FastPay is an online lender and credit provider for digital businesses in the US and UK; the company has partnered with Hitachi Capital America Corp. for a new FastPay for Enterprise product; the new product will provide working capital loans of $10 million or more to digital media enterprises. Source
Pemberton has received investment of 1.2 billion euros for its European mid-market debt fund; the fund will invest in private debt of European companies with a turnover between €75 million and 1 billion euros; investors in the fund include insurance companies, pension funds, family offices and foundations from Europe, Asia and the US; strategy was launched due to high demand from European mid-market companies seeking financing; Keith Jones, chairman of Pemberton, says, "As the private debt market matures, we are very well-placed to play a significant role in this increasingly important asset class." Source
Funding Circle's, Samir Desai discussed his platform's business model at this week's Web Summit; Desai provided details on how his platform categorizes small business loans and makes credit approval assessments, noting that approximately 80% of businesses funded would likely be approved by traditional banks; also highlights the benefits of diversification for investors who can invest in multiple loans through a single platform; says 90% of investors are earning over 5% a year. Source
Folk2Folk has announced it will be using Microsoft Azure to support its loan management system; use of Microsoft Azure follows recent plans to significantly increase the firm's branch offices over the next two years; firm's business facilitates peer-to-peer lending through branch office locations. Source
UK millennial banking app, Loot, has raised $2.5 million from backers that include SpeedInvest and Global Founders Capital; Loot is an app for millennials to monitor spending and transactions; an account is setup using a photo, ID/passport and a UK address. Source
Marketplace lender, Bitbond, has been an industry leader, providing the first global P2P lending platform for small businesses and now known as the world's first P2P lender allowing transactions with digital currency; Radoslav Albrecht, Bitbond's founder, sees digital currency, and specifically Bitcoin, as an opportunity to expand lending availability to borrowers and help returns for investors; Bitbond is able to offer digital currency transactions through its licensing from the German Federal Financial Supervisory Authority which took three years and required in-depth investigation of the company's operations including their know your customer and anti-money laundering procedures. 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
AltFi published their second installment of "Where They are Now?" - a report on the status of UK crowdfunded companies since 2011; 751 companies are listed; 73.60% of the companies remain active and 11% have closed; top platforms in the UK include: Crowdcube, Seedrs, SyndicateRoom, AngelsDen, Code Investing and Venture Founders. Source
A new fintech startup called Soldo aims to initially target families that may want to distribute money to children, split household bills or give a domestic worker an expense allowance; firm has larger vision in launching to businesses; company is not a bank but holds an electronic money license and is regulated by the FCA; Soldo has already partnered with Mastercard and aims to solve the problem of single user wallets and debit cards. Source
Nine new startups spanning blockchain and digital currency are now a part of the FCA's regulatory sandbox; companies added are Billon, BitX, Epiphyte, Govcoin Limited, Otonomos, Nivaura, SETL, Tradle and Tramonex; FCA executive director of strategy and competition, Christopher Woolard, stated, "It has been an intense process for both firms and ourselves and we are grateful for their cooperation and hard work in getting us all to this position. We look forward to these businesses bringing new products and services to market whilst we ensure that appropriate consumer protection safeguards are in place." Source