ING Bank has come to a 5 year agreement with R3 that will allow the bank to have an unlimited...
London-based FOL Wealth has launched a new robo advisor service for its wealth management clients; the solution offers clients automated service at an annual fee of 0.90% with a minimum investment of 1,000 British pounds ($1,216); it is intended to serve as a hybrid solution complementing the human advice of the firm's wealth advisors. Source
80 percent of UK consumers were unaware of the term fintech; a new study by the Telegraph shows that fintech knowledge and adoption is surprisingly low; even larger name brands like Funding Circle, Atom Bank and Nutmeg were not known to most surveyed consumers; the results point to an uphill climb by industry participants. Source.
Fintech funding rounds of this size are few and far between- Zopa plans to use the investment to further its plan to "be Britain's best bank."
Oxbury is a Chester-based challenger bank which looks to smooth out cash flow for farmers; according to James Farrar who...
Penta is a Berlin-based business bank which also has operations in Italy; RTP Global led the round with investors HV...
Deutsche Bank has partnered with the International Air Transport Association to develop an industry wide payments solution; they hope to...
In the Netherlands, BNPL company In3 has been a part of this growth and is now set to expand into other markets.
Funding Circle’s SME Income Fund has closed a funding deal with Citibank; according to the AltFi, “Under the terms of the agreement Citibank London will provide £50m of funding into the transaction, by entering into a senior, floating rate loan. The fund will contribute a portfolio of existing UK small business loans at par, and in return shall receive ?the approximately £50m of cash to be deployed in accordance with its investment policy, and junior notes.” Source
The Financial Conduct Authority released its interim update on crowdfunding rules last week; the update reported that the regulator would be scrutinizing numerous factors pertaining to P2P lending in the UK; one such factor, discussed by the Financial Times, includes the disclosure of loan performance; the introduction of provision funds has caused this disclosure to potentially be misleading for investors; in some cases platforms use provision funds to cover defaults for borrowers; this action could potentially lead to better than actual loan performance on the loans. Source