Fintech

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.

Indian High Commission partnership boosts UK fintech

The Indian High Commission has made the City of London Corporation a formal partner for its Access India Programme. Access India was launched last year with the aim of supporting investments in the country by UK small to medium-sized businesses. The City of London Corporation, the governing body of the Square Mile, and High Commission of India (HCI) have already developed a long-term working relationship, particularly in the area of fintech, but today’s announcement formally cements their partnership.

Indian High Commission partnership boosts UK fintech

Apr 12, 2018

The Indian High Commission has made the City of London Corporation a formal partner for its Access India Programme. Access India was launched last year with the aim of supporting investments in the country by UK small to medium-sized businesses. The City of London Corporation, the governing body of the Square Mile, and High Commission of India (HCI) have already developed a long-term working relationship, particularly in the area of fintech, but today’s announcement formally cements their partnership.

Volvo global investment fund supports hi-tech start-ups

Volvo Cars has launched a new fund aimed at investing in high-potential technology start-ups around the globe. The aim of the Volvo Cars Tech Fund is to invest in strategic technology trends that are transforming the automotive industry, such as artificial intelligence, electrification, autonomous driving and digital mobility services. The Tech Fund’s first strategic investment is a seed round investment into a California-based technology firm developing advanced sensors.

Volvo global investment fund supports hi-tech start-ups

Mar 24, 2018

Volvo Cars has launched a new fund aimed at investing in high-potential technology start-ups around the globe. The aim of the Volvo Cars Tech Fund is to invest in strategic technology trends that are transforming the automotive industry, such as artificial intelligence, electrification, autonomous driving and digital mobility services. The Tech Fund’s first strategic investment is a seed round investment into a California-based technology firm developing advanced sensors.

Start-ups offer ‘fintech supermarket’ to established players

Established finance providers are using a vast array of start-ups as a breeding ground of innovation to accelerate their own digitalisation developments through acquisition and partnerships, according to a new report. The report, 'Beyond Fintech: A pragmatic assessment of disruptive potential in financial services', argues that while fintechs have changed the basis of competition in financial services, they have yet to materially alter the competitive landscape.

Start-ups offer ‘fintech supermarket’ to established players

Nov 13, 2017

Established finance providers are using a vast array of start-ups as a breeding ground of innovation to accelerate their own digitalisation developments through acquisition and partnerships, according to a new report. The report, 'Beyond Fintech: A pragmatic assessment of disruptive potential in financial services', argues that while fintechs have changed the basis of competition in financial services, they have yet to materially alter the competitive landscape.