UK based challenger banks Starling Bank, Metro Bank and ClearBank were awarded more than $365mn of the RBS Competition Fund;...
Adoption of new tech is critical to success, yet only 20% of SMEs are “tech-savvy” according to a new report from NatWest
This investment is the latest in a series of investments made by UBS Next in areas ranging from distributed ledger technology to digital wealth advisory.
IW Capital has surveyed 1,000 investors who have between GBP10,000 ($12,812) and over GBP250,000 ($320,300) worth of investments; the report shows UK investors are willing to take on greater risk in 2017; 44% of investors think Brexit will have a positive impact on their investment strategy; many investors see investment opportunity in private equity and UK investors also reported they will be looking more to tax efficient investing. Source
World Fintech Day just passed and it allowed for reflection on how much fintech has disrupted traditional finance to date;...
The European Investment Fund (EIF) has pumped over $2 billion into venture capital funds and startups in the last four years; with the vote to leave the European Union, venture capitalists in the UK now fear that this important source of funding will disappear as the government looks to officially complete Brexit; the UK is not as fortunate as the US when it comes to endowments that allocate capital to funds, therefore the EIF has filled a much needed role; there currently is no plan to replace the EIF when the UK officially leaves, though lawmakers and lobbyists are looking to see if they can strike a deal to keep the flow of capital coming. Source
Endaoment announced the completion of a combined fundraising round of $6.67 million in a mix of charitable donations and investment capital.
Some UK fintech firms are beginning to look at opening offices in other locations across Europe to appeal to young software engineers; Brexit has hurt the market for software engineers in the UK; while the initial evidence is anecdotal UK fintech companies like Curerencycloud are beginning to feel the pressure; Mike Laven, chief executive of Currencycloud, tells the FT, “We understand passporting, regulation and compliance and it will cost us money, but we will sort that out. To me, the London fintech issue is more around having the right people and having very easy access to that.” Source.
The Cambridge Centre for Alternative Finance’s new report Entrenching Innovation showed that the UK online alternative finance market grew 46 percent in 2016; investors surveyed by the report said that online platforms offering debt based products were on equal footing to that of typical fixed income assets but more transparent; industry veterans say this points to the long term chances of the market and its wider acceptance in broader financial services. Source.
UK-based mobile banking app Monese raised $10 million in funding from Anthemis Exponential Ventures, Korea Investment Partners and STE Capital; funds will be used to expand into continental Europe and to offer new credit and direct debit services; since launching in 2015 the company has signed up 40,000 customers from 179 countries who have made 1.8 million transactions; total dollars transacted is over $180 million. Source