Glasgow in sights of fintech aiming to disrupt lending market
A fintech start-up founded by a Glaswegian entrepreneur is aiming to disrupt the lending market with a “totally new and fair approach” – and set to roll out low-cost loans for public sector workers in locations including Glasgow. Salad Money, founded by Debt Hacker campaigner Alan Campbell, is looking to “smash the monopoly” of credit reference agencies and tap into open banking and artificial intelligence. The company, which says it is the first open banking powered lender, said it is opening up affordable credit to 85 per cent of applicants who were previously excluded from credit or paying sky-high annual rates. Salad Money said its “revolutionary” new method of credit […]
London FinTech TrueLayer partners with Visa
London API provider TrueLayer is collaborating with Visa, which now has a minority stake in the FinTech as part of a $35 million Series C funding round in June, outlets reported on Tuesday (Oct. 29). The funding round was led by Temasek and Tencent with participation from previous investors Northzone and Anthemis. The investment helped TrueLayer expand across Europe to Germany, France, Italy and Spain. It also launched payment initiation capabilities and partnering with companies including Revolut, Zopa, ClearScore, Plum, Emma, CreditLadder, Canopy, and ANNA Money. “We want to scale open banking to a level where it manifestly impacts every aspect of financial services for consumers,” he says. “[This] requires […]
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The recipe behind the UK’s Fintech success
Until now, the UK has been way ahead of the game in terms of fintech innovation. Indeed, the UK is apparently the fifth most innovative country in the world and was named as a leading European tech innovator in KPMG’s Global Technology Innovation report. The fact that we were first to introduce open banking has certainly played a part here but, with less than a month to go until the PSD2 implementation date (and other countries soon to be snapping at our heels), what exactly is behind this success? We believe there are a number of ingredients: Rapidly growing open banking ecosystem – over 135 entities are now approved by […]
The Russian fintech scene in the spotlight
The Russian fintech market has been growing significantly for the past two years in terms of both the number of deals and the volume of investment. The market has several particularities: Russia is a leading global supplier of IT specialists and some areas such as P2P lending, crowd investment and cryptocurrencies have yet to be regulated. According to some fintechs the key hurdles facing the Russian market include the low interest of external investors, the low spending power of the public, geopolitical risk and the inflexibility of the tax authorities. In 2018 the Russian Central Bank created a regulatory sandbox in order to encourage new financial services and technologies such […]
The most important FinTech Innovations that will change our lives in the near future
Technology is affecting the topography of workflow and processes in the financial services industry. What was once handled with the assistance of human hands, physical currency and bulky computers has now been completely digitalized. It is an undeniable expanse of financial services globally and that has bred a fertile ground for FinTech startups. Start ups are reimagining every kind of financial activity including wealth management, banking, payments and more. And these innovations have attracted massive investment too. This financial technology or FinTech revolution has left the traditional financial industry with a poignant question – how to stay relevant in this digital age and avoid being history? The advantage lies with […]
How to build a Fintech Unicorn – How Adyen became a $2.3bn payments company
So here’s the good news. Investor interest in Europe’s financial technology sector has never been higher. According to a report published in September last year by Innovate Finance and Magister Advisers, VCs poured around $8bn into fintech startups and early stage companies across the continent between 2010 and 2017 and over the course of that period, deal sizes rose significantly. In London – generally considered to be Europe’s Fintech Hub – figures published in January by London and Partners found that the UK’s fintech sector attracted £1.24bn in 2017 alone. Looking ahead, the European Union as a whole and the United Kingdom have both implemented regulatory changes intended to make […]
