Robo advisor Scalable reaches £100m of assets
Shortly before Christmas the start-up reached €100m of assets under management in 10 months, making it among the fastest growing robo advice companies. Wealth manager start-up Scalable Capital has past £100m AUM, with assets growing at nearly £5m a week, co-founder and CEO Adam French said in an interview. The firm, which uses automatic algorithms to manage the risk of portfolios on a daily basis, has over 2,500 customers and reached €100m AUM on Dec. 14, 2016. “Reaching this milestone so quickly underlines the trust our clients put into us,” said French. The Munich-based company has an office in London, which French overseas, and also passports into Austria through its […]
JPMorgan-backed InvestCloud buys London fintech Babel for $20 million
A London software company that helps process trades for wealth managers and stockbrokers has been snapped up by Californian fintech InvestCloud for $20 million (£16.4 million). Babel Systems, founded in 2008, helps with middle and back office processing of equities, bonds, and funds, and works with the likes of robo-advisor Nutmeg. The company’s founders and angel investors have spent around £6 million developing its product. Los Angeles-headquartered InvestCloud, founded in 2010, builds software for finance companies to help their interactions with clients online. JPMorgan is one of over 600 customers and the investment bank took and undisclosed stake in the business last September. It has raised over $100 million (£41.1 […]
Value of digital currency Bitcoin surges past $US1000
The value of Bitcoin has surged above $1000 as the digital unit continues a dizzying rise that made it the best-performing currency of 2016. Its value has more than doubled in the last year and it was trading at around $US1,024 in afternoon European trading yesterday, after breaking through the $US1000 mark on Sunday. It is now within reach of its historic high of more than $US1200 reached in 2013. Some analysts believe the rise in Bitcoin is due to some investors treating it as a safe-haven, like gold, at a time of global uncertainty. Others believe buying is being driven by speculative demand, with investors anticipating future rises and […]
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 […]
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. […]
Peer-to-peer platform Folk2Folk gets authorised by the regulator
Folk2Folk has become the largest fully authorised peer-to-peer platform in Britain. The company announced on Wednesday that the regulator, the Financial Conduct Authority (FCA), has given it full operating permissions, allowing it to offer the Innovative Finance ISA and giving it a stamp of approval that it can market to customers. Cornwall-based Folk2Folk lets people lend money to local projects and business in their area and has lent over £125 million ($157.5 million) across its platform since launch in 2013. It is different to other crowdfunding platforms in that it has a network of shops around the countries where businesses and lenders can talk to staff about lending on the […]
The Next Phase in Fintech
These are the boom years for Fintech. Between the years 2010 to 2016, investments in the Fintech sector jumped. From $1.8 Billion in Fintech investments in 2010 to an investment of $5.2 Billion in the first quarter of 2016 alone. investments ranged from seed money for Fintech startups to takeovers by traditional banks, to banks’ internal research and development. So far, the industry’s primary focus has been P2P lending and P2P wire transfers, which have enabled dramatically lower wire fees to crowd funding platforms. But as technology in those key areas mature, and as regulation across the world differentiates, a new era has begun to emerge. With that emergence, the […]
