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 […]
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 […]
UK fintech shrugs off Brexit, trumps Germany
Research from Fintech Global shows that despite the Brexit vote investors continue to commit more capital to UK fintech companies. Since the Brexit result many years of uncertainty for markets and teh broader economy have set in to investors’ expectations. Quickly shifting news agendas and polling results have been an ongoing feature of Brexit Britain and prompted stock market and currency volatility. The imminent general election has only increased the trend and that is before official talks begin in three weeks time. The ‘Brexit effect’ was notable for its hit to investment in the UK’s world-class fintech scene as well with the questions over the City’s competitive edge in the […]
Credit Suisse develops Robo Advisor
Digital development is gathering pace at Credit Suisse under the guidance of Anke Bridge. Switzerland’s second-largest bank is working on a service that will be based on advice provided by robots. It wasn’t just the sheer size which kept UBS and Credit Suisse (CS) apart, but also their respective approach to innovation – with UBS seen clearly ahead of its cross-town rival. Under the leadership of Anke Bridge, appointed as CS head of digital solutions in December 2016, CS is catching up. Bridge told Le Temps newspaper that CS was a very innovative bank, but agreed that the company should become more active in communicating its current projects. CS Invest […]
Bitcoin prices surge, here’s why cryptocurrency is skyrocketing
Bitcoin prices are skyrocketing. Business Insider reported Thursday bitcoin hit a record high, exceeding $2,700 per coin, up from $1,400 on May 1. The world’s second most influential cryptocurrency, Ethereum’s ether tokens, also broke its record this week. Ether is now evaluated at more than $200 per token, CoinMarketCap reported. For comparison, ether was selling for just $60 on April 27. There are a variety of factors driving up the market value of cryptocurrencies. The past few weeks have seen increased corporate investment in Ethereum, alongside a global “blockchain boom,” where companies like Ripple and IBM announce partnerships with leading financial institutions around the world. Japan has even kickstarted the […]
