During a panel discussion at LendIt Europe in London representatives from leading incumbent lenders Lloyds Banking Group (LBG), ING, BBVA, HSBC, and Barclays discussed the challenges faces in the new digital world; topics discussed include cultural transformation, more power in the customers hands and trying to stay on top of the latest tech trends. Source.
AltFi takes a look into the future at what the new Payment Services Directive will mean when it takes effect in 2018; companies will learn a great deal by trial and error as this is a new market and new markets need time to grow; client on boarding using KYC and AML requirements will be a key test for global banks who need to comply with the directive; open banking might also allow for banks to come across new customers that they might not have had access to in the past; ultimately client value is the biggest takeaway and open banking has the ability to deliver more to the client. Source
Plum has successfully raised a total of $24 million from a Series A funding round that will help propel the company’s expansion into Europe
The HBAR Foundation, which supports development of the Hedera ecosystem, recently announced the launch of a $250 million Metaverse Fund.
The biggest electronic music festival in Europe, Tomorrowland has partnered with FTX Europe, a cryptocurrency exchange, to create new digital Web3 experiences and NFTs.
Revolut is launching a premium account giving members a range of benefits; the premium account will cost 6.99 British pounds ($8.75) per month or 72 British pounds ($90.10) per year, and will include unlimited money transfer, a premium Mastercard, overseas medical insurance and 24-hour customer support; the digital bank is also launching a crowdfunding campaign on Seedrs for 4 million British pounds ($5.01 million) with investing priority for its first 5,000 premium customers. Source
RateSetter is ending its wholesale loan program after discussions with the Financial Conduct Authority; the Financial Conduct Authority has requested P2P lenders not undertake wholesale lending which provides loan capital to other businesses and financial institutions specifically for the purpose of lending; in 2016, RateSetter reported 114,347,646 British pounds ($142,591,515) in wholesale lending. Source
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Last year, fintech API infrastructure players came into the African tech scene, ushering in Plaid-like services to businesses and developers. And the attention on these companies, particularly from venture capitalists, spiralled into this year, with each significant player raising large seed to Series A rounds. OnePipe, a fintech API company with a different play from...