The team at Landbay notes that they believe that as an established lender, they must be able to demonstrate that they’re using the latest technology.
Mettle, the digital account for small businesses operating in the UK, has reported 500% customer growth since the beginning of last year.
The United Kingdom's Payment Systems Regulator (PSR) has reportedly put the card schemes on notice that it is looking into their fees.
RateSetter's Provision Fund is a capital reserve that helps ensure investors get paid principal and interest even if loans default; currently the fund is valued at £22 million; with the company projecting future losses via default of £18 million, the "Provision Fund coverage" ratio is roughly 120%; now, the firm has begun publishing a "capital coverage ratio" that combines the reserve funds with the expected interest payments on the loans, then divides by expected losses; with £30 million in interest payments expected, added to the £22 million reserves, the capital coverage ratio is nearly 3x; RateSetter said the newly published ratio is more fair when comparing RateSetter's assurances against other online lenders that don't hold a reserve fund but that still calculate coverage of potential losses. Source
Tesco Bank publicized that modest amounts of funds had been stolen from 20,000 accounts this past weekend, with an additional 20,000 accounts being attacked by suspicious probes; the company manages nearly eight million accounts and they have been blocked from using debit cards since this weekend; Tesco's CEO says that they are confident they know the nature of the attack, but declined to explain at this time, and is asking UK regulators to allow them to make debit transactions allowable again as soon as possible; the UK's Financial Conduct Authority has called the attack "unprecedented in size and sophistication" but acknowledges limited IT expertise within the authority. Source
UK-based challenger Zopa Bank has made a profit for the first time since its launch in June 2020, becoming one of the fastest digital banks to do so.
Griffin has submitted its banking licence application to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
London-based Greensill Capital, backed by SoftBank, has made an acquisition in Latin America; in an all-stock deal Greensill, whose primary...
Playter, a London-based growth platform that helps SME’s scale quicker with buy now, pay later (BNPL), has today announced the closing of a $55 million funding round from the backers of Klarna, SoFi and Pipe.
Fueling a renewed bull run, Ukraine used crypto to raise funds, while Russians bought crypto to evade their currency's collapse.