Fintech

Stripe launches new services as part of global expansion

Online payments platform Stripe has launched Stripe Capital to provide internet businesses with easier access to funding. The move is in response to banks cutting back on lending to small businesses, with 70% of companies saying they don’t have access to the level of funding they need to manage cash flow. The bank loan process is also lengthy, with reports of businesses spending more than 25 hours on applications and paperwork before waiting weeks to receive approved funds.

Stripe launches new services as part of global expansion

Sep 13, 2019

Online payments platform Stripe has launched Stripe Capital to provide internet businesses with easier access to funding. The move is in response to banks cutting back on lending to small businesses, with 70% of companies saying they don’t have access to the level of funding they need to manage cash flow. The bank loan process is also lengthy, with reports of businesses spending more than 25 hours on applications and paperwork before waiting weeks to receive approved funds.

Fintechs invited to compete for £1.5m in open banking innovation challenge

Fintech innovators are being invited to create new consumer open banking solutions as part of a competition to win £1.5 million. Innovation foundation Nesta Challenges put the Open Up 2020 challenge and prize fund together in partnership with Open Banking Limited to encourage innovation in the sector. Open Banking Ltd was set up by the Competition & Markets Authority (CMA) in September 2016 to create software standards and industry guidelines that drive competition and innovation in UK retail banking. Research conducted to mark the launch of Open Up 2020 found that millions of people across the country are currently struggling to stay on top of their finances.

Fintechs invited to compete for £1.5m in open banking innovation challenge

Aug 21, 2019

Fintech innovators are being invited to create new consumer open banking solutions as part of a competition to win £1.5 million. Innovation foundation Nesta Challenges put the Open Up 2020 challenge and prize fund together in partnership with Open Banking Limited to encourage innovation in the sector. Open Banking Ltd was set up by the Competition & Markets Authority (CMA) in September 2016 to create software standards and industry guidelines that drive competition and innovation in UK retail banking. Research conducted to mark the launch of Open Up 2020 found that millions of people across the country are currently struggling to stay on top of their finances.

Prudential launches 2019 PRU Fintegrate programme in London to drive international insurance innovation

Prudential Singapore has launched the third edition of its PRU Fintegrate innovation programme to develop new solutions for the insurance industry. As part of the initiative, Prudential will invest alongside its chosen scale-up partners to run pilot projects and develop implementation and deployment plans. At the launch of the 2019 programme, taking place in London for the first time, the selected technology partners from PRU Fintegrate 2018 were showcased; Ailleron LiveBank LiveBank, a customer engagement platform; Knowtions Research, a health analytics solution; and DataRobot, an automated machine learning platform.

Prudential launches 2019 PRU Fintegrate programme in London to drive international insurance innovation

Feb 15, 2019

Prudential Singapore has launched the third edition of its PRU Fintegrate innovation programme to develop new solutions for the insurance industry. As part of the initiative, Prudential will invest alongside its chosen scale-up partners to run pilot projects and develop implementation and deployment plans. At the launch of the 2019 programme, taking place in London for the first time, the selected technology partners from PRU Fintegrate 2018 were showcased; Ailleron LiveBank LiveBank, a customer engagement platform; Knowtions Research, a health analytics solution; and DataRobot, an automated machine learning platform.

Barclays and Santander invest in MarketInvoice to accelerate expansion

Fintech business lender MarketInvoice has raised £26m in new equity funding through investments led by Barclays and fintech fund Santander InnoVentures. Other investors include European venture fund Northzone, an existing investor in the company. Technology credit fund Viola Credit, who also participated in the equity round, will provide a debt facility of up to £30m to help scale the MarketInvoice business loans solution that sits alongside its core invoice finance services.

Barclays and Santander invest in MarketInvoice to accelerate expansion

Jan 21, 2019

Fintech business lender MarketInvoice has raised £26m in new equity funding through investments led by Barclays and fintech fund Santander InnoVentures. Other investors include European venture fund Northzone, an existing investor in the company. Technology credit fund Viola Credit, who also participated in the equity round, will provide a debt facility of up to £30m to help scale the MarketInvoice business loans solution that sits alongside its core invoice finance services.

Rapid growth for iwoca as demand for tech-enabled lending grows among SMEs

Business growth is accelerating at digital alternative lending platform iwoca, which has lent close to £600 million to small businesses since its launch. The company was founded by Christoph Rieche and James Dear in 2012 after they decided that the business finance sector needed a funder that could break down the barriers facing small businesses that want to access additional capital. They formed iwoca (short for ‘instant working capital’), targeting Europe’s 20 million small businesses with a digital service that removes much of the paperwork from the loans process and reduces the time to access funds from weeks to, in some cases, minutes.

