Lendy hits £300m investment mark
The slowdown in bank lending prompted by the Brexit vote has helped Lendy hit the £300m investment mark in April, having channelled £50m to property borrowers in the last 100 days alone. With new loans on the peer-to-peer platform often up to five times oversubscribed, the firm was able to add three larger-size loans over the last three months, it told Peer2Peer Finance News. It directed £7.5m to the purchase and redevelopment of a commercial building in Marylebone, £5.7m to the development of a major residential building on Liverpool’s waterfront and £2.4m to the development of a major student accommodation complex in Huddersfield. The firm said it was able to […]
MarketInvoice secures £45m from Banco BNI Europa
UK-based MarketInvoice has signed an agreement with Banco BNI Europa (BNI), which will now provide £45 million annually to fund working capital for SMEs on the platform. MarketInvoice is now the world’s largest peer-to-peer online invoice finance marketplace, having funded over 70,000 invoices worth more than £1.2 billion since its launch in 2011. Today, the UK business has signed an agreement with Banco BNI Europa (BNI), which will now provide £45 million in funding annually on the marketplace to fund working capital for MarketInvoice customers. BNI trialled an investment last year of £28.3 million, which went into funding SMEs on the platform seeking invoice finance. After the success of that […]
Fintech lender RateSetter lands FTSE 100 heavyweight as new chairman
The chairman of global insurance giant Prudential is joining to board of online lender RateSetter as non-executive chairman. Paul Manduca will join the board of the peer-to-peer lender in June and will become chair on July 17 when current chairman Alan Hughes’ three-year term expires. The appointment represents a coup for RateSetter. Manduca is a well-established figure in the City, as the founding CEO of Threadneedle Asset Management, and the former CEO of Rothschild Asset Management and Deutsche Asset Management. As well as chairing Prudential, he currently chairs the Advisory Council of influential lobby group TheCityUK. The appointment of a veteran of public markets will likely fuel speculation that RateSetter […]
Bitbond secures £4.2m to fund SME loans
Global bitcoin peer-to-peer lending platform Bitbond has received a €5m (£4.2m) commitment from Obotritia Capital to fund small- and medium-sized enterprise (SME) loans. The Potsdam-based investment firm, which usually channels its funds into German commercial real estate, has also bought an equity stake in Bitbond, although the terms of that deal were not disclosed. With the new debt facility, SME loans will be funded instantly on Bitbond’s platform, reducing the time it takes business owners to apply and receive a loan to 30 minutes. The equity investment will be used for further product development and marketing, to grow Bitbond’s user base. “The debt commitment by Obotritia brings Bitbond to the […]
Assetz Capital attracts £10m of new investment in three weeks
Assetz Capital has seen more than £10m of new investment in peer-to-peer loans following a rise in the interest rate on its 30-Day Access Account. The platform announced last month that it would be increasing interest rates for investors on its 30-Day Access Account by 0.5% to 4.75% for a limited time. Investors still have until midday on 11th May to take advantage of the new rate. “Due to strong borrower demand, we decided to temporarily raise the target rate on our 30-Day Access Account,” said Stuart Law, CEO of Assetz Capital. “This has gone against the grain in a period where many P2P platforms have been dropping rates. “It’s […]
Robo Advice: Better Than No Advice?
The proliferation of Robo-Advisors bringing low priced financial services out into the market has received significant buzz over the past few years. As is customary with all new things, one must ask questions before buying into it. As a Certified Financial Planner, my question is: Does Robo Advice have true value to the average consumer? My answer: A definitive “maybe.” The road to good advice lies in a tangle of issues that can easily sway the answer from a strong “avoid at all costs” to “yes, there’s value there.” According to Wikipedia, “Robo-advisors are a class of financial advisers that provide financial advice or portfolio management online with minimal human […]
Humaniq to use blockchain for social good
A London/Luxembourg start-up is planning to use the blockchain to create a new kind of bank that will help tackle global poverty. It will enable people to use its cryptocurrency to donate or lend money, and bring banking services and income generation opportunities to “the last billion”. Humaniq has been developed by a group of people, many with experience in cryptocurrencies, who have seen the potential of biometrics, blockchain and mobile to help solve a number of social and economic problems. The challenge they aim to tackle is considerable. “Over 2 billion people in the world don’t have bank accounts. About 1.5 billion people don’t have any identification documents. They […]
Barclays is building Europe’s biggest fintech workspace in London
Next week banking giant Barclays will cut the ribbon on what it’s calling Europe’s largest co-working space dedicated to financial technology. More than 40 companies will be housed across the vast 30,000 sq ft of workspace, spread over seven floors, with four balconies and two mezzanines. The site is already being called a clear sign of London’s continued dominance in the financial technology sector, despite the dark cloud of Brexit over the capital. This newly refurbished Shoreditch block will soon become the new home of Barclay’s Rise in London. Rise is Barclays’ ‘fintech’ innovation arm which includes workspaces. The bank runs seven Rise workspaces around the world, in cities like […]
