Xero and Receipt Bank scoop bookkeeping Oscars
Cloud accounting tools demonstrated their growing influence with a string of victories in the annual ICB Luca Awards. Styled by the institute as the “bookkeeping Oscars”, the awards were presented by ICB patron Prince Michael of Kent on Tuesday night at Mansion House in London. The highbrow venue was selected to celebrate the ICB’s 20th anniversary. In all, 22 Luca Awards were presented to individual bookkeepers and students, bookkeeping frims, trainers, “thought leaders” and international employers (see below for highlights). But the changing shape of the profession was best illustrated by the software categories, where Xero beat out Sage 50 and QuickBooks to both the payroll and bookkeeping prizes. AccountingWEB […]
Australians are starting to think robot financial advisers might be a good idea
The use of automated investment services, or robo-advice, is still small in Australia but is growing fast. The latest research by analysts Investment Trends shows 27% of online investors have heard of robo-advice, up from 19% just six months ago. Robo-advice, the field of online investment and savings platforms where face-to-face is replaced with automated guidance and execution, is growing via a series of fintech startups in Australia including Stockspot. “Many investors are taking notice of robo-advice, and have an interest in learning more about this potential digital disruptor in the financial services industry,” says Investment Trends research director Recep Peker. “Robo-advice will take centre stage as more solutions become […]
Stripe’s valuation nearly doubles to $9.2 Billion
The most valuable U.S. financial-technology startup is extending its lead. Stripe Inc., whose software is used by businesses to accept and track digital payments, will be valued at $9.2 billion in a new funding round that is being completed, the company said. That valuation, which includes roughly $150 million in new cash being raised, nearly doubles the privately held company’s $5 billion price tag in a July 2015 round. Stripe was already valued higher than other U.S. “fintech” startups such as Social Finance Inc. and Betterment Inc. The leap comes as other fintech firms and some Silicon Valley tech startups struggle to maintain their valuations. Payments company Square Inc. has […]
Trov, the world’s first on-demand insurance app for single items, launches in the UK
Trov, the company reinventing insurance for the mobile generation, today launches its world leading on-demand insurance platform in the UK, in partnership with AXA Insurance. For the first time, people in the UK can easily insure just the things they care about, entirely from the convenience of a mobile app. With a simple swipe, users are provided with a personalised quote and can quickly turn insurance on (or off) for an item without the need for any interaction with a traditional insurance agent. Items protected through Trov are covered internationally against accidental damage, loss, and theft. At launch, Trov is offering protection for common electronic items, such as laptops, mobile […]
Hot fintech app Revolut stops issuing new cards as it changes licences
Revolut, the fast-growing international money exchange service, has stopped opening new accounts temporarily as it changes licences. Founder and CEO Nikolay Storonsky told Business Insider: “At the moment, we don’t send new cards. We’re putting people on the waiting list.” Two sources told Business Insider that the freeze is down to a disagreement with partner Paysafe, a company that issues cards and processes payments on behalf of Paysafe. The sources say Paysafe, formerly known as Optimal Payments, told Revolut to stop issuing new cards after discovering that many cards were being issued outside of Europe. Last week it emerged that Revolut had stopped operating all of its cards outside of […]
Berlin startup Cashboard raises €3m as German fintech momentum continues
Berlin-based online investment startup Cashboard has raised €3 million (£2.5 million), as Germany’s fintech industry continues to flourish. Cashboard, a marketplace for investment products, has raised the sum from Digital Space Ventures, a $50 million (£40.2 million) fintech fund headquartered in Luxembourg. Existing investors Redalpine Capital and Earlybird also to part in the round. Recent figures showed that investment into German fintech companies outpaced British rivals in the third quarter of the year. UK companies raised $78 million in the third quarter, compared with Germany’s figure of $108 million.German fintech is now on track to attract more investment than British fintech in 2016, according to KPMG and CB Insights, the […]
The Next Phase in Fintech
These are the boom years for Fintech. Between the years 2010 to 2016, investments in the Fintech sector jumped. From $1.8 Billion in Fintech investments in 2010 to an investment of $5.2 Billion in the first quarter of 2016 alone. investments ranged from seed money for Fintech startups to takeovers by traditional banks, to banks’ internal research and development. So far, the industry’s primary focus has been P2P lending and P2P wire transfers, which have enabled dramatically lower wire fees to crowd funding platforms. But as technology in those key areas mature, and as regulation across the world differentiates, a new era has begun to emerge. With that emergence, the […]
London tops fintech index for second straight year
For the second year in a row, London has topped the European Digital City Index (EDCi), a composite index designed by innovation foundation Nesta and the European Digital Forum, according to City AM. The EDCi 2016, published on Friday, ranks European cities by how well they support digital entrepreneurship, and how attractive they are to fintech founders and companies. It is based on 10 core metrics, including skills, access to capital, business environment, digital infrastructure, mentoring, market, and entrepreneurial culture. Here are the results of this year’s index: London still leads. The British capital ranked first out of 60 featured cities both for startups and for “scale-ups,” or young companies […]