Rapid growth for iwoca as demand for tech-enabled lending grows among SMEs

Nov 06, 2018

Business growth is accelerating at digital alternative lending platform iwoca, which has lent close to £600 million to small businesses since its launch. The company was founded by Christoph Rieche and James Dear in 2012 after they decided that the business finance sector needed a funder that could break down the barriers facing small businesses that want to access additional capital. They formed iwoca (short for ‘instant working capital’), targeting Europe’s 20 million small businesses with a digital service that removes much of the paperwork from the loans process and reduces the time to access funds from weeks to, in some cases, minutes.

How auto finance lenders stand to gain from blockchain technology

Cryptocurrencies have captured the imaginations of individuals and emerging businesses as alternative stores of value, to reduce transaction costs by eliminating intermediaries, and―most notably in popular culture and media―to provide eye-catching opportunities for speculative investing. Much less appreciated and often overlooked is the business potential for the distributed-ledger, or blockchain, architecture that makes cryptocurrencies possible.

How auto finance lenders stand to gain from blockchain technology

Oct 27, 2018

Cryptocurrencies have captured the imaginations of individuals and emerging businesses as alternative stores of value, to reduce transaction costs by eliminating intermediaries, and―most notably in popular culture and media―to provide eye-catching opportunities for speculative investing. Much less appreciated and often overlooked is the business potential for the distributed-ledger, or blockchain, architecture that makes cryptocurrencies possible.

Road to growth for Grab as it expands from ride-hailing to financial services in south-east Asia

The financial and technological landscape for Singapore-based ride-hailing company Grab has altered dramatically since its inception six years ago. Grab has expanded its business model beyond simply matching drivers and customers via its app, to offer services in several new areas, as it builds a lifestyle platform around its brand. Its app-based ecosystem spreads from ride-hailing to bike sharing and food delivery, serving a community of millions of users. Financial services has been the next critical step with the launch of GrabPay, its mobile wallet service that is expanding the reach of its brand.

Road to growth for Grab as it expands from ride-hailing to financial services in south-east Asia

Oct 08, 2018

The financial and technological landscape for Singapore-based ride-hailing company Grab has altered dramatically since its inception six years ago. Grab has expanded its business model beyond simply matching drivers and customers via its app, to offer services in several new areas, as it builds a lifestyle platform around its brand. Its app-based ecosystem spreads from ride-hailing to bike sharing and food delivery, serving a community of millions of users. Financial services has been the next critical step with the launch of GrabPay, its mobile wallet service that is expanding the reach of its brand.

Fintech Debitum Network launches blockchain-powered small business loans offering

Fintech startup Debitum Network has launched a platform to connect global investors with small businesses seeking short-term loans. The launch comes six months after Debitum Network raised more than $17 million in its initial coin offering (ICO) and follows through on the startup’s promise to launch within half a year. The Lithuania-based company aims to tackle a shortage of funding for small businesses through its platform, known as Abra 1.0.

Fintech Debitum Network launches blockchain-powered small business loans offering

Sep 27, 2018

Fintech startup Debitum Network has launched a platform to connect global investors with small businesses seeking short-term loans. The launch comes six months after Debitum Network raised more than $17 million in its initial coin offering (ICO) and follows through on the startup’s promise to launch within half a year. The Lithuania-based company aims to tackle a shortage of funding for small businesses through its platform, known as Abra 1.0.

Peru pushes for fintech regulations

A Peruvian politician has submitted a bill to the country’s congress declaring that fintech regulations should be established as a national priority. Lourdes Alcorta Suerto (pictured), of the Fuerza Popular party, called for the move as “a matter of national interest”. Fuerza Popular holds a majority in the country’s unicameral congress.

Peru pushes for fintech regulations

Sep 26, 2018

A Peruvian politician has submitted a bill to the country’s congress declaring that fintech regulations should be established as a national priority. Lourdes Alcorta Suerto (pictured), of the Fuerza Popular party, called for the move as “a matter of national interest”. Fuerza Popular holds a majority in the country’s unicameral congress.

