P2P lenders in the UK will be required to give information to investors on loan performance; the new measure is expected to be announced this year with implementation not likely until mid-2018; both information on delinquent loans and due diligence were included in the FCA's interim consultation paper; the latest review by the FCA is the second in two years. Source
The Peer-to-Peer Finance Association (P2PFA) is a trade body representing three quarters of the P2P lending market in the UK; RateSetter has breached rules set by the P2PFA; according to RateSetter, "No customer has experienced any loss from our actions but we recognize that our actions breached the principles of the Association."; recently the company has been in the news with regards to their wholesale lending business that it has been winding down. Source
Investors Boost Savings, Increase Digital Engagement Fintech startup Karat has launched a new charge card designed for YouTube, Instagram, and...
The Financial Conduct Authority's Director of Strategy and Competition Christopher Woolard has reported some concerns over fintech regulations globally; in a speech at the Innovate Finance Global Summit in London, Woolard specifically discusses fintech sandboxes noting concerns about establishing them before any government regulatory standards are in place and suggesting that countries institute some guidance before introducing sandbox initiatives; the UK has been a leader in sandbox innovation and the country plans to publish a full report in May on its first sandbox initiative. Source
Berlin-based solarisBank has raised 26.3 million euros ($27.95 million) in a Series A funding round; investors included Arvato Financial Solutions, Japanese SBI Group, FinLeap, Hegus and Yabeo Capital; the company offers a banking platform solution that helps companies connect with innovative banking service modules for business integration. Source
One of the most hotly debated topics of the two-day Innovate Finance (IFGS) conference was whether Britain still has a place on the world stage.
Due to the high demand in awards submissions we are extending the deadline to submit until Friday, February 15th; One...
Covid has triggered a wave of technological upgrades, but improvements aren’t universal.
Swiss fintech company Numbrs has blamed jealous banks for killing off its original business model as a third-party provider of financial products. So it has reinvented itself under the banner of the ultimate bank killer – bitcoin.
Anil Stocker and Aman Mehra from MarketInvoice talk with AltFi about how marketplace lenders are revolutionizing the credit underwriting process; specifically noting the speed of approvals from sophisticated credit underwriting models; also the seamless aggregation and decision process which Stocker says is faster and more efficient than banks; the success of the firm's underwriting has helped it to maintain a steady client base and also gain endorsement from the UK's British Business Bank. Source