Octopus gets FCA authorisation
OCTOPUS Choice is the latest peer-to-peer lending platform to be granted full authorisation from the Financial Conduct Authority (FCA), just nine months after launch. The property lender has attracted almost £45m from lenders and funded 75 deals since it launched last April. Richard Wazacz, head of Octopus Choice, said authorisation now opens the door for the firm to launch its Innovative Finance ISA later this year. “The incredible demand we’ve witnessed in the nine months since launch underlines the level of interest for this sort of investment – and the authorisation that the FCA has now granted us will no doubt give renewed confidence to our fast-growing base of investors,” […]
RateSetter poaches new man for risk team from PayPal after chief risk officer’s departure
Peer-to-peer lending platform RateSetter has appointed a new head of risk analytics and retail credit, just weeks after the surprise departure of the platform’s chief risk officer. Michael Hoare is joining RateSetter from PayPal UK where he was chief credit risk officer. In the absence of a chief risk officer at RateSetter, Hoare and the risk team will report to RateSetter’s risk committee, chaired by former HSBC executive Jim Gunner. Hoare’s appointment follows news earlier this month that chief risk officer Cyrille Salle de Chou has left the peer-to-peer lender after just six months. He joined RateSetter from Lloyds in June but left to become chief risk officer of HSBC’s […]
Citi backs foreign exchange blockchain startup Cobalt DL
Citi has made an undisclosed investment in Cobalt DL, a London startup aiming to use the technology behind bitcoin to simplify foreign exchange trading. Cobalt DL, founded by two veteran bankers, aims to apply distributed ledger technology, also known as blockchain, to the foreign exchange trading market. Currently, when banks trade currencies with each other there are multiple different records of the transaction held by the buyer, seller, broker, clearer, and other third parties, all of which have to be reconciled. This slows the process down and adds to costs. The company aims to create a single, shared view of each transaction by using blockchain technology, which uses complex cryptography […]
Startup wealth manager Scalable Capital has attracted €100 million in just 10 months
Scalable Capital, a so-called “robo advisor” online wealth manager, has passed over €100 million (£83.8 million) in assets less than a year after launching. The startup, which launched in Germany 10 months ago and Britain 4 months ago, announced the milestone in a press release on Wednesday. Scalable’s total assets are growing at a rate of between €3 million (£2.4 million) and €5 million (£4.1 million) each week and the company claims this makes it one of the fastest growing digital investment managers in Europe. Business Insider reported in September that it was attracting around €4 million in deposits each week. Adam French, cofounder of Scalable Capital and CEO of […]
Barclay’s Antony Jenkins jumps aboard Blockchain bitcoin start-up
One of Europe’s top bankers is joining a bitcoin start-up. Antony Jenkins, the former chief executive of Barclays, has joined the board of Blockchain, a London-based start-up that provides services related to bitcoin and cryptocurrencies. The company, named after the basic technology that creates the shared network used to move and track bitcoin, raised $US30 million ($40m) in an initial fundraising in 2014. Blockchain software has been used by other bitcoin firms, such as Coinbase, as well as its own app and website service for consumers to buy and sell digital currency. It is also developing tools for using bitcoin’s underlying technology for things such as tracking identity information or […]
5 enterprise-related things you can do with blockchain technology today
Diamonds. Bitcoin. Pork. If you think you’ve spotted the odd one out, think again: All three are things you can track using blockchain technologies today. Blockchains are distributed, tamper-proof, public ledgers of transactions, brought to public attention by the cryptocurrency bitcoin, which is based on what is still the most widespread blockchain. But blockchains are being used for a whole lot more than making pseudonymous payments outside the traditional banking system. Because blockchains are distributed, an industry or a marketplace can use them without the risk of a single point of failure. And because they can’t be modified, there is no question of whether the record keeper can be trusted. […]
EML boss sees cashless society as ‘tap and pay’ technology takes off
AUSTRALIA is likely to be a cashless society within a decade as “tap-and-pay” technology becomes commonplace, according to Brisbane-based EML Payments. The payment services provider is riding a wave of global demand for debit, prepaid and loyalty cards, providing transactions worth $2.5 billion for major Australian and global brands including the Good Guys, Toyota, Ladbrokes, Shell and Sprint. “Australia has one of the highest adoptions of tap- and-pay in the world, accounting for 75 per cent of transactions,” EML Payments chief executive Tom Cregan said. “In the US, it is only about 10 per cent.” Mr Cregan said the move to a cashless society in Australia had been pushed by […]
WorldRemit and GTBank launch money transfer routes to West and Central Africa
Digital money transfer service WorldRemit and leading African financial institution Guaranty Trust Bank (GTBank) have launched new money transfer routes to West and Central Africa. With the WorldRemit app or website, people can now send secure overseas money transfers to any bank account in Benin, Guinea-Bissau, Mali, Niger, Senegal or Togo. Funds will be deposited as CFA Francs. Commenting on the launch, Dan Shuaib, the Managing Director, of Guaranty Trust Bank CI, said: ‘’This service removes the barriers that limit customers’ access to remittances and provides them with a quick and convenient way to receive money from any part of the world. Our partnership with WorldRemit to create this […]
