Money Platform has launched in the UK with full authorization from the Financial Conduct Authority; the platform provides short term personal loans and seeks to offer a more affordable solution than payday loans; it will include 3 to 12 week loans of up to 1,000 British pounds ($1,255) with interest rates ranging from 0.3% to 0.7% per day; the platform is targeting 12% net returns for investors and will retain 35% of the interest payments from each loan; overall the most a borrower will pay in interest on the platform is 165%. Source
Beleaguered German fintech Wirecard continues to struggle with allegations of accounting impropriety; auditors have been unable to find 1.9 billion...
Curve is rolling out Curve Credit for employees to test Are fintech furloughs going to continue beyond June? BankThink Why...
Initially a German-only digital bank, N26 is now expanding to 17 countries across the continent including Spain, Italy, Greece, Ireland and Slovakia; according to Valentin Stalf, founder and CEO of N26, the company is looking at "disrupting retail banking further" with this expansion; the digital bank offers an eight minute signup process, real time money transfers and budgeting tools; in coming years they are looking to add new products like investments, savings, insurance products and artificial intelligence based features. Source
Philip Hammond is the former UK chancellor and foreign secretary; now he has joined OakNorth’s advisory board; Hammond stated to...
Chime has come a long way since its founding a decade ago, but co-founder Chris Britt said the company is only getting started.
Speaking at an event in London today the CFO of OakNorth, Cristina Alba Ochoa, said that her company plans to...
The financial super app is launching Revolut Reader across the UK and Ireland.
Funding Circle led originations for August with loan issuance of EUR99.3 million ($118.18 million); Zopa followed closely behind Funding Circle with EUR87.4 million ($104.02 million) and RateSetter reported loan issuance of EUR38.2 million (45.44 million); the report does not include US marketplace lending platforms. Source
The City regulator is working on leveraging data to create new tools that will allow it to detect consumer harm and intervene more quickly, amid its growing scrutiny of high-risk investments. Speaking at the CDO Exchange for Financial Services, Jessica Rusu, chief data, information and intelligence officer at the Financial Conduct Authority (FCA), said that...