PitchIt @ LendIt Europe is one of the industry's most popular startup competitions providing eight finalists with unparalleled access to industry expertise and funding opportunities as well as invaluable exposure, branding and more at the event; hosted in partnership with Startupbootcamp, the event also offers fast-track status to the finalist round for Startupbootcamp Fintech Accelerator as one of its prizes; interested startup companies must submit their application by September 4 and finalists will be announced on September 10; more details about the competition can be found here. Source
UK financial services conglomerate Old Mutual is evaluating its ownership in Old Mutual Asset Management (OMAM) and has decreased its ownership share in the company to 51%; HNA and Advent now appear to be the most interested buyers of the asset management business; while OMAM has discussed a buyout with the potential bidders it appears hesitant to proceed with a sale due to relationships with OMAM's affiliated investment boutiques; it is also nearing a minority stake which would change deal discussions; overall the UK's Old Mutual appears to be headed toward a four way selloff of its businesses including: OMAM, a wealth management company in the UK, an insurance business in South Africa and a stake in Nedbank. Source
AltFi reports on the new deal where Varengold Bank AG will provide £45m annually to the platform; Varengold is a German private bank which was granted a commercial banking license in 2013; MarketInvoice recently signed a similar partnership with Banco BNI Europa earlier this year. Source
Swedish fintech Anyfin has raised a $30mn series B round led by EQT Ventures with participation from Accel, Northzone, Fintech...
Any crypto ATMs in the U.K. are operating illegally, the financial watchdog said.
The UK’s Financial Conduct Authority (FCA) has warned operators of crypto ATMs in the country to shut their machines down or face enforcement action.
Swedish buy now, pay later giant Klarna is to let go of approximately 10% of its global workforce due to ongoing challenging global economic conditions.
HSBC has moved 3000 members of its staff into a new building and are viewing this digital group differently than their core suit-and-tie employees; the bank believes separating them out will better help to fuel new innovative ideas; HSBC CEO Stuart Gulliver said, "To survive for 150 years we've had to evolve. Most of the risk we've dealt with is political. Actually what's happening in the digital space is there is a threat, particularly to retail banking... in payments, in wealth management." Source
The Series C fundraising included $40 million in equity and a $200 million debt facility; the platform provides post-graduate loans to international students; it plans to use the funding to expand globally and offer more loans. Source
Stash opens the metrics kimono regarding growth during the pandemic How Sunrise Banks and Anvil onboarded $127M in PPP loans...