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. […]
RBS plans to roll-out robo-advice
The Royal Bank of Scotland expects to be in a position to make a decision on the roll-out of robo-advice for mortgages by the end of the third quarter of 2017. RBS is currently engaged in a trial of the technology, which could help it to cut costs as it strives to regain profitability amid the ongoing fall-out from the financial crisis. Automation is seen by the Financial Conduct Authority as a means of bridging the ‘advice gap’ – providing assistance for people unable to afford the services of an IFA – but there are fears it could lead to job losses in the sector as human advisers are gradually […]
Australian FinTech launches International FinTech platform
The team behind the highly successful AustralianFinTech.com.au, this week launch their International platform, ukfintech.internationalfintech.com, aimed at connecting the FinTech industry on a global scale. Founder and CEO, Cameron Dart, says International FinTech has been born on the back of the highly successful Australian FinTech platform and growing demand from the global community to have a dedicated online presence for their sector. “International FinTech mirrors the Australian FinTech platform, including a dedicated industry newsfeed and a comprehensive directory of FinTech companies globally. “The site also aims to educate users of new financial technologies such as peer to peer lending and cryptocurrency, all presented in simple terms with no financial jargon” says […]
LandlordInvest gains ISA manager status from HMRC
LandlordInvest has been approved by HMRC as an ISA manager, paving the way for the launch of its Innovative Finance ISA (IFISA), Peer-to-Peer Finance News has learnt. The peer-to-peer lender, which specialises in buy-to-let mortgages, gained full authorisation from the Financial Conduct Authority in early December, following a 24-month application process. The platform will be making an official announcement regarding its HMRC approval later today. The IFISA is a tax-free wrapper around P2P investments heralded as a game-changer for the industry. It is hoped that the ISA brand will open the sector up to a wider range of retail investors, who might have not considered P2P before. At present, just […]
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,” […]
