P2P property lending has been providing steady returns in the UK, according to a report from rating agency, 4thWay; since 2013, UK P2P property lenders have lent £1.6 billion with returns ranging from 2.25% to 12.7%; lenders in the category have achieved success through thorough underwriting processes with maximum loan to value ratios of 70% to 80% and most loans secured by the property. Source
Cumulative lending for the Association's members is now GBP8.5 billion; the Association's nine platforms originated GBP1.004 billion ($1.29 billion) in the first quarter with originations led by Funding Circle with GBP328.1 million ($421.6 million); business lending originations totaled GBP636.2 million ($817.5 million) and reported an increase of 17% from the previous quarter and 43% from the first quarter of 2016; overall, Zopa leads cumulative originations with GBP2.17 billion ($2.79 billion) and Funding Circle is following at a close second with GBP2.16 billion ($2.78 billion). Source
The UK's parliament has launched a cross-party group of MPs and Lords to cover the crypto and digital assets sector.
Caxton, which claims to be a profitable payments Fintech, has secured 151% (£1,512,752) of its £1M fundraising target from 1011 investors (at the time of writing) via Crowdcube. Caxton, which says it has a great team and proven technology and further claims that 500k+ B2B
Elfin Market is a London-based peer to peer lending platform and they have launched a new physical credit card in...
Stress testing from Funding Circle has reported its loan platform would still provide investors with a net return of 6.4% given a worst case market scenario; while effects from Brexit continue to be debated, market skeptics are not as optimistic as the UK platforms; they foresee stagflation in the UK characterized by higher unemployment and slowing GDP growth; they are also concerned about a lack of skin in the game which has prompted parliament member, Chris Philp, to request from the Financial Conduct Authority that a portion of each firm's loans include balance sheet capital; while marketplace lending executives are against this approach, policy makers are considering it. Source
CapitalRise has announced the launch of an innovative finance individual savings account (IFISA) offering its investors a tax free account for investing in the firm's real estate investments; investors can invest in the IFISA with a minimum of 1,000 British pounds ($1,223); the investment maximum for the current tax year is 15,240 British pounds ($18,632) and the maximum will increase to 20,000 British pounds ($24,451) in the following tax year; the platform offers a range of real estate loan property investments in the UK with tax-free returns of approximately 10% to 14% per year. Source
The UK’s Parliament Treasury Committee said the needs to keep a close eye on a disagreement between banks and independent ATMs; with banks closing branches the worry is people living rural communities won’t have access to cash if they are unable to use these ATMs; the argument came about when the Link scheme said they were looking to lower the cost of withdrawal from 25p to 20p to stay competitive because operator like Visa were undercutting them; the Regulator is looking to ensure access to cash as that is still the main way people in these areas transact; as banks have closed ATMs, independent ATMs have grown significantly and are a crucial part of the financial system. Source.
The watchdogs worry that international norms could come too late.
In its annual Autumn Statement, the UK Treasury reported investment of 2.4 billion British pounds for research and development in financial innovation; 2 billion British pounds will be allocated to an innovation fund and 400 million British pounds will go to a venture capital investment fund managed by British Business Bank; in comments regarding the Autumn Statement, Chancellor of the Exchequer Phillip Hammond said the investment was to help the UK continue "leading the world in disruptive technology." Source