Fintech

Close Brothers Asset Finance combines tradition and technology as it builds a platform for growth

The Coronavirus epidemic has thrown into sharp focus the vital importance of businesses being agile and able to adapt to change in both the long and short-term. Business leaders have had to respond quickly and think differently about how they run their operations and, for the most innovative companies, this has played to their strengths. At Close Brothers Asset Finance, adapting to change is part of the culture; the business prioritises close industry relationships so it can respond as markets develop and change, ensuring its products and services meet customer needs and the business remains resilient. Asset Finance International caught up with chief executive officer Neil Davies (pictured) as the business engaged new working methods in response to the virus by getting employees to work from home, where possible, increasing video and telephone conferencing, and limiting travel between the offices that remain open, while maintaining high service levels in response to customer needs.

Close Brothers Asset Finance combines tradition and technology as it builds a platform for growth

Mar 24, 2020

The Coronavirus epidemic has thrown into sharp focus the vital importance of businesses being agile and able to adapt to change in both the long and short-term. Business leaders have had to respond quickly and think differently about how they run their operations and, for the most innovative companies, this has played to their strengths. At Close Brothers Asset Finance, adapting to change is part of the culture; the business prioritises close industry relationships so it can respond as markets develop and change, ensuring its products and services meet customer needs and the business remains resilient. Asset Finance International caught up with chief executive officer Neil Davies (pictured) as the business engaged new working methods in response to the virus by getting employees to work from home, where possible, increasing video and telephone conferencing, and limiting travel between the offices that remain open, while maintaining high service levels in response to customer needs.

Liberis’ unique small business card-sales model set for European growth

In January, Liberis successfully completed a £32 million investment round from FTV Capital. This latest funding round enabled the London-based fintech to continue its expansion plans of its unique small business funding model and “reshape small business finance for good”. The financial crisis of 2007-2008 had many knock-on effects, but particularly hard hit were small businesses and their access to funding. The crisis was also the turbulent and uncertain birthplace of Liberis – a company “born out of necessity”.

Liberis’ unique small business card-sales model set for European growth

Mar 04, 2020

In January, Liberis successfully completed a £32 million investment round from FTV Capital. This latest funding round enabled the London-based fintech to continue its expansion plans of its unique small business funding model and “reshape small business finance for good”. The financial crisis of 2007-2008 had many knock-on effects, but particularly hard hit were small businesses and their access to funding. The crisis was also the turbulent and uncertain birthplace of Liberis – a company “born out of necessity”.

Metro Bank targets SME growth with launch of direct debits for business customers

Metro Bank is introducing direct debit origination for business customers in a partnership with Bottomline Technologies. The new direct debit service for SMEs will be launched in the coming months, allowing business customers to create, automatically collect and manage payments via direct debit. Around 76% of regular payments are made by direct debit and more than 15% of small and 30% of medium-sized businesses accept direct debit as a payment method.

Metro Bank targets SME growth with launch of direct debits for business customers

Feb 21, 2020

Metro Bank is introducing direct debit origination for business customers in a partnership with Bottomline Technologies. The new direct debit service for SMEs will be launched in the coming months, allowing business customers to create, automatically collect and manage payments via direct debit. Around 76% of regular payments are made by direct debit and more than 15% of small and 30% of medium-sized businesses accept direct debit as a payment method.

HTB chooses Ping Identity to improve security and customer experience

Hampshire Trust Bank (HTB) is partnering with Ping Identity to provide secure digital access to its products and services. The software will be rolled out across services throughout 2020. The Ping Intelligent Identity platform is used by major banks, building societies and financial service providers.

HTB chooses Ping Identity to improve security and customer experience

Feb 21, 2020

Hampshire Trust Bank (HTB) is partnering with Ping Identity to provide secure digital access to its products and services. The software will be rolled out across services throughout 2020. The Ping Intelligent Identity platform is used by major banks, building societies and financial service providers.

