Coronavirus will accelerate the fintech revolution
COVID-19 will greatly accelerate the so-called “fintech revolution”, encouraging many more consumers and businesses to use digital solutions.
London Fintech Updraft raises £16m to help people break up with their credit cards
Consumers will pay over £10b in fees and interests for overdraft and credit cards in 2020 alone. Updraft wants to reduce that amount.
Glasgow in sights of fintech aiming to disrupt lending market
A fintech start-up founded by a Glaswegian entrepreneur is aiming to disrupt the lending market with a “totally new and fair approach” – and set to roll out low-cost loans for public sector workers in locations including Glasgow. Salad Money, founded by Debt Hacker campaigner Alan Campbell, is looking to “smash the monopoly” of credit reference agencies and tap into open banking and artificial intelligence. The company, which says it is the first open banking powered lender, said it is opening up affordable credit to 85 per cent of applicants who were previously excluded from credit or paying sky-high annual rates. Salad Money said its “revolutionary” new method of credit […]
Fintech focus for Wales at TheCityUK National Conference in Cardiff in November
TheCityUK brings a major event to the Principality Stadium, Cardiff on November 21 as Wales focuses on FinTech with a growing reputation as a global leader in the financial technology sector. TheCityUK National Conference 2019, in partnership with PwC, is an opportunity for delegates to join senior policymakers, practitioners and academics to discuss critical issues and growth opportunities for financial and professional services across the UK. The conference theme is ‘Making an Impact’, with keynote speeches focusing on how the financial and related professional services industry supports people and businesses across the UK.Event headliners include The Rt Hon the Lord Heseltine CH, Richard Theo, UK Government FinTech Envoy for Wales, […]
Koyo FinTech raises $4.9M to assist underbanked UK borrowers
FinTech startup Koyo, which uses Open Banking to offer loans to underbanked UK borrowers, announced that it has raised $4.9 million in funding. The round, a mixture of debt and equity funding, was led by Forward Partners, with participation from Seedcamp, Christian Faes (founder and CEO of LendInvest) and Charles Delingpole (founder and CEO of ComplyAdvantage). Founded last year by Thomas Olszewski, the FinTech firm aims to secure loans for people with a limited credit history through the use of Open Banking data. “If someone is new to the country, or otherwise has a thin credit file, it can be difficult for that person to access credit,” said Olszewski. “For […]
TransferWise expands in Middle East with Abu Dhabi license
TransferWise, the $3.5 billion financial technology start-up backed by investors including Peter Thiel and Richard Branson, is expanding its money transfer service in the Middle East. The company announced Tuesday it obtained a license as a Money Services Provider in Abu Dhabi. The license will allow users in the United Arab Emirates (UAE) to transfer funds in the local dirham currency, also referred to as AED, into accounts around the world through TransferWise’s platform. “Money transfers from AED have long been one of our most wished for currencies, so we always knew we’d begin our expansion into the Middle East in the Emirates,” Kristo Käärmann, CEO and co-founder of TransferWise, […]
The recipe behind the UK’s Fintech success
Until now, the UK has been way ahead of the game in terms of fintech innovation. Indeed, the UK is apparently the fifth most innovative country in the world and was named as a leading European tech innovator in KPMG’s Global Technology Innovation report. The fact that we were first to introduce open banking has certainly played a part here but, with less than a month to go until the PSD2 implementation date (and other countries soon to be snapping at our heels), what exactly is behind this success? We believe there are a number of ingredients: Rapidly growing open banking ecosystem – over 135 entities are now approved by […]
Canadian FinTech firms set sights on the UK
12 Canadian FinTech firms visit Edinburgh and London as part of a trade mission lead by the Department for International Trade. At the London Stock Exchange on October 21, 12 Canadian FinTech companies begin an exciting 5-day trade mission across the UK as they look to set-up operations in the UK market. The trade mission marks another successful year so far for the UK FinTech industry, which recorded a record level of investment into the sector in the first half of the year. The delegation of companies visiting the UK led by the Department for International Trade (DIT), have collectively raised over half a billion dollars in venture capital and […]
