UK dominates FinTech50 list of innovative financial technology firms
British FinTech firms have dominated this year’s FinTech50, a list of Europe’s most innovative financial technology companies. Some 33 of this year’s top 50 firms are based in London, cementing the UK’s position as the leader in European FinTech. The list is compiled by a panel of “industry experts” – including venture capital investors, startup founders, and European politicians – and aims to recognise firms that are “transforming financial services” at all stages of growth. 11 UK tech entrepreneurs make it on to Forbes’ 30 Under 30 listBritish firms included on the list include challenger banks Atom Bank and Monzo, InsurTech app Cuvva, and investment app LendInvest. This year’s list […]
How Credit Simple is disrupting the fintech marketing landscape
The credit industry is fiercely competitive, and major banks have strong and deeply established roots offering credit scores and advice. But New Zealand fintech startup, Credit Simple, is fast making inroads across the Tasman as well as in Australia thanks to its ability to engage customers in a more agile way. First launched in New Zealand in September 2016 and following fast success, Credit Simple debuted in the Australian market in February 2017. While the startup is a very new and relatively small fish in a big pond, its CMO, Emily Stevenson, said it’s enjoying an exciting, fast-growth trajectory. “It’s all very new,” she told CMO. “Last year, I was […]
Peer-to-peer lending giant Zopa confirms £32m fundraise
Zopa scoops £32m in a new investment round led by Indian conglomerate Wadhawan Group, as it looks ahead to bank-build. Zopa, the UK’s original peer-to-peer lending platform, has clinched £32m in its first investment round since early 2014, when it raised £15m from Arrowgrass Capital Partners. The money will be used to help build-out the firm’s technology and product range in preparation for the submission of its banking licence application later this year. The investment round has been led by India’s Wadhawan Global Capital Pvt Ltd and European venture capital fund Northzone. Northzone is also an investor in leading invoice finance platform MarketInvoice. Zopa co-founder Giles Andrews currently serves and […]
Almost 40% of Growth Street investors are millennials
Growth Street has revealed that 37.4% of its investors are under the age of 35. The figures go against the views of those who have claimed millennials do not think about saving and investment. Growth Street felt simple digital interfaces and investment products offered by alternative lenders were aimed at giving younger people greater investment flexibility than ever before. Greg Carter, CEO of Growth Street, explained that millennials had traditionally been underserved by conventional investment products. “In the past, investment products have targeted older individuals with higher disposable incomes, but Growth Street is turning this convention on its head. “We’re delighted to see that almost 40% of our investors are […]
Canadian fintech Wave raises $24 million from RBC and other investors
Toronto-based Wave, a Canadian financial technology (fintech) firm that offers financial management software to small businesses, has received $32 million CAD ($23.8 million) in capital from investors including the Royal Bank of Canada (RBC), Exhibition Capital and National Australia Bank (NAB). Other investors in Wave include Portag3 and PowerCorp, who joined existing backers Social Capital, BDC Capital, CRV, Omers Ventures, Harbourvest and OurCrowd in this strategic fundraising round. The fintech company says it will use the new money to accelerate product development. It particularly wants to invest further in its use of artificial intelligence (AI) and machine learning techniques in order to automate basic accounting functions and give analytics-based insights […]
Paytm Digital Gold platform allows users to buy, share, sell gold digitally
With Paytm launching its Payment Bank services on May 23, users were left wondering what exactly has their digital wallet service turned into. Founder, Vijay Shekhar Sharma says that currently, it is not just a wallet or a Payments Bank, but also a gold retailer. The company behind Paytm, One97 Communications on April 17 launched its first wealth management product aimed at middle/ lower middle-class Indians. The product named ‘Digital Gold’ allows users to buy, store and sell gold on its platform. “The fundamental idea behind digital gold was to bring wealth management to the common man such as a chaiwallah or auto rickshaw driver who loves gold,” Vijay Sharma […]
Banco BNI Europa makes €10M investment in Portuguese peer-to-peer platform Raize
Banco BNI Europa has signed a strategic agreement with Portugal’s largest peer-to-peer lender RAIZE to boost lending to SMEs in the country. The online challenger bank is looking to invest €10 million over a two year period. The Portuguese economy has experienced strong GDP growth of 2.8% in the 1st quarter of 2017 and in 2016 captured the largest amount of foreign direct investment in the last 20 years. Pedro Coelho, Executive Chairman of BNI Europa said: “The bank is extremely committed to supporting SMEs in the European space. Our partnerships with Raize and MarketInvoice are just some of the initiatives the bank is promoting with fintech businesses and more […]
Online lender RateSetter valued at over £200 million as it raises £13 million to launch new ISAs
RateSetter, one of the UK’s three biggest peer-to-peer lenders, said on Tuesday it has raised £13 million in equity funding from its existing shareholders. City fund managers Woodford Investment Management and Artemis were both existing investors and took part in the funding round. The funding will be put towards launching its new “Innovative Finance ISA,” a new product that will allow consumers to hold peer-to-peer loans in an ISA. RateSetter plans to launch the product once it receives full authorisation from the Financial Conduct Authority. RateSetter is the last of the UK’s “Big 3” peer-to-peer lenders waiting for sign-off from the City watchdog. Founded in 2010, RateSetter allows ordinary people […]
