wallet services gain growing acceptance
Money and wallets simply aren’t what they used to be. Tech giants’ card-less payment services — including Apple Pay, Android Pay from Google and Samsung Pay — aim to ease the path to the truly digital wallet, and researchers project huge growth in adoption by retailers and consumers. Even staid financial giants such as Wells Fargo and Bank of America are behind a push to encourage and enable customers to access ATMs without their debit cards. Yet the digital wallet business has gotten off to a rough start, said Bay Area-based analyst Trip Chowdhry, managing director with Global Equities Research. “There have been many false starts in this industry,” Chowdhry […]
Bitcoin prices surge, here’s why cryptocurrency is skyrocketing
Bitcoin prices are skyrocketing. Business Insider reported Thursday bitcoin hit a record high, exceeding $2,700 per coin, up from $1,400 on May 1. The world’s second most influential cryptocurrency, Ethereum’s ether tokens, also broke its record this week. Ether is now evaluated at more than $200 per token, CoinMarketCap reported. For comparison, ether was selling for just $60 on April 27. There are a variety of factors driving up the market value of cryptocurrencies. The past few weeks have seen increased corporate investment in Ethereum, alongside a global “blockchain boom,” where companies like Ripple and IBM announce partnerships with leading financial institutions around the world. Japan has even kickstarted the […]
Three regional fintech winners unveiled at Citi Tech for Integrity Challenge in Dublin
Citi has unveiled three winners from its regional Tech for Integrity Challenge (T4I) Demo Day held in Dublin last week, garlanding Aid:Tech, Paycode and Pole Star with the T4I Award for innovation. The global program aims to promote accountability and transparency in the public sector and beyond by supporting the effective use of financial technology (fintech) solutions and monitoring technology. It is run by Citi’s internal fintech team, treasury and trade unit, and Citi Ventures, its technology accelerator, investment and collaboration arm. Facebook, IBM, MasterCard, Microsoft and PwC are some of the other partners involved in judging the competition. The idea is to support small start-up companies’ applications on beneficiary […]
Robo-advice platform completes £2m funding round
MortgageGym, which according to its creators is the world’s only regulated mortgage robo-adviser, has completed a £2m seed funding round ahead of its launch. The platform has raised over £1.3m in cash and technology development finance through deals with fintech investors Gaby Salem of Wharton Asset Management, China Pacific Capital and Trifecta Capital. MortgageGym expects to announce its strategic distribution partnerships within the next three months, and its official launch is set for the summer. The FCA-authorised service will allow homebuyers to complete their mortgage application online in 15 minutes through a free, hybrid advice website offering mortgage eligibility matching within 60 seconds, regulated robo-advice and access to live advisers. […]
Fintech unicorn Transferwise achieves first profit
U.K. financial technology (fintech) firm Transferwise claimed it has achieved its first operational profit six years after it was founded in London by Chief Executive Taavet Hinrikus and his fellow Estonian Kristo Kaarmann. The global fintech unicorn, which means it is a start-up valued at more than a billion dollars, is a currency exchange that offers a simple user interface and peer-to-peer network that it says matches customers wanting to swap money with each other. This means foreign exchange (FX) rates can be drastically reduced in comparison with bank charges where money is actually moved overseas. Transferwise says it is currently amassing £8 million a month in revenue and is […]