Ride-hailing giant Uber banned in Colombia in latest legal setback

Ride-hailing giant Uber has been forced to cease operating in Colombia after a legal ruling Following a lawsuit from taxi service platform Cotech, the country’s Superintendencia de Industria y Comercio (SIC) stated that Uber was competing unfairly and banned the platform from operating. The company has operated in Colombia since 2013 and before its departure at the end of January had 88,000 drivers and 2.3 million active users. It said damages resulting from its dispute with Colombia could exceed $250 million.

Ride-hailing giant Uber banned in Colombia in latest legal setback

Feb 05, 2020

Ride-hailing giant Uber has been forced to cease operating in Colombia after a legal ruling Following a lawsuit from taxi service platform Cotech, the country’s Superintendencia de Industria y Comercio (SIC) stated that Uber was competing unfairly and banned the platform from operating. The company has operated in Colombia since 2013 and before its departure at the end of January had 88,000 drivers and 2.3 million active users. It said damages resulting from its dispute with Colombia could exceed $250 million.

Dubai fintech partners with Bankable to disrupt European digital payments market

A Dubai-based fintech specialising in payment processing is set to launch a new digital banking solution in Europe as part of worldwide expansion. OG Bank and OG Pay includes a chat-based payment wallet and a digital point of sale (POS) that can be operated from mobile devices. OG Bank and OG Pay have signed an agreement with Bankable, the global designer of ‘Banking-as-a-Service’ solutions, to offer digital banking and digital payment solutions primarily in the UK and Germany.

Dubai fintech partners with Bankable to disrupt European digital payments market

Jan 31, 2020

A Dubai-based fintech specialising in payment processing is set to launch a new digital banking solution in Europe as part of worldwide expansion. OG Bank and OG Pay includes a chat-based payment wallet and a digital point of sale (POS) that can be operated from mobile devices. OG Bank and OG Pay have signed an agreement with Bankable, the global designer of ‘Banking-as-a-Service’ solutions, to offer digital banking and digital payment solutions primarily in the UK and Germany.

Innovation Finance rolls out QuickFi mobile-first equipment finance solution to global acclaim

An industry-first smartphone-based equipment finance solution that can initiate and complete loans of up to $5 million in minutes has been launched. QuickFi has been developed by US-based Innovation Finance, which was started by chief executive officer Bill Verhelle, the former CEO and co-founder of First American Equipment Finance and a former chairman of the Equipment Leasing and Finance Association. Its digital-first approach led to QuickFi receiving the FinTech Innovator of the Year Award at the International Asset Finance Network awards ceremony in London in December 2019 and also receiving the PowerUP London Changemaker of the Year trophy.

Innovation Finance rolls out QuickFi mobile-first equipment finance solution to global acclaim

Jan 13, 2020

An industry-first smartphone-based equipment finance solution that can initiate and complete loans of up to $5 million in minutes has been launched. QuickFi has been developed by US-based Innovation Finance, which was started by chief executive officer Bill Verhelle, the former CEO and co-founder of First American Equipment Finance and a former chairman of the Equipment Leasing and Finance Association. Its digital-first approach led to QuickFi receiving the FinTech Innovator of the Year Award at the International Asset Finance Network awards ceremony in London in December 2019 and also receiving the PowerUP London Changemaker of the Year trophy.

Metro Bank partners with fintechs to drive service improvements for UK SMEs

Metro Bank, the challenger bank, has announced a trio of fintech and SME partnerships in a move designed to better support hundreds of thousands of SMEs in the UK. It has partnered with alternative finance platform Funding Options, digital onboarding specialist DueDil and international trade services provider Conance. The new partnerships come as Metro Bank deploys the £120 million funding it was awarded from the Capability & Innovation Fund, alongside the bank’s own investment, to increase competition and choice in the banking sector.

Metro Bank partners with fintechs to drive service improvements for UK SMEs

Oct 16, 2019

Metro Bank, the challenger bank, has announced a trio of fintech and SME partnerships in a move designed to better support hundreds of thousands of SMEs in the UK. It has partnered with alternative finance platform Funding Options, digital onboarding specialist DueDil and international trade services provider Conance. The new partnerships come as Metro Bank deploys the £120 million funding it was awarded from the Capability & Innovation Fund, alongside the bank’s own investment, to increase competition and choice in the banking sector.

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.