One of the biggest criticisms of the UK’s CBILS program was that it favored big banks and lending was too...
U.S. fintech funding reached its highest level in 5 years in 2018 but the online lending market is finding it...
Firm offers online mortgage loan comparisons and facilitates mortgage loan services through its platform; firm has been in business for nine months with mortgage loans of 50 million British pounds ($62.17 million); the new funding was provided by Ribbit Capital and Mosaic Ventures; firm says it will use the funds to expand its products and engineering team. Source
The UK's Payment Services Directive 2 (PSD2) has the potential to significantly change banking for consumers with access to open APIs; the article notes that banks that have only done the minimum to comply with PSD2 may run into issues if we ever see a PSD3; fully embracing PSD2 may save headaches for banks down the road; the trend of open APIs and data sharing is likely to make its way to the US; Japan is also leading the way in this area having explored domestic ACH on blockchain. Source
According to a new study by Accenture 7 out of 10 consumers would be reluctant to share their Information with third party providers; Citi recently published a study pointing to three main reasons that wide scale adoption will take longer; reasons include slow consumer adoption, fragmented market for new open banking services and the ability for payment providers to adapt to new rules; thus far open banking has been slow but big banks like Lloyds Banking Group and RBS have made big tech investments anticipating the change will happen over time. Source.
For many challengers, the end game has to be utilising open banking as an aggregator of the services and as a payments instructor.
According to a new independent review of UK based Co-operative Bank by Canadian central banker Mark Zelmer banks runs in...
Bud, a UK-based provider of open banking solutions, has announced the completion of its Series B funding round, in which it raised $80 million.
With 206 million people and the highest remittances in Africa, Nigeria is currently the 7th most populous country in the world.
As the date for open banking nears Banks and their digital only challengers are bracing for a new era of banking in Europe; writing an opinion piece in AltFi Lewis Hill of Instinctif Partners explains how digital only banks will need to explain their value proposition to the consumer to take advantage of the new rules; banks are still struggling with legacy technology and poor consumer ratings; the time is now for challengers to truly disrupt the incumbent players. Source.