It’s about time: Revolut secures a full European banking licence December 13, 2018 Fintech banking startup Revolut has finally secured a full European banking licence, more than a year after first applying for authorisation in Lithuania. As such, the banking-app-turned bank has today unveiled plans for full current accounts in Europe, as well as future efforts in developing its own consumer lending product. The startup will launch with the [...]
UK fintech startup Weswap pulls the plug on 2018 London IPO plans December 11, 2018 Peer-to-peer currency exchange platform Weswap has scrapped plans to list on London’s Alternative Investment Market (Aim) this month, after investor interest fell flat. Sources told City A.M. that the initial public offering, which had been mooted for a December launch, had failed to garner sufficient attention in what was promised to be a relatively small [...]
DEBATE: Do banks need to become fintechs in order to survive? December 10, 2018 Do banks need to become fintechs in order to survive? YES, says Lu Zurawski, consumer payments practice lead at ACI Worldwide. Big banks definitely need to find ways to become more like fintechs, which represent a new way of engaging with customers who increasingly expect modern, mobile-first and always-available services. These tech-savvy firms focus on customer-centric, informative [...]
With our North American friends, we are proving that trade is not a zero-sum game December 10, 2018 All eyes will be on Westminster tomorrow as parliament prepares for a crunch vote on Theresa May’s Brexit deal. We must remember, however, that the world is not stopping for Brexit, even if it continues to dominate the headlines back at home. That is why I am today starting my first overseas visit since taking [...]
Culture and creativity will drive a new golden era for the UK and China December 6, 2018 The strength of Britain’s technological and creative industries, combined with the longstanding value of its archetypal brands, has given rise to a growing desire among Chinese companies to invest in the UK. This follows on from the strong trade ties between the two nations. The UK exported £22bn worth of goods and services to China [...]
Digital bank Monzo ‘to allow customers to go overdrawn’ to buy shares in £20m crowdfunding round November 30, 2018 Challenger bank Monzo will reportedly allow customers to borrow money to buy shares in its most recent fundraising round. The prospectus for the digital bank’s anticipated £20m crowdfunding lets account holders use their £1,000 overdraft to buy shares, but as shares are not openly traded they cannot then be sold to pay off overdrafts, according [...]
Alternative finance lender Oakam is trying to help the unbanked November 30, 2018 Payday loan companies get a bad rap. And it’s easy to see why, considering the predatory businesses practices and extortionate interest rates charged by lenders like Wonga, which collapsed into administration this year. High-interest, short-term loans were back in the news this week, with the announcement that the fintech startup Monzo is considering offering such [...]
Revolut to launch in Japan and Singapore, as US expansion experiences further delays November 29, 2018 Fintech startup Revolut has received authorisation from regulators in Japan and Singapore, operating under a licence similar to its UK business through partnerships with local banks. The banking app hopes to launch in the Asia Pacific region in the first quarter of next year, with over 50,000 users already on its waiting list. The news comes [...]
Tech outages at financial firms double as watchdog warns of data breach risk November 27, 2018 IT failures at financial institutions have more than doubled in the last year, the Financial Conduct Authority has revealed, as firms fight to update their legacy technology to keep apace with fintech startups. In the 12 months to October, the UK's financial firms reported a 138 per cent increase in technology outages to the FCA, as [...]
Entrepreneurs should be selective with their investors November 27, 2018 It’s not a secret that London is the fintech capital of Europe. Startups and tech entrepreneurs can flourish here because of the concentration of world-class financial services, and the access available to funding from a variety of key players. However, the nature of investment in tech startups is undergoing a process of significant and positive [...]