Beleaguered German fintech Wirecard continues to struggle with allegations of accounting impropriety; auditors have been unable to find 1.9 billion...
Indian fintech Slice, which offers a credit card challenging product, has joined the unicorn club with fresh funds from Tiger Global, Insight Partners and others.
Globally, investigation into how CBDCs will be designed is being done. With Web3 development in the sidelines, banks could be affected.
Nucleus Commercial Finance has lent over 500 million British pounds ($624 million) to small and medium enterprises (SMEs) and is planning to ramp up lending in 2017; firm's lending products include asset finance, construction finance, invoice finance and cash flow finance and they are planning to add new products as well as hire three new people for its asset-based lending team; the platform's lending has increased 100% since April 2016 and it is targeting 1 billion British pounds ($1.25 billion) in loans to SMEs in the next 12 months. Source
In the midst of getting ready to launch in a few weeks the UK digital bank Tandem is now unable to launch with savings accounts; the bank was approved in 2015 for a banking license so long as they fulfilled a number of criteria including hiring a board, building out sufficient technology systems and raising enough capital to cover losses; the final point is where the bank was unable to comply, they fell short of raising enough capital and now are forced to launch without the savings feature; Tandem was expecting 29 million British pounds ($36.1 million) from House of Fraser, the UK department store chain that was bought by China's Sanpower Group, but Sanpower was worried about capital restrictions coming out of China so they pulled the funding. Source
Anthony Thomson, Founder & Chairman of Atom Bank, is stepping down after the company completes their latest fundraising; Bridget Rosewell, current non executive director, will assume they role left by Anthony; Mr. Thomson started the digital bank in 2014, raised more than $350mn and has guided the company to a top 10 rating in KPMG’s fintech rankings; “Since having the idea for Atom bank in early 2012, it has gone from being a big idea disguised as a small bank to a big idea and a big bank,” said Thomson in a statement reported by AltFi. Source.
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Avoiding the ESG hype, Clim8 has created a unique investment portfolio, helping to empower customers to make a positive impact on climate change.
Marketplace loans are becoming more integrated into institutional portfolios however institutional investors are still only beginning to take interest in marketplace lending investment allocations; in Europe, Aegon has made a significant institutional investment in marketplace loans from Auxmoney; the investment demonstrates that institutions such as insurance companies are getting comfortable with the asset class; it could also cause increased investment in P2P loans in Europe specifically where fixed income yields are historically low. Source
Business Insider caught up with ID Finance co-founder and CEO Boris Batin at LendIt Europe; the company hopes to raise around $100 million through bond issuances over the next year; to date ID Finance has raised $10 million in equity and $70 million in debt; the startup is based Barcelona and lends in Russia, Spain, Kazakhstan, Georgia, Poland, Brazil and Mexico; ID Finance has lent $300 million so far. Source