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 […]
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 […]
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 […]