Barclays becomes first UK high-street bank to partner with fintech MarketInvoice

Barclays has revealed it is to partner with leading fintech business MarketInvoice, Europe’s largest online invoice financing platform. The move comes one month before the asset finance industry meets to discuss new moves in optimising opportunities with small businesses at the International Asset Finance Network conference on 13 September in London (see below). The deal aims “to transform the way small and medium enterprises (SMEs) in the UK manage cash flow and accelerate growth”.

Barclays becomes first UK high-street bank to partner with fintech MarketInvoice

Aug 02, 2018

Barclays has revealed it is to partner with leading fintech business MarketInvoice, Europe’s largest online invoice financing platform. The move comes one month before the asset finance industry meets to discuss new moves in optimising opportunities with small businesses at the International Asset Finance Network conference on 13 September in London (see below). The deal aims “to transform the way small and medium enterprises (SMEs) in the UK manage cash flow and accelerate growth”.

FinTech regulation must strike balance between stimulation and security

The European Economic and Social Committee (EESC) has welcomed the European Commission's (EC) action plan on FinTech but has urged regulation to strike a better balance between market stimulation and security. The EC’s FinTech Action Plan is part of the Commission's efforts to build a Capital Markets Union (CMU) and a single market for consumer financial services. It is also part of its drive to create a “digital single market”. The Commission aims to make EU rules more future-oriented and aligned with the rapid advance of technological development.

FinTech regulation must strike balance between stimulation and security

Jul 27, 2018

The European Economic and Social Committee (EESC) has welcomed the European Commission's (EC) action plan on FinTech but has urged regulation to strike a better balance between market stimulation and security. The EC’s FinTech Action Plan is part of the Commission's efforts to build a Capital Markets Union (CMU) and a single market for consumer financial services. It is also part of its drive to create a “digital single market”. The Commission aims to make EU rules more future-oriented and aligned with the rapid advance of technological development.

PayPal Working Capital hits lending milestone

PayPal Working Capital, the innovative business finance arm of the global payment services provider, has revealed a sharp rise in demand from UK SMEs. It has provided a total of £625 million in working capital finance, up from £400 million in mid-2017, to more than 30,000 businesses.

PayPal Working Capital hits lending milestone

May 11, 2018

PayPal Working Capital, the innovative business finance arm of the global payment services provider, has revealed a sharp rise in demand from UK SMEs. It has provided a total of £625 million in working capital finance, up from £400 million in mid-2017, to more than 30,000 businesses.

Technology leads way in £1bn battle against financial fraud

Finance companies in the UK are fighting to reduce the cost of financial fraud after analysis revealed criminals stole £731.8 million last year. There is a never-ending battle for supremacy, as fraudsters adapt quickly to the introduction of new technology to ruthlessly exploit weaknesses they find in systems, services and processes. Two-factor authentication and robust banking procedures have helped to prevent criminals from acquiring £2 out of every £3 they try to take, but there is constant probing by gangs as the potential profits from a successful scam can be huge.

Technology leads way in £1bn battle against financial fraud

May 04, 2018

Finance companies in the UK are fighting to reduce the cost of financial fraud after analysis revealed criminals stole £731.8 million last year. There is a never-ending battle for supremacy, as fraudsters adapt quickly to the introduction of new technology to ruthlessly exploit weaknesses they find in systems, services and processes. Two-factor authentication and robust banking procedures have helped to prevent criminals from acquiring £2 out of every £3 they try to take, but there is constant probing by gangs as the potential profits from a successful scam can be huge.

Redwood Bank CEO Gary Wilkinson praises Microsoft and partners for support in record launch

A cloud-based UK challenger bank has revealed the critical role of partners including Microsoft in taking it from ‘birth to banking’ in less than six months. Redwood Bank partnered with Microsoft to deliver an IT system that was completely internet-based from the moment it opened its doors in August 2017. Redwood’s chief executive officer and co-founder, Gary Wilkinson, said: “We are very proud that Redwood Bank was not only ‘born in the cloud’, but also achieved one of the fastest ‘licence-to-launches’ in UK banking history.

Redwood Bank CEO Gary Wilkinson praises Microsoft and partners for support in record launch

Apr 23, 2018

A cloud-based UK challenger bank has revealed the critical role of partners including Microsoft in taking it from ‘birth to banking’ in less than six months. Redwood Bank partnered with Microsoft to deliver an IT system that was completely internet-based from the moment it opened its doors in August 2017. Redwood’s chief executive officer and co-founder, Gary Wilkinson, said: “We are very proud that Redwood Bank was not only ‘born in the cloud’, but also achieved one of the fastest ‘licence-to-launches’ in UK banking history.